Crude oil prices were down sharply again this morning, a day after falling almost $5 on Thursday on news of increased supply coming out of OPEC+ and as markets around the world froze after the implementation of near-worldwide counter tariff measures from the Trump administration on Wednesday afternoon. Not helping matters were counter tariffs announced by China overnight as well.
Front month WTI futures traded as low as $60.81 before recovering slightly to $62.50 at 6:30 MST, still down $4.64 on the day.
Volatility is the theme as prices look to adjust following the unexpected events.
Canadian energy equities were down sharply yesterday, summarized in the X post below, and are set to open lower again this morning.
Proud to have stood with you all on this Day of Liberation. The most important thing is that I think we all built a lot of character! pic.twitter.com/Xf4ZArrO0t
— Rock Creek Freak (@rockcreekfreak) April 3, 2025