T’was the energy report before Christmas and Trump’s tax cut passed through the house, not one Democrat voted "yes," they just sat there and groused. The hedge-funds stuffed political stockings with care in hopes that the carried interest loophole still would be there. The Democrats wanted to tear the bill into shreds--it’s just a tax cut for the rich--and that was all that was said.
The House rolled out its tax reform bill and not only did it put in a big tax cut for all corporations it also gave oil producers an edge by removing incentives for electric vehicles and solar companies.
Do they see what I see? OPEC’s Secretary General Mohammad Barkindo is telling us that the global oil market is rebalancing fast as the glut of refined products is gone as he and OPEC take a victory lap ahead of their November OPEC meeting.
The new week, month and quarter has started brightly for the U.S. dollar, with both the Brish pound/U.S. dollar (GBP/USD) currency pair and euro/U.S. dollar (EUR/USD) currency pair trading lower at the time of this writing.