Maleeha Bengali is CEO of MB Commodities Capital, based in London.
The Fed needs the justification from the data to be able to cut -- it does not have that green light yet.
Product demand remains tepid at best and OPEC has downgraded its oil demand growth for 2019.
Be patient on oil names, as June brings a trifecta of macro events -- the Fed FOMC meeting, OPEC meeting and the all-important G-20 meeting.
We only see sustained rallies at the 'end' of a Fed rate-cut cycle, so we're likely not past the storm yet.
It's important to take a step back and see what is happening across asset classes.
Powell may have his hands tied behind his back, as consumer spending, inflation and labour market indicators are still resilient.
Growth will keep falling off a cliff unless Fed Powell comes to the rescue. But it is unclear whether he can, or will.
This could either be a brilliant buying opportunity or a value trap. If a trade deal is not reached by the end of June, this selloff can get a lot worse.
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