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Mike McGlone, industry influencer, highlights the interplay between U.S. demand and supply for WTI crude oil. He suggests that economic forces, especially high prices, may drive crude oil to exhibit similar 'pump-then-dump' behavior to what was seen in U.S. natural gas in the first quarter.
McGlone also attributes the UAE's decision to leave OPEC in part to these shifting economic fundamentals.
McGlone has recently pointed to volatility in multiple asset classes. He noted that U.S. stock market capitalization dropped by about $3 trillion in 2024 in a prior assessment. In a separate note, he highlighted potential for U.S. Treasuries to rebound after an extended decline compared to gold, as seen in a previous report.