Oil Prices Tumble on Trump Tariffs and OPEC+ Production Hike
After a string of weekly gains, oil prices are back on the slide following...
After a string of weekly gains, oil prices are back on the slide following the announcement of so-reciprocal tariffs that the United States will impose on its trade partners, many of which are running substantial trade surpluses with the U.S.
At the time of writing Friday morning,Brent crude was trading at $65.05 per barrel, with West Texas Intermediate at $61.58 per barrel, both sharply down from the start of the week when Brent crude was trading above $70 per barrel and WTI was close to that mark.
The tariffs announced by President Trump immediately hit the benchmarks because the overwhelming consensus among observers is that the duty action will hurt economic growth, consequently depressing oil demand. The IMF issued a statement to that effect and virtually all analysts agree on that negative impact of tariffs. What they seem to disagree on is the duration of the tariffs and their ultimate purpose—a means of forcing trade partners to make trade concessions to the U.S. or a means of reshoring businesses benefiting from the previous global trade context.
Sources told Hart Energy that privately held Oklahoma E&P Canvas...
Sources told Hart Energy that privately held Oklahoma E&P Canvas Energy is exploring a sale of its Anadarko Basin assets.
The move comes as several recent deals have emerged in the once dormant Midcontinent market.
Canvas Energy has retained investment bank Evercore to market the Midcontinent assets to potential buyers, according to sources familiar with the matter. The sources note that the process is in the early stages and that a deal is not guaranteed.
Canvas, which rebranded from Chaparral Energy in 2022, held 223,000 net acres in the Anadarko Basin as of second-quarter 2024, according to investor materials on the company’s website.
Canvas’ presentation said its proved developed producing PV-10 was worth $659 million, based on Securities and Exchange Commission pricing rules. Proven undeveloped PV-10 reserves were valued at $106 million, according to the presentation, which was removed from the company’s website but recovered by Hart Energy.
The rest of the world did not waste time responding to the Trump administration’s historically expansive tariffs. Canada placed 25% retaliatory tariffs on US vehicles. China promised countermeasures, saying Trump’s plan amounted to “unilateral bullying.” France and Germany pushed for an aggressive response, with French Prime Minister François Bayrou calling the tariffs “a catastrophe for the economic world.” French President Emmanuel Macron, meanwhile, urged companies to pause investments in the US. Japan called the tariffs “extremely regrettable.” European Commission President Ursula von der Leyen did not specify the bloc’s response, but said it will be united: “If you take on one of us, you take on all of us.”
Stellantis furloughs 900 US workers, idles plants in Canada and Mexico
The automaker, which owns Chrysler, Dodge, Jeep, and Ram, said it’s ...
The automaker, which owns Chrysler, Dodge, Jeep, and Ram, said it’s pausing production at two factories across the borders and temporarily laying off US workers at supporting plants as President Trump’s 25% auto tariff took effect on Thursday. The Canadian plant manufactures the Chrysler Pacifica minivan and the Dodge Charger Daytona EV, while the Mexican facility makes the Jeep Compass SUV and the Wagoneer S EV. Stellantis North American head Antonio Filosa said the company will continue assessing how the tariffs will impact its operations.
Amazon is launching (literally) its Starlink competitor next...
Amazon is launching (literally) its Starlink competitor next week. The tech giant that once only sold books announced that the first batch of its constellation of internet satellites will lift off on April 9 on an Atlas V rocket, provided the weather cooperates. The initiative, dubbed Project Kuiper, will pit Amazon against SpaceX’s Starlink in seeking to provide the world with broadband internet from low Earth orbit. Project Kuiper will eventually boast 3,200 satellites, covering much of the globe. Starlink currently has over 7,000 satellites in orbit with plans for as many as 42,000.
Microsoft is reportedly pulling back on data center projects around the world as it reexamines its AI plans.
Hershey reportedly bought the popcorn brand LesserEvil for $750 million.
The 2031 Women’s World Cup will be held in the US, while the 2035 tournament will be in the UK, FIFA announced.
The White House fired six National Security Council officials after President Trump met with far-right activist Laura Loomer in the Oval Office, CNN reported.
Bruce Springsteen revealed that he will release seven “lost” albums of unreleased music this summer.
