Commodity Compass Weekly

Commodity Compass - 8/28 - Grains Make Volatile Gains as Metals Cool

Kevin Warsh took the stage at Jackson Hole today — and left little doubt the Fed still believes it has work to do on inflation. Gold tumbled more than 3 percent on the da

Commodity Compass - 8/21 - Treasury's Intervention in the Bond Market Sends Gold Soaring

On Wednesday, with the 30-year yield sitting at a 19-year high, Treasury Secretary Scott Bessent announced the government would at least double the size of its long-term

Commodity Compass - 8/14 - Gold Finds its Rhythem in Markets Once Again

The market is still working off the summer doldrums — thin, low-conviction trading — and this week's data did little to break the spell. The big commodity story this week

Commodity Compass - 8/1 - Tin Remains a Standout in the Commodity Trade

The Federal Reserve held rates again this week — and it was the press conference, not the decision, that moved markets, driving long-term Treasury yields to their highest

Commodity Compass - 7/24 - Brent Crude Approaches $100, Gold Finds Relief

The escalation in the Middle East did not pause this week — it expanded. Iran and the United States continue to apply military pressure throughout the Gulf, and the Houth

Commodity Compass - 7/19 - Brent Crude Has Strong Week to the Upside, Cattle Markets Potentially Show Signs of Topping

Two macro forces defined the week. Iran and the United States escalated military pressure throughout the Gulf. The ceasefire that markets spent six weeks pricing in showe

Commodity Compass - 7/10 - The Unraveling Ceasefire Boosts Most Commodities this Week

This week delivered a stark reminder that the Hormuz saga is not over. Two days of direct US-Iran clashes mid-week threatened to unravel the ceasefire that markets have b

Commodity Compass - 7/2 - Oil Continues to Fall Ahead of US Holiday Weekend

It's a short week heading into the Fourth of July weekend and the markets treated it accordingly, with lower volume and decisive price moves driven more by a macro narrat

Commodity Compass - 6/26 - The Trump Administration Makes Another Investment into Nuclear Energy

The dominant force on the board this week didn't come from a commodity market at all — it came from the AI trade, and the doubt that suddenly crept into it. On Tuesday,

Commodity Compass - 6/19 - FOMC Swing Hawkish in the New Warsh ERa

Kevin Warsh held his first press conference as Chair of the Federal Reserve, and he used the debut to push back against the market's expectation of summer rate cuts. The

Commodity Compass - 6/12 - More Peace Deal Optimism Rebounds Metal Markets

This week brought the most substantive Iran deal developments since the conflict began. Axios, which hasbeen the primary source of White House leak intelligence throughou

Commodity Compass - 6/5 - Friday's Economic Data Punishes Investors and Commodities

Friday's May employment report landed above expectations across the board — stronger job creation, a tight unemployment rate, and wage growth that gives the Federal Reser

Commodity Compass - 5/29 - A Memorandum of Misunderstanding Defines Energy Markets

This week's defining event arrived not from the strait but from the negotiating table. Reports of a U.S.-Iran memorandum of understanding on a framework for talks set off

Commodity Compass - 5/22 - EIA Proclaims July as Oil's Red Zone

Three supertankers carrying an estimated six million barrels of crude transited the Strait of Hormuz this week — cargos bound for Japan and China, the first to move throu

Commodity Compass - 5/16 - The Move in Bond Yields Brought Volatility to Commodities

Last week on this show, we talked about the divergence — equities at all-time highs while commercial traffic through the Strait of Hormuz had gone to zero. We called it o

Commodity Compass - 5/9 - Equity Markets Brush Off Rising Commodity Supply Risks

The Hormuz crisis entered new territory this week. AIS vessel-tracking data from MarineTraffic confirmed what many had feared was approaching: commercial traffic through

Commodity Compass - 5/1 - Grains Head Higher on Fertilizer Squeeze; UAE Leave OPEC+

This week, one of the most significant institutional developments of the Hormuz crisis arrived not with a missile strike or a diplomatic announcement — but with a formal

Commodity Compass - 4/24 - Brent Heads Above $100 Once Again; Concerns in Wheat Country

The Strait of Hormuz stalemate is now entering its ninth week, and the numbers are becoming staggering. Thirteen million barrels per day remain shut in. Cumulative supply

Commodity Compass - 4/18 - The Week that Was Not

If last week was the ceasefire that wasn’t, this week was the reopening that wasn’t. The U.S. Navy opened the week by announcing a blockade of Iranian ports and mine-clea

Commodity Compass - 4/10 - Commodity Trades the Week in Two Acts

This week’s commodity story came in two acts. Act one: Wednesday, April 8th. President Trump announced a two-week ceasefire between the United States and Iran, with Tehr