Tom welcomes back Chase Taylor to the show. Chase is a macro strategist and editor of Pinecone Macro Research. Chase discusses the energy trade and why it may be getting a bit crowded. It's probably time to take some profits. Taking the opposite view of Jim Cramer is often a good contrarian play. We're seeing demand destruction beginning for commodities as we enter into recession. We see that with copper at the moment. It's important to understand the differences between prices of crude and refined products. Refinery capacity influences prices and the China has been growing its refinery capacities. He expects further declines in fuel prices and a decline in inflation prints. His April newsletter was the most bearish, and it's clear the Fed wants equity and asset prices to decline. Nominal consumption numbers look acceptable, but people are using up savings. Moving forward, growth will be questionable until things bottom out. Currently, demand destruction is occurring fastest in the ...