Energy Prices Mixed With Tariff Uncertainty Continuing In Energy Markets

It’s a mixed start for energy prices this morning with gasoline and WTI crude prices drifting slightly higher while diesel and Brent crude sink lackadaisically lower.

RBOB prices have pushed through this month’s high-water mark left back on March 3rd and there isn’t much on the charts to keep the gasoline benchmark from rallying another ~10 cents in the short term. ULSD futures, on the other hand, have the one-two combo of its 100 and 200-day moving averages to conquer (around the $2.32 mark) in order to finish out what looks like a rounded bottom chart formation.

Crude oil prices are looking to close out the week with gains, for the third week in a row, with headlines attributing the bullish bias to new tariffs on Venezuelan crude buyers and the uncertainty on whether similar tariffs would be applied to buyers of Iranian crude oil.

The EIA published an article this morning highlighting the U.S. as the world’s top LNG exporter, a position we’ve almost solely enjoyed since early 2023. The note also showed that Europe was by-far the largest importer of American LNG, which of course may be subject to change if the current administration catches our northernly neighbors holding hands with the kids across the pond.

Premiums over the cost to ship gasoline up the Colonial pipeline from Houston to New York have drifted back towards zero after a brief rally this month. Companies willing to pay-up to ship-up is common for this time of year as gasoline suppliers rush to comply with the spring RVP transition.