As expected, OPEC+ agreed to extend its oil supply cuts, delegates said, as the group continues its efforts to avert a global surplus and shore up prices.
The so-called “voluntary” cuts from key members including Saudi Arabia and Russia, which total roughly 2 million barrels a day and were set to expire at the end of June, will continue until the end of 2024, delegates said, asking not to be named because the talks were private. Source: Bloomberg
Speculators have built the largest Brent Oil short position since 2020
Source: Barchart, Bloomberg
The Orange Juice crisis is upon us 🚨 What will be the next fruit to get sent? Mango, Pineapple, Kiwi?
Source: Barchart, FT
Commodities, the silent bull market that almost nobody cares about...
Source: Ronnie Stoeferle, MUFG
The 5D commodity bull market according to Goldman Sachs
Source: Goldman Sachs Global Investment Research
As highlighted by Tavi Costa ->
Silver production in Peru continues to fall severely, now down 43% from peak levels. Together with China, Peru is projected to be the second-largest producer of silver globally. Limited new supply paired with structurally higher demand is the perfect recipe for major price surges in any commodity. Source: Tavi Costa, Crescat Capital, Bloomberg
Commodities today...
Source: Markets & Mayhem
The breadth in commodity price spikes is the highest in two years
Source: Bloomberg
