Commentary

Commodities are highly volatile assets. Price often below rational, logical, and reasonable levels. In April 2020, nearby NYMEX crude oil prices fell to negative $40.32 per barrel. Anyone holding a long position without storage capacity had to... more

The discovery of a new Covid strain slammed petroleum prices on Friday as overwhelming fears
of demand destruction enveloped energy markets, erasing gains dating back to August. This
was the largest one-day drop since April 20, 2020... more

We at Notes From Underground on Oct. 31 wrote a post titled, “The Odious Designs of ECB Policy.” It noted that during the ECB post-meeting press conference President Christine Lagarde said — in response to a question of whether the ECB would... more

Petroleum prices fell for a fourth consecutive week, the longest streak of weekly losses since March 27, 2020. After having reached seven-month highs a scant four weeks ago, prices are now at sevenweek lows. This was the largest weekly reduction... more

Yra Harris & Kevin Duffy with thanks to Financial Repression Authority.

It’s been. another week in which headline inflation concerns has jolted markets, particularly in the interest rate space, but not as much as many investors and traders would have expected. The yield curves in the U.S. FLATTENED as markets seem... more

Energy prices fell for a third consecutive week and third week in 12 as the looming threat of intervention by executive order from the US president to try to reduce energy prices dominated market influences this week. The rate of inflation was... more

The U.S. and Canadian unemployment data both were somewhat stronger than expected. The markets were trading in focus with the robust U.S. data — equities higher, DOLLAR firm, and bonds trying to adjust in the face of the FOMC‘s tapering plans.... more

Petroleum prices fell for the second week in 11, recovering from sharp reductions midweek that briefly touched October lows. This was the worst week for prices since August. At the virtual meeting in Vienna this past week, OPEC+ maintained the... more

Petroleum prices fell for the first week in 10, easing minimally as Brent prices actually improved on the week. Persistent concerns regarding lower supplies, particularly in Cushing, continued sharp increases in speculative length in petroleum... more