Latest news with #TradeNegotiations
New York Times
4 hours ago
- Business
- New York Times
Countries Promise Trump to Buy U.S. Gas, and Leave the Details for Later
Trade negotiations have for years focused on the rules of the road for commerce between nations. Under President Trump, the deal making has been more direct, especially when it comes to energy. Countries are now agreeing to purchase American fossil fuels, in specific amounts and often years into the future, whether or not their economies will demand it or whether the United States will have the ability to supply it. That adds a layer of government sway over what are typically open market transactions. And it's not clear how — or whether — political leaders will get private companies to go along. 'This is new, and generally that's because in trade agreements you want things that are clear and enforceable,' said David Goldwyn, a former U.S. diplomat and U.S. Energy Department official. 'These energy commitments are neither clear nor necessarily enforceable. They're more aspirational, political encouragements.' The European Union, for example, committed to purchase $750 billion in U.S. energy products — including crude oil, nuclear reactor fuel, natural gas and other petroleum derivatives — over three years. On an annual basis, that would amount to more than three times the amount the bloc bought last year from the United States. Trump's deal with Europe The deal would require a huge jump in U.S. energy exports in the future. Note: Estimate based on the E.U.'s commitment to buy $750 billion in U.S. energy exports through 2028. Source: ClearView Energy Partners analysis of Census Bureau data By The New York Times The European Union has been buying more American gas since Russia, previously a big supplier, attacked Ukraine in 2022, and there is appetite to buy more. But purchasing $250 billion a year would require the bloc to use the United States as essentially its only supplier. Want all of The Times? Subscribe.
CTV News
3 days ago
- Business
- CTV News
After months of uncertainty U.S. and EU reach trade deal
Watch The U.S. and the European Union have reached a trade deal that imposes a 15% tariff on most EU exports to the U.S.
Zawya
7 days ago
- Business
- Zawya
Oil prices gain on US trade optimism, drop in crude inventories
LONDON - Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 52 cents, or 0.76%, to $69.03 a barrel by 1040 GMT. U.S. West Texas Intermediate crude futures climbed 60 cents, or 0.9% to $65.85 per barrel. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, an analyst at Rystad. Two European diplomats said on Wednesday that the EU and the United States were moving towards a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal. On the supply side, U.S. Energy Information Administration data on Wednesday showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Oil had also seen some support from a suspension of Azeri crude exports from the Turkish port of Ceyhan and a brief halt to loadings at Russia's main Black Sea ports which has since been resolved. BP said that organic chlorides were detected in some of the oil tanks in the terminal at Ceyhan, adding that oil loading continued from some of the tanks with chloride levels assessed to be within normal specifications, while export activities via the BTC pipeline also continued. But analysts expect oil price gains to remain limited. "Uncertainty over U.S.-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, predicting WTI would likely remain range-bound between $60 and $70 a barrel. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. "Next to watch would be the demand indicators as we are in the peak season and any upside or downside would impact refining margins," Shah added.
Yahoo
7 days ago
- Business
- Yahoo
Oil prices rise as trade deals take centre stage
Oil (BZ=F, CL=F) Oil prices rose on Thursday morning, supported by renewed optimism surrounding US trade negotiations and a sharper-than-expected decline in American crude inventories, both of which eased investor concerns about global economic pressure. Brent (BZ=F) crude futures gained 0.6% to trade at $68.90 per barrel, at the time of writing, while West Texas Intermediate (CL=F) futures climbed by the same margin to $65.67 a barrel. The uptick followed signs of progress in tariff negotiations between Washington and its trading partners, which analysts said calmed fears over potential economic fallout. 'Buying was driven by optimism that progress in tariff negotiations with the US would help avoid a worst-case scenario,' Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, told Reuters. Read more: Lloyds increases dividend as profits jump by 5% 'Still, uncertainty over US-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains,' he added, predicting WTI will likely remain range-bound between $60 and $70. On the supply side, data from the US Energy Information Administration (EIA) revealed that crude inventories fell by 3.2 million barrels last week to 419 million barrels, a larger drop than analysts had anticipated. Gasoline stockpiles also posted a significant decline, falling by 1.7 million barrels to 231.1 million, nearly double the expected 908,000-barrel draw. Meanwhile, distillate inventories, which include diesel and heating oil, rose by 2.9 million barrels to 109.9 million. Despite the increase, they remain near their lowest seasonal levels since 1996. Gold (GC=F) Gold prices slipped in early European trading on Thursday as improving global trade sentiment curbed demand for traditional safe-haven assets, overshadowing support from a weaker US dollar. Gold futures were down 0.5% to $3,380.50 per ounce, at the time of writing, while spot gold dropped 1.4% to $3,377.15 per ounce. The move came as trade tensions appeared to ease, with US president Donald Trump reaching a bilateral agreement with Japan to reduce tariffs on automotive imports. Meanwhile, European Commission officials signalled that the US and EU were edging closer to a deal that would impose a 15% tariff on certain European imports while waiving duties on others. Read more: FTSE 100 LIVE: Stocks rise amid hopes the EU and US will reach trade deal The developments lifted broader market risk sentiment, dimming demand for gold as a hedge. "Yesterday, gold prices were seen building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central. "We've seen the dollar has also weakened quite a bit, and of course, this also supports gold. So, I think this is a small retracement at this moment. We are, in fact, still quite bullish on gold." Indeed, the US dollar index ( fell to its lowest level in more than two weeks, offering a measure of support for bullion by making it cheaper for non-dollar holders. Pound (GBPUSD=X, GBPEUR=X) The pound held steady against the US dollar on Thursday, trading around $1.3559, as the currency pair remained near two-week highs. The move was underpinned by broad-based dollar weakness amid rising investor appetite for risk assets, fuelled by optimism over potential last-minute trade agreements from the Trump administration ahead of the looming 1 August tariff deadline. The greenback faced selling pressure across major currencies, lending support to sterling and driving cable further into bullish territory. Stocks: Create your watchlist and portfolio The US dollar has been facing selling pressure across the market, driven by broad expectations that trade agreements could be reached between the Trump administration and other trading partners. This provided a boost for the pound, pushing it further into the bullish side. However, the downside for the dollar could be restrained, with easing concerns about the Federal Reserve's independence. US Treasury secretary Scott Bessent said late Thursday that a nominee for the next Fed chair is likely to be announced in December or January, adding there was "no rush" to select a successor to Jerome Powell. Elsewhere, the pound remained relatively unchanged against the euro, trading at €1.1529 at the time of writing. In equities, the FTSE 100 (^FTSE) was up this morning, climbing 0.6% to 9,114 points. For more details, on market movements check our live coverage here.
Reuters
7 days ago
- Business
- Reuters
Oil prices gain 1% on US trade optimism, drop in crude inventories
LONDON, July 24 (Reuters) - Oil prices rose more than 1% on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures gained 79 cents, or 1.15%, to $69.30 a barrel by 0934 GMT. U.S. West Texas Intermediate crude futures climbed 83 cents, or 1.3% to $66.08 per barrel. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, analyst at Rystad. Two European diplomats said on Wednesday that the EU and the U.S. are moving towards a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal. On the supply side, U.S. Energy Information Administration data on Wednesday showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Meanwhile, news of issues in loading CPC exports from Kazakhstan through the Black Sea due to Russian administrative interference, along with reports of contamination around loadings for Azeri crude from Ceyhan in Turkey led to some strength, PVM Associates analyst John Evans said in a note. But follow-through will depend on their longevity, he added. Kazakhstan's energy ministry, however, said that the country had not halted oil loadings via the Russian sea ports, the Interfax news agency reported earlier on Thursday. "Uncertainty over U.S.-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, predicting WTI would likely remain range-bound between $60 and $70 a barrel. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. "Next to watch would be the demand indicators as we are in the peak season and any upside or downside would impact refining margins," Shah added.
