Peak Denialistic Bullshit

The Realtor-In-Chief confirmed that he will exit the Paris Climate Treaty today, joining the rarified company of Syria and Nicaragua. Never fear, he is going to renegotiate the treaty vis-a-vis the entire rest of the world, in his spare time, between drunken tweets, and arm-twisting intelligence agencies to stop investigating his campaign...

Little does he realize that what the world needs now is not more oil it's less oil, because no sooner did he "leak" word of his decision, that U.S. oil promptly rolled over and imploded, closing 2% off the highs of the day, and giving back more in the overnight.

Because today we got this news, that just like the climate agreement, the U.S. is free-riding on the oil industry's agreement to cut production. Now we're going to find out what happens to entire economies when free riders take control of the market:

"The U.S. oil industry exported a record 1.3 million barrels of crude per day onto the world market last week — just a half million barrels less than the cuts OPEC and Russia agreed to make to daily production."

It was exactly this week last year when oil rolled over for the summer (first circle on the left):

Actually, it was June of the past three years when oil rolled over, featuring two price declines of -60% in 2014 and 2015, and a -20% drawdown in 2016 (vertical blue lines):

U.S. Oil ETF w/inventories

Because this isn't just about oil...

It's about the fake global recovery...

And the denialist morons who believe in it...