Mike McGlone argues that higher oil prices accelerate a superabundance trend in Western Hemisphere supply (US, Canada) and global technology-driven demand destruction, pushing WTI toward $40. He sees a broad commodity reversion lower in H2 2024, including gold, silver, copper, and potentially Treasury yields, with a stock market correction likely accompanying the move.
implicit
implicit
explicit
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US gasoline cautious down
Bloomberg Research
7.0
Financial Media
Mike McGlone 7.0
Financial Media
Mike McGlone 7.0
6/28/2026 3:34:50 PM
- WTI → 40
- US gasoline (avg retail $/gallon) → 2.9
dxy
Not explicitly discussed, but falling commodity prices and potential Fed response to lower inflation could keep USD rangebound.
metals
Gold put in a pretty significant high back in Q1 and is probably going to be stuck in a range for years.
ndx
Same reasoning as RUT—broad stock market decline expected alongside commodity reversion, affecting tech-heavy indices as well.
rut
McGlone warns that every time crude oil swings and gas makes lows, it coincides with stock market problems. He worries about a stock market decline in H2 that would accompany lower commodity prices.
wti
On a normal cycle it goes back to $40.
yields
McGlone includes Treasury bond yields in the list of assets that are going lower in H2, and notes gold is at a multi-decade low vs Treasuries, implying yields are falling.
