Commentary

As promised, here is the podcast I recorded with Anthony Crudele. There is a great deal expressed in 52 minutes following the June 16 FOMC meeting. The fact that Chair Jerome Powell kept on keeping-on with full blown asset purchases leaves me in... more

Happy father’s day to all who are one and have had one. Just nine months ago the markets were experiencing convulsions as the then-U.S. president would unleash tweet after tweet at all hours. We certainly don’t miss the key-word-driven algos... more

Crude prices rose for a fourth consecutive week as optimism regarding an economic recovery propelled Crude prices to multiyear highs. The ambiguous intent of the current administration regarding renewable fuel policy has sent mixed signals to the... more

Petroleum prices rose for a third consecutive week, reaching their highest levels since October 2018. A positive report from the EIA stating that global demand would reach pre COVID-19 levels by the end of the year touching 100.6 MBPD and... more

Prices for the actively traded July 2021 CME Group soybean oil futures reached all-time new highs in recent trading sessions (see Figure 1), spurred by increasing demand from the biofuels industry, a big piece of President Biden’s call to cut... more

The unemployment data was not as robust as expected but not bad since hourly wages rose above consensus, the work week remained elevated and the jobless rate dropped to 5.8%. The headlines are always subject to severe review doing these... more

Petroleum prices reached two-year highs, gaining for the second consecutive week and fifth in the last six. Continuing expectations of demand recovery, a strong report from the EIA regarding demand increases for the balance of 2021 and evidence... more

Every G-7 or G-20 meeting homage is paid to the idea of free markets via the market driven value of each nation’s currency. This is hogwash of the highest order in the world of central bank asset purchase programs. The clarion call is that QE is... more

On April 20, 2020, nearby NYMEX futures did what few market participants believed possible. Not only did the price of a barrel of West Texas Intermediate drop below zero during the delivery period, but it also fell to a low of negative $40.32.... more

Petroleum prices increased for a fourth week in five, touching 31 month highs on Thursday before easing at week’s end. Accelerating demand growth in the US linked to improving economic barometers, constructive inventory reports, the start of... more