U.S. President Donald Trump removed exemptions from his 2018 steel tariffs, imposing a 25 per cent duty on all steel imports, while also increasing aluminum tariffs from 10 per cent to 25 per cent.

The U.S. Energy Information Administration (EIA) raised its 2025 U.S. crude oil production forecast to 13.59MM barrels per day (bpd), up from 13.55MM bpd, while maintaining its consumption estimate at 20.5MM bpd.

OPEC maintained its forecast for global oil demand growth, expecting an increase of 1.45MM barrels per day (bpd) in 2025 and 1.43MM bpd in 2026, citing support from air and road travel.

Canada’s annual inflation rate rose to 1.9 per cent in January from 1.8 per cent in December. Gasoline prices surged 8.6 per cent year-over-year, with Manitoba seeing a 25.9 per cent spike after reintroducing its provincial gas tax. Natural gas prices climbed 4.8 per cent due to increased demand in Ontario and Quebec.