Commodities: Global   OPEC Again Confounded Oil Markets in early May as the cartel repeated an increase in production by another 411,000 barrels per day (bpd).  This means that nearly half (44%) of the previous 2.2 mbpd in cuts will have been reversed, with another 411 mbpd in July.  Additionally,…

Tariff Terror   The Long-Dreaded Trump Tariffs unfolded at the beginning of April with rates that were in addition to current levels, making China’s over 50%.  Of course we have to remember that these taxes assessed at the factory value, not at retail, so the impact is on the cost…

During the month of April, Crypto (+6.26%) and Livestock (+4.11%) were the top performers. The bottom performers were Energy (-11.74%) and the S&P GSCI (-8.79%). The bullish performance in Livestock (+4.11%) was led by Lean Hogs (+4.80%).  The bearish performance in Energy (-11.74%) was led by Natural Gas (-18.62%).  Tariffs…

Commodities: Global   OPEC Surprised Oil Markets in early April as the cartel agreed to raise production by three times the amount expected beginning in May, increasing output by 411,000 barrels per day (bpd) instead of only 135,000 expected.  That plus the Trump tariffs knocked oil prices down by 6%…