The DOW and S&P transportation sub-indexes are down and have been trending down since early August … transportation (trucking and seaborne) slowing is a leading indicator of less goods on the move and hence a slowing economy.
With freight transportation down and EV’s making significant inroads to private vehicle fuel use, there has to be easing pressure on oil demand. Recent production cuts by OPEC and Russia hasn’t yet blown up the price of oil … perhaps this is unspoken reasoning behind the recent production cuts?
