奥纬咨询：2025特朗普政府下的大宗商品交易：美国政策转变对能源行业的影响报告（英文版）（11页）.pdf

1、Joanne SalihAdam PerkinsCOMMODITY TRADING UNDER THE TRUMP ADMINISTRATIONHow US policy shifts might affecttheenergy industry Oliver Wyman2Commodity Trading Under The Trump Administration2024 marked a three-year low for trading margins across commodities,as lower volatility and more efficient markets

2、left traders with limited opportunities.But early policy moves by the new Trump administration may inject the kind of market volatility and inefficiency that traders can exploit,especially in the energy sector.In its first three months in office,the new administration has issued a raft of executive

3、orders,policies,and formal statements related to commodities,and energy in particular with the potential to alter market dynamics and open opportunities for commodity traders to capitalize on.While some of these proposed executive actions have yet to materialize,commodity traders are cautiously opti

4、mistic,given the prospects for market swings,but should also brace for an unpredictable environment that might make fundamentals-driven trading more challenging.Exhibit 1:Summary of Trump Administrations executive orders,policies,and tariffsAs of March 27,2025DescriptionDateUS P&GUS OilCrudeLNGCoalM

5、etalsSoftEnergy policyBans on new leasing for onshore and offshore wind20/01New oil,gas and mineral production in Alaska20/01“Declaring a national energy emergency”:facilitate domestic energy production20/01“Unleashing American Energy”Rescind Biden-era energy policies20/01Reduce regulatory burden20/

6、01Simplify federal permitting for energy projects20/01Lifted restrictions of new LNG exports20/01Temporary halt on IRA and IAJA funding20/01Eliminate EV mandate20/01Withdrawal from climate agreements20/01Increased mineral production20/03Tariffs10%tariff on goods from China01/0225%tariff on goods fro