U.S.-Canada Economic Ties Face Rocky Path With Hefty Tariffs — Market Talk

The Canadian Chamber of Commerce warns of irreparable damage to the U.S.-Canada trading relationship now that President Trump says he's pushing ahead with 25% tariffs on Canadian nonenergy imports, starting Tuesday. "Businesses can't just switch their whole model to avoid tariffs and then go back again, depending on what politicians decide on any given day," says Matthew Holmes, executive vice-president at the country's biggest business-lobby group. "Every day with tariff threats makes us weaker as allies." The big concern is whether Canadian companies now decide to shift part, if not all, of their operations to the U.S. market to avoid levies. The Bank of Canada has warned of steep declines in exports and business investment should Ottawa and Washington engage in a prolonged trade conflict. (Paul.Vieira@wsj.com, @paulvieira)

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OPEC+ To Start Unwinding Cuts on April 1 as Planned

Dow Jones Newswires

By Anthony Harrup

The Organization of Oil Exporting Countries said Monday that the group and allies including Russia will start unwinding 2.2 million barrels a day in output cuts next month, as they had agreed to do in December, citing "healthy market fundamentals and the positive market outlook."

OPEC said the eight OPEC+ countries that had made additional voluntary output cuts met virtually Monday to assess market conditions, and will "proceed with a gradual and flexible return of the 2.2 million barrels a day in voluntary adjustments starting on April 1."

Under the plan, the full amount of cuts would be unwound by September 2026, although OPEC said the group will remain adaptable to evolving conditions.

The eight countries--Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman--also confirmed their intention to compensate for any overproduced amounts since January 2024. Those that overproduced agreed to "frontload their compensation plans" and will submit updated schedules by March 17, OPEC said.

Oil futures fell Monday as the group confirmed the output plan. West Texas Intermediate crude for April delivery fell 2% to $68.37 a barrel on the New York Mercantile Exchange, and Brent for May delivery fell 1.6% on ICE Futures Europe to $71.62 a barrel.

Write to Anthony Harrup at anthony.harrup@wsj.com

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Nymex Platinum, Palladium Warehouse Stocks - Mar 03

Dow Jones Newswires

Source: CME Group 
 
For previous business day 
PREV TOTAL subject to revisions. Source: CME Group 
 
                      Prev                         Net               Total 
Platinum             Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered         140,004         0        0       0         0    140,004 
Eligible            69,549     6,429        0   6,429         0     75,978 
Total              209,553     6,429        0   6,429         0    215,982 
 
CNT DEPOSITORY, INC. 
Registered           1,246         0        0       0         0      1,246 
Eligible                 0         0        0       0         0          0 
Total                1,246         0        0       0         0      1,246 
 
DELAWARE DEPOSITORY 
Registered           4,373         0        0       0         0      4,373 
Eligible            20,946         0        0       0         0     20,946 
Total               25,319         0        0       0         0     25,319 
 
HSBC BANK, USA 
Registered           1,442         0        0       0         0      1,442 
Eligible             1,904         0        0       0         0      1,904 
Total                3,347         0        0       0         0      3,347 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered           3,845         0        0       0         0      3,845 
Eligible                 0         0        0       0         0          0 
Total                3,845         0        0       0         0      3,845 
 
JP MORGAN CHASE BANK NA 
Registered          76,222         0        0       0         0     76,222 
Eligible            83,552         0        0       0         0     83,552 
Total              159,773         0        0       0         0    159,773 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered         108,197         0        0       0         0    108,197 
Eligible            26,681         0        0       0         0     26,681 
Total              134,878         0        0       0         0    134,878 
 
MALCA-AMIT USA, LLC 
Registered             592         0        0       0         0        592 
Eligible                 0         0        0       0         0          0 
Total                  592         0        0       0         0        592 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           5,845         0        0       0         0      5,845 
Eligible             1,212         0        0       0         0      1,212 
Total                7,057         0        0       0         0      7,057 
 
COMBINED TOTALS 
Registered         341,767         0        0       0         0    341,767 
Eligible           203,844     6,429        0   6,429         0    210,273 
Total              545,610     6,429        0   6,429         0    552,040 
 
                      Prev                         Net               Total 
Palladium            Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered          21,829         0        0       0         0     21,829 
Eligible            13,549         0        0       0         0     13,549 
Total               35,378         0        0       0         0     35,378 
 
CNT DEPOSITORY, INC. 
Registered              97         0        0       0         0         97 
Eligible                 0         0        0       0         0          0 
Total                   97         0        0       0         0         97 
 
DELAWARE DEPOSITORY 
Registered             786         0        0       0         0        786 
Eligible             3,208         0        0       0         0      3,208 
Total                3,994         0        0       0         0      3,994 
 
HSBC BANK, USA 
Registered             586         0        0       0         0        586 
Eligible             2,623         0        0       0         0      2,623 
Total                3,209         0        0       0         0      3,209 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
JP MORGAN CHASE BANK NA 
Registered          12,746         0        0       0         0     12,746 
Eligible               728         0        0       0         0        728 
Total               13,474         0        0       0         0     13,474 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          16,998         0        0       0         0     16,998 
Eligible               301         0        0       0         0        301 
Total               17,299         0        0       0         0     17,299 
 
MALCA-AMIT USA, LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           2,116         0        0       0         0      2,116 
Eligible               630         0        0       0         0        630 
Total                2,746         0        0       0         0      2,746 
 
COMBINED TOTALS 
Registered          55,158         0        0       0         0     55,158 
Eligible            21,039         0        0       0         0     21,039 
Total               76,197         0        0       0         0     76,197 
 
Write to Taryn Boss at csstat@dowjones.com

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ICE Review: Canola Weaker as U.S. Tariffs Loom

Dow Jones Newswires

WINNIPEG, Manitoba--The ICE Futures canola market was weaker as investors took a "risk off" approach ahead of U.S. tariffs set to come into effect on Tuesday.

Losses in the Chicago soy complex on Monday contributed to the selling in canola.

The managed money net long position in canola hit a record large level in the latest weekly data, leaving the market open to profit-taking.

Tightening supply projections and the need to ration demand remained supportive, helping temper declines.

There were 36,985 contracts traded on Monday, which compares with Friday when 37,630 contracts changed hands.

Spreading accounted for 13,760 of the contracts traded.

Settlement prices in Canadian dollars per metric ton.

Contracts Price Change

   May        645.90 dn 5.20 
   Jul        653.90 dn 4.20 
   Nov        638.90 dn 2.60 
   Jan        645.80 dn 2.40

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
   Contracts  Prices                    Volume 
   May/Jul     6.80 under to 8.00 under 4,323 
   May/Nov    10.30 over to 6.70 over     268 
   Jul/Nov    17.50 over to 14.30 over  2,023 
   Nov/Jan     6.40 under to 7.00 under   262 
   Jan/Mar     2.90 under to 3.00 under     2 
   Mar/May     1.00 under                   2

Source: MarketsFarm, news@marketsfarm.com

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Front Month Nymex Natural Gas Rose 7.51% to Settle at $4.1220 — Data Talk

Dow Jones Newswires

Front Month Nymex Natural Gas for April delivery gained 28.80 cents per million British thermal units, or 7.51% to $4.1220 per million British thermal units today

Largest one day dollar gain since Monday, Feb. 3, 2025
Largest one day percentage gain since Tuesday, Feb. 18, 2025
Today's settlement value is the sixth highest this year
Off 3.69% from its 52-week high of $4.28 hit Wednesday, Feb. 19, 2025
Up 161.71% from its 52-week low of $1.575 hit Tuesday, March 26, 2024
Rose 115.14% from 52 weeks ago
Off 3.69% from its 2025 settlement high of $4.28 hit Wednesday, Feb. 19, 2025
Up 35.41% from its 2025 settlement low of $3.044 hit Friday, Jan. 31, 2025
Off 73.20% from its record high of $15.378 hit Tuesday, Dec. 13, 2005
Year-to-date it is up 48.90 cents or 13.46%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data

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Front Month Nymex Crude Fell 1.99% to Settle at $68.37 — Data Talk

Dow Jones Newswires

Front Month Nymex Crude for April delivery lost $1.39 per barrel, or 1.99% to $68.37 today

Largest one day dollar and percentage decline since Tuesday, Feb. 25, 2025
Down for two consecutive sessions
Down $1.98 or 2.81% over the last two sessions
Largest two day dollar and percentage decline since Wednesday, Feb. 26, 2025
Down four of the past five sessions
Lowest settlement value since Monday, Dec. 9, 2024
Off 21.33% from its 52-week high of $86.91 hit Friday, April 5, 2024
Up 3.98% from its 52-week low of $65.75 hit Tuesday, Sept. 10, 2024
Down 13.17% from 52 weeks ago
Off 14.58% from its 2025 settlement high of $80.04 hit Wednesday, Jan. 15, 2025
Off 52.94% from its record high of $145.29 hit Thursday, July 3, 2008
Year-to-date it is down $3.35 or 4.67%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data

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Front Month Nymex ULSD Fell 2.36% to Settle at $2.2604 — Data Talk

Dow Jones Newswires