During the month of May, Crypto (+17.96%) and Metals (+4.94%) were the top performers. The only negative performance was the S&P GSCI (-2.20%). The Energy (+1.94%) sector increased last month, led by a large bullish performance in Natural Gas (+29.93%). The positive performance in Metals (+4.94%) was led by COMEX…

Commodities: Global   OPEC Oil Output Fell Slightly in April per Reuters reflecting lower exports from Iran, Iraq and Nigeria.  Output fell by 0.1 million barrels per day (mbpd) from March to a total 26.5 mbpd.  OPEC+ agreed to maintain their 2.2 mbpd output cuts through June.  The Saudis also…

Ukraine-Russia War: Grinding Away and US Double-Talk   The Ukraine-Russia Conflict held with grinding incremental territorial losses by Ukraine in the east.  Russia pressed with its weight in numbers with casualties estimated at three times those suffered by Ukraine.  Strategically, Ukraine continued to attack Russian oil refineries, fuel storage facilities…

During the month of April, Livestock (+4.03%) and Metals (+4.02%) were the top performers. The bottom performers were Crypto (-16.08%) and Indices (-4.96%). Investor fear is at its 2024 peak, causing the CBOE Volatility Index (VIX) to rise above 20 for the first time since October 2023. Later this afternoon…