BackwarDonald

23 Apr

The head tweeter-in chief has recently been targeting specific asset prices, tweeting on the relative value of the dollar, and most interestingly the “high” price of crude oil. His tweet last week ” Looks like OPEC is at it again. With record amounts of oil all over the place, including the fully loaded ships at sea, Oil prices are artificially high Very High! No good and will not be accepted!” Surely The Donald must be simply rehashing an old tweet from 3 or 4 years ago, because the only oil on the water now is heading towards satisfying a insatiable global demand. A quick look at todays crude oil forward curve, and its existing backwardation, would suggest that the days of surplus crude sitting in global cash and carry trades is non-existent. If the President feels that this situation is unacceptable then he should simply empty the SPR.

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