Forget OPEC. Forget Supply. Forget Demand. Beware the US Dollar.

While all eyes have been focused on OPEC, the US Dollar Index has made a stealthy turn lower with very little fanfare. Should the decline in the US Dollar Index start to gain traction, oil prices (and commodities in general) could be the big beneficiaries. Such an event would be quite fortuitous for both OPEC and North American shale producers. …On the other hand, a sudden resurgence in the US Dollar Index could very well send energy prices crashing, which could be quite devastating for both OPEC and North American shale producers.

…Beware the US Dollar.