Posts tagged ‘fuel oil’

For the first time since Donald Trump was inaugurated president, more of the benchmark commodity prices tracked by S&P Global Platts since he took office are now slightly higher than when President Obama left. Until November, most prices had struggled to see their averages match — or surpass — the levels on the last day Obama held the office.

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It has been a little more than nine months since President Donald Trump took office, and although most hard commodity prices are lower than the day he was sworn in, there are signs of life.

For the first time since July 2, 2015, the price of Dated Brent — driven by strong demand — topped $60/b in late October, pushing its running average during the Trump presidency to $52.28/b. That’s still below the price of Dated Brent the day before Trump took the oath of office — $53.31/b on January 19  — and almost 38% below the $83.63/b average during Barack Obama’s two terms.

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Ten of the 11 average commodity prices tracked by S&P Global Platts since President Donald Trump took office remain weaker than their averages during President Obama’s two terms.

Although fundamentals and a range of other factors influence commodity prices, the group of 11 is being monitored by Platts and compared for Trump’s term versus Obama’s. And since Trump took the oath of office on January 20,  the monthly price performance of 11 commodities remains well below the average prices during Obama’s tenure  — down by an average of 20.6%.

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Hard commodities saw some slight price gains in August over July, but the average prices for eight of the 11 S&P Global Platts benchmarks tracked since US President Donald Trump took office in January remain weaker than President Barack Obama’s last full day in office.

The monthly prices for oil, jet fuel, natural gas, coal, iron ore, steel and aluminum are down an average of about 5% since Trump became president (January 20) through August 31, 2017.

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President Donald Trump is quick to take credit for strong growth in the stock market, tweeting on Monday, July 31: “Highest Stock Market EVER, best economic numbers in years, unemployment lowest in 17 years, wages raising, border secure, S.C. [Supreme Court]: No WH chaos!”

But another important asset class, hard commodities, has been mostly lackluster since he took office.

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