Re: Macro Commodity Chartpack, 5/25/23.

In honor of my GSCI roots and what I had to do every Sunday night as a junior trader at 22, I give you a quick visual tour of the major commodity groups to assess the current picture of macro health.

In honor of my Goldman Sachs Commodity Index (GSCI) trading roots and what I had to do every Sunday night as a junior trader at 22, I give you a quick visual tour of the major commodity groups to assess the current picture of macro health.

At the time (early 90’s), I had to arb 22-24 underlying commodities against all of our GSCI-linked products. Although index composition has changed and there are other important benchmarks to look at now, I’m going to mainly hew to the original index constituents.

Outside of a couple anomalous situations, most procyclical commodities are not reflecting a robust picture of global demand!

Energy:

WTI Crude Oil, NYMEX:

Brent Crude Oil, ICE:

Nat Gas (Henry Hub), NYMEX:

Nat Gas (TTF), ICE :

Gasoil, ICE:

Gasoline (RBOB), NYMEX:

Heating Oil, NYMEX:

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Grains:

Corn, CBOT:

Wheat, CBOT:

Soybeans, CBOT:

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Softs:

Sugar, ICE:

Cotton, ICE:

Coffee, ICE:

Cocoa, ICE:

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Meats:

Live Cattle, CME:

Live Hogs, CME:

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Precious Metals:

Gold, COMEX:

Silver, COMEX:

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Base Metals:

Copper, COMEX:

Aluminum, COMEX: