SmarterMarkets™ Summer Playlist 2025 Episode 9 | Helima Croft, Managing Director & Global Head of Commodity Strategy, RBC Capital Markets
Aug 23, 2025
Helima Croft, Managing Director & Global Head of Commodity Strategy at RBC Capital Markets, returns to discuss the intricate dynamics of energy markets amid global conflicts. She delves into the ongoing issues in Ukraine and the Middle East, how U.S. tariffs may impact Russian energy exports, and the delicate balance of U.S. energy policy. Helima also highlights Iran's military challenges and the evolving landscape of global energy, advocating for awareness through her summer reading list.
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U.S. May Target Buyers To Curb Russian Exports
- The U.S. is weighing measures to materially reduce Russian energy exports by targeting buyers like India.
- Such moves could significantly tighten markets and change price dynamics if implemented.
Early Policy Favored Market Stability Over Maximal Sanctions
- The Biden administration deliberately kept Russian energy flowing to avoid a supply shock and protect U.S. consumers.
- That policy included SPR releases and carve-outs for energy transactions despite wide sanctions elsewhere.
Policy Shift Could Trade Higher Prices For Leverage
- President Trump may accept near-term higher prices to squeeze Russia's revenue and pressure Putin.
- Removing Russian barrels from markets could flip Q4 from oversupplied to tighter fundamentals.