New Year oil price moves up from its 2024 lows, heading toward $75 price resistance on a perfect storm of Trump protectionism, Nat gas /diesel/electricity prices rising, geopolitical and extreme weather events.

 

(Chart 1)

(Chart 2)

As Donald Trump 2,0 begins to implement, at least on paper, his extraordinary messy economic policies of protectionism and trade wars with everyone, from China to Europe and South America.  Despite outgoing President Joe Biden who  also did offer lite-on protectionism during his tenure at the White House, Trump is vastly more extreme in his approach, hence the 10 YR yield up over 20% (Chart 2) after his December 4th 2024 Presidential Win redux, on inflation fears  Also note the oil price accent after the Europe Union new sanctions on Russia, and the U.S. sanctions and/or military action on Iran in 2025.  Also note Natural Gas prices up up over 17% which in turn pushes up diesel and oil prices, and as a rule of thumb in energy markets: Natural gas prices lead to higher electricity prices.