Commodity Chart Deck #15

The past trading week was a green week for as good as all commodities. The main driver was the correction in the USD and more negative Realyield expectations. The biggest winner of last week was the energy sector. Oil is still in a backwardation and market participants seemed to understand that the Delta variant won’t suppress demand on a sustained level. Moreover, inventories were lower than expected, which drove Natgas to a price explosion upwards.

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