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In this episode, hosts delve into the latest developments in global crude and gas markets, focusing on regional pricing, tariffs, and differentials. Key topics include improvements in Western Canadian differentials, the impact of new infrastructure projects, the dynamics between Waha and other markets in the U.S., and the geopolitical implications of tariffs on Venezuelan and Iranian crude. Additionally, they discuss the potential effects of the LNG build-out on future prices and highlight underappreciated sources of demand such as India's growing need for air conditioning. The episode provides a comprehensive overview of the current state of energy markets and predictions for future trends.
00:00 Introduction and Overview
00:40 North American Crude Differentials
01:01 Impact of Tariffs on Canadian Crude
03:12 Mayan Crude and Mexican Refinery Developments
04:29 Transmountain Expansion Project and Its Effects
08:08 Guyana's Crude Production and Pricing Dynamics
12:53 Pad 2 Crude and Product Stocks Analysis
17:14 Cushing Stocks and Market Implications
22:55 Secondary Tariffs on Venezuelan Crude
24:52 India's Response to Tariff Threats
27:19 US Trade and Tariff Dynamics
28:17 China's Energy Strategy and Sanctions
29:21 April 2nd Tariff Deadline
30:49 Market Reactions and Predictions
32:54 US Regional Gas Pricing
42:32 Impact of Asset-Backed Securities on Gas Markets
48:11 Global LNG Demand and Future Projections
50:32 Conclusion and Wrap-Up
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