Commodities: Global   OPEC Oil Output Increased slightly by 30,000 bpd to average 27 million barrels per day (mbpd) during July, according to Bloomberg.  Russia cut production by 130,000 bpd but is still over its quota of 8.98 mbpd.  Iraq also cut slightly but Kazakhstan increased output.  With the decline…

Ukraine-Russia War: Russian Problems & Reactions   The Ukraine-Russia Conflict continued with grinding incremental territorial losses by Ukraine in the east and gains in the north.  The Russian causality (dead and wounded estimates) count continued its higher tempo of over 30,000 in July per British Defense Intelligence.  Russia’s casualty rate…

During the month of July, Interest Rates (+1.25%) and the S&P 500 Index (+1.13%) were the top performers. The bottom performers were Energy (-8.14%) and the S&P GSCI (-4.66%). The Bearish performance in Energy (-8.14%) was largely led by Natural Gas (-21.72%).  The increase in the Currency (+0.43%) sector was…