Today’s energy market action:
- As expected, the Trump Administration announced an end to all Iranian crude import waivers, once the current waivers expire on May 1. Last November, the US government granted 6-month waivers to eight countries, including Iran’s largest buyers – China and India. The Americans say they have been working with Saudi Arabia and the United Arab Emirates to make sure oil markets are “adequately supplied.”
- The news sent oil prices shooting up almost 3%. Differentials on Canadian crude were little changed for the day.
- Gasoline and heating oil also rose about 2%. Henry Hub ended the day almost 3% higher.
