During the month of October, the top sectors were crypto (+11.96%), indices (+8.45%), and energies (+4.13%). The bottom sectors were softs (-5.08%), metals (-2.09%) and interest rates (-2.07%). Equities roared back from bear-market lows, which were led by the Dow Jones posting its best month since 1976 (+13.80%). Softs (-5.08%),…

During the month of September, the only positive sector was: Metals (+2.17%), which was mostly contributed by Silver. The bottom 3 sectors were: Energies (-9.70%), Softs (-9.27%) and Grains (-9.35%). The sell off at the end of August continued across most all commodities into much of September. Equities had one…

OPEC Production Increased Strongly to 29.6 million barrels per day (mbpd) during August (Reuters), still much less than current quotas of 33.4 mbpd.  OPEC+ decreased allowances slightly at their early September meeting to signal limits on how far they would let prices fall.  Libya managed to hold full production of…

Ukraine:  Grain, Natural Gas & Sanctions Impact   Ukraine Launched Limited Counter-offensives with some high profile partisan attacks.  While these efforts cannot take much back in the way of territory, limited offensive military capacity (remember that Ukraine is about 1/3rd the population of Russia at 45m versus 145m) precludes most…