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SCO - The Macro Picture Might Overwhelm Oil-Specific Fundamentals
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Welcome to the macro matters edition of Oil Markets Daily!
As any expert will tell you, predicting the price of oil is near impossible. At times, oil markets move purely on fundamentals (time spreads, crack spreads, and storage moves), while, at other times, oil markets move purely on the macro (USD, inflation expectations, and etc.). And at times, it combines the two, so you have no idea which one is the dominant force.
But, over the years, the dollar has presented a very troubling headwind for oil. Higher dollar increases the cost of oil imports