Ukraine:  Summer Offensive?   The Ukraine-Russia Conflict continued with its on-the-ground stalemate with the Ukrainian military making little progress despite the infusion of US/EU equipment.  By necessity to avoid higher casualty rates, the attack tempo slowed – recall that Ukraine has one-third the population of Russia and its soldiers (and…

During the month of July, the S&P GSCI (+9.80%) and Energies (+9.18.%) were the top performers. The bottom performers were Crypto (-4.02%) and Grains (-3.78%). Despite the fed raising interest rates in July, the S&P GSCI (+9.80%) produced one of its best months since January of 2022. The S&P 500…

Commodities: Global   OPEC+ Decided to Cut Production at their June 3rd meeting but it would not be effective until 2024.  The headline number was a decline by 1.4 million barrels per day (mbpd) with a production target of 40.46 mbpd for 2024.  This is lower than the 41.86 mbpd…

Ukraine:  Summer Offensive?   The Ukraine-Russia Conflict stalemated with neither side making any real progress on the ground.  The main excitement was inside Russia itself with a coup/”protest” by a mercenary group.  While not a positive sign for Putin personally, the nationalistic agenda of Prigozhin and his supporters indicated a…