🎯 Top Story

US Treasury Secretary predicts oil prices will slide rapidly within six months

What happened: US Treasury Secretary Bessent said he expects the oil price curve to decline within six months and believes prices will fall rapidly. He also said Iran's oil storage is exhausted and the country will be forced to halt production.

Why it matters: A top US official is openly predicting lower oil prices — a rare move aimed at guiding market expectations. But the claim about Iran's storage contradicts other supply tightness signals.

Market impact: Mixed. Official guidance for lower prices, but supply-side fundamentals remain tight.

🔥 Quick Takes

⛽ Energy

• Two LPG carriers bound for India successfully transit the Strait of Hormuz → A rare sign of passage returning to normal. But sustainability remains uncertain.
• India foreign minister: Safe, unobstructed maritime shipping is critical for the global economy → New Delhi is publicly urging shipping security, reflecting growing concern over energy supply disruptions.
• Japan's Eneos to buy Chevron's fuel business for $2.17 billion → A Japanese energy major expanding downstream. Long-term strategic positioning.
• Turkey central bank: 2027 oil price assumption raised to 75.4 per barrel → A sharp upward revision. Reflects expectations of structural supply tightening.
• Indian Prime Minister Modi to make brief visit to UAE for more energy supplies → India actively diversifying energy sources. The UAE is a key partner.
• OPEC+ to complete a series of quota hikes and stick with symbolic monthly increases → The pace remains slow. Limited impact on market balances.
• US Treasury Secretary Bessent expects oil prices to slide within six months → See Top Story.
• Canada unveils plan to double grid capacity by 2050, costing over 1 trillion Canadian dollars → A long-term energy transition roadmap. Limited near-term impact on oil and gas.
• India raises gasoline and diesel prices by 3 rupees per liter → Higher energy costs are passing through to consumers.
• Vietnam urges households and businesses to save power as electricity use hits year-high → Regional energy stress is rising. Vietnam facing supply pressure.
• Australian union: Some Woodside LNG workers will go on strike → Another supply-side risk for global LNG. Could boost near-term prices.
• Australian resources minister: No winter gas export curbs after exporters assured adequate domestic supply → Relief for Asian LNG buyers. Winter supply looks secure.
• Canada's LNG Canada to decide on Phase 2 expansion by year-end → North American LNG capacity is growing. Long-term positive for global supply.

🥇 Metals & Mining

• Satellite data: Australian steelmaking coal mines may struggle to sustain recent output gains → Metallurgical coal supply could tighten again. Bullish for prices.
• India tightens gold import curbs further: Maximum authorization limit set at 100 kilograms → Another policy blow after the import tax hike. Physical gold demand will be severely hit.
• UK to nationalize British Steel, owned by China's Jingye Group; China's commerce ministry urges UK to think twice → China-UK trade tensions are rising. The steel sector landscape is shifting.
• South Africa March gold output up 17.1 percent year-on-year → Supply-side improvement. Some bearish pressure on gold prices.

Iran Situation

• Iran foreign minister: There is no military solution regarding Iran → Tehran trying to cool military confrontation expectations.
• Two LPG carriers bound for India transit the Strait → See above.
• Iran Revolutionary Guard: About 30 vessels have crossed the Strait with Tehran's permission since Wednesday night → Iran asserting its control over Strait transit.
• US House again rejects bill limiting Trump's war powers; voting margin narrows → Congressional checks on war powers are weakening. More room for executive action.
• Trump says his patience with Iran is running out → Washington's tone is hardening. Military options are becoming more likely.

📊 Key Data Snapshot

Final takeaway: The oil direction is unclear — official calls for lower prices versus central bank long-term tightening bets. India's gold curbs keep getting tighter. Strait passage is improving, but political risks remain high.

🔮 Looking Ahead



• Will the Australian LNG strike actually happen?
• India gold import volumes after new curbs
• Congressional voting trend on Trump's war powers
• Trump's next move on Iran