Commodities: Global   OPEC Oil Output Fell in December from a drop in the UAE due to field maintenance.  The Organization of the Petroleum Exporting Countries pumped 26.5 million barrels per day (mbpd) last month per Bloomberg estimates as modest gains in Libya and Nigeria were also offset by similarly-modest…

War: Ukraine-Russia   Ukraine’s Eastern Territory Still Being Nibbled Away but Russia’s losses piled higher, reaching over 48,000 killed and wounded in December alone, per the Ukrainian military.  November was the second largest at 45,000.  If close to correct, that would place Russian casualties (dead and wounded) at 790,000 for…

Looking back at 2024, commodities saw notable volatility driven by geopolitical tensions, supply chain disruptions, inflation, and shifting demand patterns. The strong bullish performance in Softs (+46.87%) was led by Cocoa (+175.14%). The performance in Livestock (+16.37%) was led by Lean Hogs (+19.61%), Feeder Cattle (+17.88%),  and Live Cattle (+11.61%).…

During the month of December, Energy (+6.39%) and the S&P GsCI (+2.60%) were the top performers. The bottom performers were Crypto (-6.35%) and Metals (-4.60%). The bearish performance in Metals (-4.60%) was led by Palladium (-8.45%) and Silver (-5.63%). The bullish performance Energies (+6.39%) was led by Natural Gas (+8.03%)…