It’s Going To Be A New Year

Should all the old tweets be forgotten, and never brought to mind? Should all old tweets be forgotten, that’s caused oil's big decline. 

It was the year of the tweet as President Trump seemed to tweet oil to a 4 year high before tweeting back to give up all of its gains for the year for its first yearly drop since 2015. For oil, it was a year of contradictions and a memorable year that many oil producers would like to forget.

Yet there were good times and bad and it was a year where we entered a new era of low gasoline prices along with rising diesel. A year where one tweet could rally or break prices in an instant. A year that started with a lot of optimism and yet ending with a lot of pessimism, but we are one tweet away from turning it all around as oil has a strong start after President Trump tweeted "Just had a long and very good call with President Xi of China," Trump posted on Twitter. "Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!"

A year of wild volatility packed with historic moves along with a big surge in oil market volatility. We saw a year where oil hit 7690 for a high, only to retreat putting tighter the most amount of consecutive down closes in oil market history. Oil now is struggling to find a bottom as OPEC and Russia cut back production and energy companies struggle to make a buck.

It was a year where U.S. oil production hit an all-time high and a year where we saw record demand for all oil products. It was a year where we saw interest rates start to rise. It was the best year we have seen economically since the great recession only to have the stock market put in the worst December since the great depression. We got a trade deal with Canada and Mexico but are fearful that we won’t get a deal with China causing fear and turmoil. Shale cuts and capex cuts are in our futures, yet despite all of the questions about growth and the impact on rate cuts the oil market is poised to make a major price comeback in 2019. 

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