Saudi energy minister has said the nation will keep its March exports below 7 million barrels per day to help balance the market. With WTI inventories climbing, it was a bit surprising to see the rally today, but traders were anticipating a larger build and thus the numbers surprised market. We are seeing a decent upsurge in hedging activity with this dip in prices as values are still down week –on-week. With stocks recovering as well, that sentiment spilled over into energy for the day.
CNN reported that President Trump has endorsed the increase of the gasoline tax by a quarter, but there has been no official confirmation from the White House. The tax has not been raised since 1993. The increase if passed would be used to fund infrastructure improvements. Still a considerable battle ahead for Brexit as Britain has a lot of negotiating to do for the transition to go smooth for trade protection. World watched the historic handshake between South Korean President Moon Jae-in and North Korean leader’s sister Kim Yo Jong at the opening ceremonies of the Olympics in Pyeongchang. Will this be a beginning of peace talks between the two nations?