Trump’s Energy Secretary thinks that oil is going down because of policy
Pay no attention to the fact that commodities of many kinds are either neutral at best, or bearish. Pay no attention to the fact that the effects of the 2020 inflationary operations by the Fed (primarily) and government are fading, just as we projected back in 2023…
Here is but one post from back then:
Trump’s Energy bobo is claiming credit for pushing oil prices down. You can read all about it by clicking the image.
One problem, Mr. Wrong, I mean Wright; Oil has been gently trending down since topping in 2022, and there is no change or intensification of that trend since. It is at very important support, however. So you may well be able to claim credit if it breaks down, but two things…
Thing 1: As already noted, all sorts of commodities are currently weak.
Thing 2: Inflation is fading. That is and has been playing a role in pressuring the oil price.
Okay, more things…
Thing 3: We are likely entering a hard counter-cycle and oil is a cyclical commodity, like most commodities.
Thing 4: Oil traders have not flinched in the least at your assertion. It’s the downward biased, bearish looking mess it was before your daddy was even a twinkle in the market’s eye, pre-November 5.
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