February 2024 Global Commodity Snapshot

Commodities: Global   OPEC Oil Output ticked higher to 26.7 million barrels per day (mbpd) in February, as Libyan production recovered.  OPEC+ agreed to maintain their -2.2 mbpd output cuts through June. The Saudis additionally extended their voluntary cut of -1.0 mbpd through the same date.  Russia pledged to hold…

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Global Economic Review: February 2024

Ukraine-Russia War & Red Sea Shipping:  Positioning   The Ukraine-Russia Conflict saw little movement with some territorial losses by Ukraine in the east.  Russia pressed with its weight in numbers though evidence of equipment shortages was seen by the utilization of antiquated tanks (i.e., T-62s which were first introduced in…

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February 2024 Sector and Index Performance

During the month of February, Crypto (+44.91%) and Softs (+7.81%) were the top performers. The bottom performers were Grains (-4.61%) and Metals (-2.70%). Crypto (+44.91%) had an enormous month, with Bitcoin (+44.56%) soaring over $60,000 for this first time since 2020. Softs (+7.81%) were carried by big rallies in Cocoa…

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January 2024 Global Commodity Snapshot

Commodities: Global   OPEC Oil Output Decreased to 26.6 million barrels per day (mbpd) in January, as the country of Angola left the cartel so that it would not have to abide by production quotas (though its production was not significant anyway).  Production also fell in Libya temporarily by 300,000…

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