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⚡Headline Whiplash as Tariffs Are On and Off Over the Weekend
Plus, solar + batteries still looks to grow
Doug Stetzer
January 27, 2025
January 21, 2025
PRESENTED BY: EKT INTERACTIVE ENERGY TRAINING
Morning…
Trump announced tariffs on Colombia, which really wasn't on the radar, in the wake of their refusing to allow a plane carrying immigrants back in the country.
(The largest imported item from Colombia? You guessed it, oil.)
Colombia vowed to retaliate with tariffs of their own. Then the tariffs were canceled.
The administration has also stepped up talk about the Feb 1 proposed deadline for Canada and Mexico. Who knows what can happen on that over the next week.
Oil and SP500 futures are lower at the time of this writing.
The FOMC meets Wednesday and the market doesn't expect any changes on interest rate policy.
Get your neck brace on. It's whiplash season.
~Doug
What's in this issue:
Energy Market Recap
The only line pointing up is solar
Headlines
| Crude Oil (Mar) | $74.66 | +0.04 | +0.05% |
| Natural Gas (Feb) | $4.027 | +0.082 | +2.08% |
| Copper (March) | $4.3210 | -0.0075 | -0.17% |
| S&P 500 | 6,101.24 | -17.47 | -0.29% |
| Dollar Index (DXY) | 107.44 | -0.42 | -0.39% |
ENERGY MARKETS
🛢️Oil prices were unchanged on Friday, but ended the week lower by 3.5%. The market had settled into a 72 - 74 range before the sanctions announcement sent prices higher.
Now it looks like we're back where we started.
WTI Spreads
Mar/Apr: +0.70
Mar/Dec: +5.14
Dec5/Dec6: +2.95
🔥Natural gas prices finished the week up 2%, ending above $4 after hitting a low around $3.70.
Weather headlines are expected to continue driving volatility in the near term.
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TODAY’S SECTION
The graph above highlights a trend that has been well covered, but I still think the graphic is interesting. Solar + battery is the source of most new power installation, and the EIA sees it staying that way over the next couple of years.
How the administration's policies affect the trend is hard to say at this point. There is a gulf between rhetoric and economic reality, but tax policy and the future of the IRA have a lot to do with projects moving foreward.
HEADLINES
"The department's Environment and Natural Resources Division is responsible for bringing criminal and civil cases related to air and water pollution, animal welfare and public safety, as well as defending in court government agencies such as the Department of the Interior and the Department of Energy."
"No fully-shut U.S. nuclear reactor has been brought back to life, but Duane Arnold would be among three plants in the country in the process of attempted restarts."
"Canada is the top foreign import source of steel into the US and Mexico is the third largest, according to US Commerce Department data. "
+Canada, Mexico Steelmakers Refuse New US Orders - Bloomberg
ECONOMIC CALENDAR
Monday - New home sales
Tuesday - Durable goods
Wednesday - FOMC, Weekly Crude Oil Storage Report,
Thursday - Weekly Natural Gas Storage Report, GDP, Jobless Claims
Friday -