Trump wants and needs oil prices lower to avoid escalating inflation taking hold as tariffs come into play – imagine the Americans who voted for Trump, and those who did not, will be paying a decent premium on many goods in the coming days – we question if they all thought it through. To be fair to Trump, he is only doing what he promised on the election trail, and he has warned the market that tough times may lie ahead short term. Hopefully, we are now in/close to the eye of that particular storm! However, back to the right here, right now, crude plunged overnight on recession fears, but these were compounded by a major shock from OPEC+, who plan to increase supply by three times the planned amount in May in what delegates described as a deliberate effort to drive down prices to punish the group’s cheats.
- We have no interest in fighting OPEC+, Trump and economic jitters – crude oil is too hard.
MM is neutral/bearish towards crude oil
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