alix: dan dimicco, nucor, thank you.mmodities caught in the crosshairs coming up on "commodities edge" at 1:00 eastern time. oil plummeting for the third straight day. tensions in the middle east rising. more on what i am watching. this is bloomberg. ♪ alix: what i am watching his oil . saudi arabia accusing iran of ordering the drone attacks on the aramco oil station. much risk premium is in oil and how much should be in oil? mark: you have seen a lot priced in after the move lower and now we will continue to crime higher. i would say there is another two dollars to go, specifically in brent. when you're thinking of the floating market and where the risk is, the easiest way to see that is through the financial instrument of rent. -- of brent. alix: what is interesting to me is the time spread versus the flat price. the time spread is more extensive. the flat price has had a little bit of rally but not much. mark: people are not sure what to think about going forward in terms of where are these sanctions going to be? are

six >> laura: we have a lot of big legal news to get through today from nucor's door transcripts released by republicans of the judiciary committee. the democrats exploding in their own closed-door meeting over whether to move forward on impeachment are not against trump. let's bring in former deputy assistant @bretbaier and u.s. attorney joad de geneva. i want to begin with don mcgann but before we get to these transcripts he was white house counsel for president trump and the white house today is legging out why the former counsel should defy how subpoena to testify before judiciary committee and began through his lawyer has agreed to skip it. here is what president trump before heading to pennsylvania tonight. >> as i understand it, at the office of the presidency come i think it is a very important precedent. the attorneys are saying they are not doing that for me. they are doing that for the office of the president. so we are talking about the future. if the democrats want a redo and we've had enough and the countries had enough. >> laura: no redos. joe, nadler was on cnn saying they

steel and nucor have been hammered since the tariffs were announced. look at u.s. steel, down 66% over the past year and a half. you can see all the other names, alcoa, that's aluminum. the aluminum not hit nearly as badly. let me quickly mention we had steel dynamics down 40% since the tariffs a year ago. you have u.s. steel, we already mentioned kaiser aluminum down 7%. alcoa down 50% year over year. the deal crystallizing after president trump spoke with canadian prime minister justin trudeau earlier today. let's go to the white house, where we find blake burman. i have to tell you, we are losing whatever gains we were able to scratch back but we are still not as low as we thought we would be at this time, just this morning. what do you make of why this isn't being perceived of as good news? reporter: well, there's a larger component of the usmca. as you know, which is sort of the bigger puzzle to all of this. you really got two different components here. one is the steel and aluminum tariffs that within the next two days here are going to be lifted. 25% steel,

we had the former nucor ceo on in the past and wunt of the cases he made is part of the reasons those tariffs were in place on countries, allies like canada, was this idea of back door dumb ng by places like china. how does the u.s. prevent that hang here and what does a deal in general mean in terms of steel supply globally now? >> it's not just a function of china. there's other countries that use other countries as a back door and it is a problem. my understanding under this deal is there's going to be made and melt provisions. in other words, the steel have to be melted and made in canada and then into a part and shipped over that whole chain has to be there for it to be exempt from those duties i would hope that if the steel was made in china, brought into canada and made into a part and shipped over they'd be a dutiable part, they'd be after that the real trick in this also is for canada to stop the dumping of that steel into canada. that just ruins the canadian market and hurts the canadian steel mills in their home market it's going to be a little bit tricky you're going to ha