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| Depends on if the 25% tariff on Canada is enacted in a week. 20% of the oil USA refines currently comes from Canada. Canadian oil is generally the cheapest crude that is processed in USA. The tariff would cause a moderate increase in diesel price. If Canada plays hardball and stops the crude from flowing into USA, it could be a large price increase.
On the other hand Trump is begging OPEC to produce more oil. He may have some pull with OPEC because he got OPEC to limit oil production for 2 years during the price collapse during COVID enabling the inflation of the diesel price.
IMHO the upside risk is greater than the downside risk in the short term spring use of diesel. | |
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Kind of quiet on here today. Let’s talk oil
