- The White House is set to ban US imports of Russian oil, liquified natural gas and coal as soon as Tuesday, according to Bloomberg sources.
- The move is likely to come without participation from European allies, though the decision was made in consultation with partners in Europe.
- The US consumes ~21mb/d of crude oil products (NYSEARCA:USO), while Russian oil imports have averaged ~56kb/d year to date, according to weekly DOE data:
- The US is the world's largest exporter of liquified natural gas (NYSE:LNG), suggesting a ban on Russian imports of gas would be unlikely to impact domestic markets (NYSE:EQT).
- Refiners like Valero (NYSE:VLO) and Phillips (NYSE:PSX) could face minor challenges replacing heavy Russian oil, though Canada and Mexico both supply coastal refineries with heavy grades.
- The President is set to speak at 10:45 am ET, and energy markets will be focused on commentary that could point to import restrictions from European allies, as Europe is heavily dependent on Russian oil, including hard-to-replace pipeline volumes.
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