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NYMEX Crude $ 44.66 DN $.6100
NY Harbor ULSD $1.4366 DN $.0045
NYMEX Gasoline $1.3377 DN $.0195
NEWS
While there are some specifics about President-elect Donald Trump’s energy policy to be worked out, overall his presidency is “very bullish long term for oil and gas,” Warwick Energy CEO Kate Richard told CNBC on Thursday. Trump has said he wants to roll back regulations and produce more energy, which he believes will create more wealth for America. Richard thinks Trump’s economic plan could probably spur economic growth and demand for oil. “I think the market loves Republican administrations and infrastructure is very bullish for crude and natural gas demand,” she said in an interview with “Power Lunch.”
Trump has promised a massive infrastructure spending program, saying in his victory speech early Wednesday morning he’s going to fix highways bridges, tunnels, airports, schools and hospitals — and put millions of people to work to get it done. While Richard believes Trump’s energy policy is “interesting,” she noted the whole story can’t be put together yet. For one, she said talk about repealing Environmental Protection Agency regulations are a little hard to understand. “We haven’t seen a decline in drilling in this country because of EPA regulations. We’ve seen a decline in drilling in this country because of two years of low prices,” she said. Right now, Richard thinks there are other things that are more important for the energy industry.
“For natural gas: winter. And for crude: OPEC and the OPEC meeting at the end of November. And both of those are bullish for the commodities which are probably bullish for the equities.”