Commentary

Market Summary: January 16, 2022

Jan 19, 2022

Energy prices increased for a fourth consecutive week, the longest such streak of gains since October.
Reductions in Crude inventories rendering stocks to their lowest levels since October 2018, increasing
demand, diminishing concerns... more

Market Summary: January 9, 2022

Jan 11, 2022

Energy prices rose for a third consecutive week, reaching their highest levels since late November. Strong
demand, growing production issues in Kazakhstan, Libya, Russia, Nigeria, Canada and Angola, OPEC+ inability
to maintain output... more

Market Summary: January 2, 2022

Jan 05, 2022

Energy prices rose again in another holiday abbreviated week. Prices increased despite a dramatic rise in cases of the omicron variant of Covid-19. Increases in petroleum demand were significant and helped define the omicron variant as widespread... more

Q4 2021 is in the Books: Winners & Losers in Q4 - Highlight on Lumber and Natural Gas

Jan 04, 2022

The raw material markets asset class moved higher in the fourth quarter of 2021 after posting gains throughout the year. The commodity asset class consisting of 29 of the primary commodities that trade on US and UK exchanges moved 4.73% higher in... more

Market Summary: December 26, 2021

Dec 27, 2021

Petroleum prices increased this week in abbreviated preholiday trading. Prices trended upward in both Crude and refined products despite clear evidence of reduced demand linked to the Omicron variant of Covid-19. Price support was derived from... more

Market Summary: December 19, 2021

Dec 20, 2021

Petroleum prices fell for the seventh week in eight as renewed concerns about the rapid spread of the Omicron variant of the Covid-19 virus, associated expectations of renewed travel and movement restrictions and a stronger dollar based on... more

The Roundtable Insight – Michael Pettis and Yra Harris on China

Dec 15, 2021

Michael Pettis is a nonresident senior fellow at the Carnegie Endowment for International Peace. An expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese... more

Market Summary: December 11, 2021

Dec 13, 2021

Increasing confidence in the containment and treatment of the Omicron variant of the Covid-19 virus thus easing demand reduction concerns as well as strong inflationary pressures helped propel petroleum prices to their first weekly gain in seven... more

Notes From Underground: Coal for Some Stockings?

Dec 13, 2021

If you’re only looking at the headlines from the past 48 hours, there is something major going on. First, on Friday afternoon Bloomberg reported that the G-7 finance chiefs are planning to discuss inflation as prices soar and the Financial Times... more

Notes From Underground: It’s Hard to Believe

Dec 08, 2021

On December 7, 2009, NOTES FROM UNDERGROUND published its first post and we’ve shared a few thousand thoughts since then (all archived at WordPress and for those on CQG they available thanks to the great efforts of Stan Yabroff). In sifting... more