Crude prices surged when Trump announced a tariff pause
April 10, 2025
The DOE inventory report had crude oil inventories up 2.55 million barrels, gasoline inventories down 1.60 million barrels, and distillates down 3.54 million barrels.
The propane inventory report had propane inventories up 1.510 million barrels to a total of 45.651. Midwest inventories were up 149,000 barrels and Gulf Coast inventories were up 872,000 barrels.
The energy markets were down big to start the day yesterday as the US tariffs went into effect. The fact that the tariffs were in place made traders worried about a recession and prices were tumbling. Then midday the news hit that President Trump was putting a 90-day pause on the tariffs and the energy markets turned totally around and went positive on the day and finish the day up strong. Crude prices had a $8 dollar swing yesterday between high and low.
The Keystone Pipeline from Canada is shut because of a leak near Fort Ransom. North Dakota. The line provided vital heavy crude for the US which is particularly important since the US is once again phasing out heavy crude imports from Venezuela.