OPEC+ Reduced Their Production Cut to 7.7 million barrels per day (mbpd) from 9.7 mbpd starting in August, an implied increase of 2 mbpd at the July 15th Certain members such as Iraq were to not fully increase production to make up for over-producing last and this year, while other…

During the month of July, the top 3 performing sectors were: metals (13.34%), livestock (11.65%) and softs (10.79%). The bottom 3 sectors were: grains (-3.56%), the Barclays CTA Index (0.29%) and interest rates (0.73%). As the pandemic continues, investors are adding more alternative assets to their portfolio to weather the…

COVID-19   June Economic Numbers were better amid the pandemic news, though an uptick in US cases, hospitalizations and deaths in late June/early July again dampened expectations. US freight shipments still were at the 2009 lows (see graph right – note there was a small pick-up at the end of…

The OPEC+ Cuts of 9.7 million barrels per day (mbpd) held through June and are in place for July from last month’s extension. In a surprise, members more-or-less held to their promised cuts with Iraq, Nigeria and Russia complying.  Russia, a reluctant cutter in the best of times, reached 9.3…