Last week’s note had a geopolitical focus as we laid out why we think Donald Trump will have an outsized impact on oil prices this Spring. Our theory here is that Trump’s decisions on waivers for buyers of sanctioned Iranian crude and a potential US/China trade deal will be the two most important events for traders to watch. This week things got slightly more interesting in terms of geopolitical risk as Russia sent a chill down the spine of crude oil bulls by questioning their commitment to the OPEC+ pact. To summarize, Russia’s…
