I, for one, welcome our new Chinese overlords

Friday 15 May 2026

Oil is not worse today as Trump begs and Xi pretends to care.

The outlook is not so rosy. Goldman has the bad news for our American friends.

The US gasoline market has become very tight, with inventories drawing at an rapid average pace of 0.7mb/d since April 1st to 5% below their historical seasonal median this week (Exhibit 1).

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.