China and US continue raising tariffs against each other
April 9, 2025
The API reported that crude oil stocks were down 1.1 million barrels, gasoline up 210,000, distillates down 1.8 million barrels.
The estimates for today’s DOE inventory report are crude to be up 1.421 million barrels, gasoline with a draw of 1.513 million and distillates with a build of 264,000.
The average estimate for the propane report is for stocks to be up by 611,000 barrels.
The US tariffs are now in effect and the energy the markets have turned lower. China raised the tariff on US goods to 84%. The US tariff on Chinese goods is now 104%. This has raised fears of a recession and energy prices have fallen hard again on this news.