{
}
US import tariffs on crude oil from Canada and Mexico are set to end next Wednesday, with a potential 10% tariff on Canadian oil and 25% on Mexican oil. However, the market anticipates these tariffs may not be implemented, as evidenced by the narrowing price discount for Canadian oil, which has dropped significantly in recent weeks. This shift may also be influenced by expected reductions in oil supplies from Venezuela, positioning Canadian oil as a viable alternative for US refineries.
US crude oil inventories fell by 3.3 million barrels last week, marking the largest decline of the year, according to the US Department of Energy. Current stocks are approximately 5% below the 5-year average, despite expectations for an increase. Notably, petrol and distillate stocks also decreased, influenced by high net exports of oil products.
China's gold exports to Hong Kong surged to 41 tons in February, more than doubling from the previous month and marking the highest level in a decade, while imports from Hong Kong saw only a slight increase. This shift indicates weak domestic demand in China, prompting traders to export surplus gold to capitalize on higher global prices.
Oil prices surged last week, marking their strongest weekly gain since January, driven by escalating tensions in the Middle East and new US sanctions on Iran and Venezuela. The risk premium from potential conflicts, including the fragile ceasefires involving Israel, has contributed to this rise. However, anticipated increases in OPEC+ oil supply may limit further price gains.
Gold prices surged to a record high of $3,057 per troy ounce, driven by strong investor interest, according to Commerzbank's Carsten Fritsch. Speculative net long positions increased for the first time in two months, and gold ETFs saw significant inflows, with over 20 tons added in one day. However, slight outflows were noted recently, likely due to positive US economic data affecting Fed rate cut expectations.
Record-high gold prices in India, nearing 90,000 rupees per 10 grams, have led to a significant decline in demand, with private households selling jewelry to capitalize on these prices. The Indian Bullion and Jewellers Association anticipates a drop in demand exceeding 30% this year, as the current wedding season fails to attract typical customer traffic. Analysts warn that waning investor interest could trigger a sharper price correction.
Commerzbank has raised its year-end silver price target to $35 an ounce, up from $33, as silver approaches a key resistance level near $34. Analyst Carsten Fritsch noted strong industrial demand and an undersupplied market, predicting silver will gain ground relative to gold, which has also seen a price increase to $2,850 an ounce. Despite gold's momentum, Fritsch cautioned that it may be rising too quickly, with potential declines expected later in the year due to interest rate dynamics.
Carsten Fritsch
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
us import tariffs on canadian and mexican crude oil may not materialize
Mexican Peso
Canadian Dollar
United States Dollar
Commerzbank AG
MEX
CAN
USA
Carsten Fritsch
Show more
12:48 28.03.2025
US crude oil inventories drop by 3.3 million barrels amid declining demand
11:00 28.03.2025
China's gold exports to Hong Kong surge amid weak domestic demand
10:46 28.03.2025
oil prices surge amid middle east tensions and us sanctions
Venezuelan Bolívar Soberano
United States Dollar
Commerzbank AG
YEM
VEN
IRN
LBN
USA
Carsten Fritsch
Donald Trump
Show more
15:44 25.03.2025
gold price reaches record high driven by strong investor demand
15:31 25.03.2025
record high gold prices lead to decline in indian demand
15:26 25.03.2025
Commerzbank raises silver price forecast as market tests key resistance level
08:51 18.03.2025
Trending
Subcategory
Stock Market Updates
Corporate News
Industry Trends
Finance Mergers & Acquisitions
Banking Regulations
Global Financial Events
Market Analysis and Predictions
Retail and Consumer Goods
CEO Changes
Financial Scams and Security
Global Trade Developments
Central Bank Actions
GDP Growth & Recession Forecasts
Industry Mergers & Acquisitions
Government Policies
Hedge Funds & Private Equity
Inflation and Monetary Impact
Workplace Trends
Startups & Entrepreneurship
Government Economic Policies
Countries:
Companies:
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Apple Inc.
Bank of America Corporation
Wells Fargo & Company
Citigroup Inc.
Barclays PLC
Morgan Stanley
Deutsche Bank Money Market PP
Lloyds Banking Group plc
Huawei Technologies CO. Ltd.
American Express Company
Credit Suisse Strategic Income I
Berkshire Hathaway Inc.
UBS Group AG
AMERICAN EXPRESS
Northern Trust Corporation
Amazon.com, Inc.
Banco Santander, S.A.
Currencies:
United States Dollar
Euro
Chinese Yuan
British Pound Sterling
Swiss Franc
Indian Rupee
Japanese Yen
Canadian Dollar
Australian Dollar
Russian Ruble
Mexican Peso
Saudi Riyal
United Arab Emirates Dirham
Indonesian Rupiah
Hong Kong Dollar
Danish Krone
Offshore Chinese Yuan
Singapore Dollar
Ghanaian Cedi
South Korean Won
People: