Trump tweet sends crude prices lower

Commodities 2 minutes to read

Ole Hansen

Head of Commodity Strategy

Summary: A new tweet from President Trump has sent oil prices a tick lower, although fundamentals remain robust.

Crude oil losses extended following the second oil-related tweet from President Trump this year. Ahead of the deadline for extending or rescinding waivers given to buyers of Iranian oil, he is looking to the other Opec members for support. By asking for more barrels to be produced, he would be able to squeeze Iran more without risking additional oil price strength.

Coming after five failed attempts to break above $60/barrel this past week and following yesterday’s US inventory rise, we may see some additional weakness in the short-term. Overall fundamentals, however, remain strong and it would take renewed growth worries and lower equities before the uptrend is challenged.

A break below $57.80/b, recent highs and trendline from the December low may attract some additional long liquidation, not least considering that the 55 million barrels bought by hedge funds in the week to March 19 will be underwater at those levels.

Outrageous Predictions 2026

Outrageous Predictions
A Fortune 500 company names an AI model as CEO
Charu Chanana
Chief Investment Strategist
Can AI be trusted to take over in the boardroom? With the right algorithms and balanced human oversi...
Read full article
Outrageous Predictions
Dollar dominance challenged by Beijing’s golden yuan
Charu Chanana
Chief Investment Strategist
Beijing does an end-run around the US dollar, setting up a framework for settling trade in a neutral...
Read full article
Outrageous Predictions
Dumb AI triggers trillion-dollar clean-up
Jacob Falkencrone
Global Head of Investment Strategy
Agentic AI systems are deployed across all sectors, and after a solid start, mistakes trigger a tril...
Read full article
Outrageous Predictions
Quantum leap Q-Day arrives early, crashing crypto and destabilizing world finance
Neil Wilson
Investor Content Strategist
A quantum computer cracks today’s digital security, bringing enough chaos with it that Bitcoin crash...
Read full article
Outrageous Predictions
SpaceX announces an IPO, supercharging extraterrestrial markets
John J. Hardy
Global Head of Macro Strategy
Financial markets go into orbit, to the moon and beyond as SpaceX expands rocket launches by orders-...
Read full article
Outrageous Predictions
Taylor Swift-Kelce wedding spikes global growth
John J. Hardy
Global Head of Macro Strategy
Next year’s most anticipated wedding inspires Gen Z to drop the doomscrolling and dial up the real w...
Read full article
Outrageous Predictions
Executive Summary: Outrageous Predictions 2026
Saxo Group
Read Saxo's Outrageous Predictions for 2026, our latest batch of low probability, but high impact ev...
Read full article
Outrageous Predictions
Despite concerns, U.S. 2026 mid-term elections proceed smoothly
John J. Hardy
Global Head of Macro Strategy
In spite of outstanding threats to the American democratic process, the US midterms come and go cord...
Read full article
Outrageous Predictions
Obesity drugs for everyone – even for pets
Jacob Falkencrone
Global Head of Investment Strategy
The availability of GLP-1 drugs in pill form makes them ubiquitous, shrinking waistlines, even for p...
Read full article
Outrageous Predictions
China unleashes CNY 50 trillion stimulus to reflate its economy
Charu Chanana
Chief Investment Strategist
Having created history’s most epic debt bubble, China boldly bets that fiscal stimulus to the tune o...
Read full article