What’s HOT & What’s NOT
The US dollar is hot which is generally not great for commodities.
Today, the dollar index traded within spitting distance of 105 - a level we haven’t seen since March - as global growth concerns remain. Jitters were led by continued poor economic data out of China and Europe.
Crude oil is shaking off the economic jitters though as both Russia and Saudi Arabia have extended voluntary supply through the end of the year, catching the market by surprise.
Brent futures - a global benchmark, used to price more than 75% of the world’s traded oil - surged to their highest level since mid-November in response. The Nov contract has been up $6 collectively over the past five days.
WTI’s run is even more impressive, up for its eighth day in a row gaining $7.50 during that time.
Meanwhile soybean oil continues to lead the soy complex - trading like an energy.
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