RE:Imports and exportsRex....speaking agenda based news or large traders....don't you think it is slanted to a bullish bias.
Everyone in the value chain makes more money the more things are pumped up.
Look at the results so far from Russia/Ukrianian war, it has pumped up the USA economy in many ways.
USA military defense industries are booming from making MANPADS to ammo.
USA produces alot of grain
USA coal industry got a lift in exports last year.
And in energy, it has made USA the world powerhouse in Natural Gas production, NGL's and oil...everything.
USA produces way less energy without this war happening.
China and USA have becone stronger while Europe, Russia, Japan, OPEC and rest of world are weaker.
Yes OPEC is weaker.
China can maniupulate their monthly oil import numbers to hammer OPEC whenever they want. China has such a reserve of oil...they could buy 2m barrels a day less for 90 days if they want and barely feel it.
China knows being a superpower isnt oil...it is computerchips/semi comductor production. Thats the future and why Taiwan is so importsnt to China.
Problem with 80-100 dollar oil forecasts is China has no desire to pay that price. China isnt stupid and willing to feed money to OPEC. They are opportunistic.
Market is too bullish and irrational on too many world economies.
Europe for example is raising interest rates DURING A RECESSION already. Nuts. Two more increases coming into Europe. People are not afraid enough.
World oil markets need a healthy europe as they inmport so much oil as only Norway produces a large anount,
I expect the downturn in Europe to be fast and sharp by end of 2023.