Ukraine & Israel:  Attack / Counter-Attack   The Ukraine-Russia Conflict saw little progress by both sides as Ukraine inched forward in the south-east around Bakhmut and Russia inched forward in the north-east close to Kupyansk and Stelmakhinka.  There was some evidence that the Ukrainians are more aggressively using the longer-range…

During the month of October, Crypto (+18.57%) and Softs (+6.74%) were the top performers. The bottom performers were Livestock (-5.55%) and the S&P GSCI (-5.36%). October has traditionally been the most volatile month for markets, and this year was no different. As it starts to get colder, Natural Gas (+22.06%),…

Commodities: Global   Hamas’ Attack on Israel Popped Energy and precious metals as Middle East conflict came again to the fore.  Narrowing the lens to the commodities markets, the brutal incursion directly highlighted the security concerns surrounding the Mediterranean natural gas rigs jointly serviced by Israel and Egypt – threatening…

Ukraine:  Slog Continues   The Ukraine-Russia Conflict slogged forward with the Ukrainian military making little progress despite the infusion of US/EU equipment.  By necessity to avoid higher casualty rates, the attack tempo stayed slow – recall that Ukraine has one-third the population of Russia and its soldiers (and citizens) have…