Weekend Nov 12 2022
The red black bars are the US Dollar index, the solid black line isWest Tx Intermediate, note the inverse or opposite relationship.
At bottom the correlation indicator shows the inverse relation. After a year of strong rise, the US Dollar finally topped and retreated, No surprise, oil has been rising since September 26. On the big drop in the buck this past week oil turned up.
The same relation exists for gasoline. The Administration will be hard pressed to explain the failure of their recent victory to lower gasoline prices but then they aren't running right now.
Expect higher gasoline prices by mid December if not sooner
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