Maybe oil is not that irrational... As shown on the chart below, Oil (purple line) keeps following the Citigroup US Macro Surprises index (yellow line)
The weaker the data, the lower the prices. Sounds logical. Source: TME
BREAKING: Crude oil prices drop below $70/barrel for the first time since July 2023
Since the September 28th high, oil prices are now down ~27%. Meanwhile, the national average gas price is down for 10-straight weeks to $3.25/gallon. Even as OPEC+ agreed to additional supply cuts last week, oil markets are selling off. A welcomed development for global liquidity, for inflation and for the Fed. Source: The Kobeissi Letter
The bull market none is talking about. Uranium prices are surging as nuclear is seen as one of the only "clean" energy source to move away from fossil fuels
Source chart: (((The Daily Shot)))
Uranium narrative has been making headlines this year. Just in 2023, Uranium is up by nearly 60%
Prices are now back above the levels seen before the Fukushima incident in March 2011. Simultaneously, uranium prices also major tailwinds from a supply deficit in the coming years, especially in the U.S. By 2028 a shortfall of 60% is expected... Meanwhile, a long list of countries sees nuclear as one of the only "clean" viable option... Source: Game of Trades
Uranium surges above $80 for the first time in more than 15 years
Source: Barchart, Bloomberg
The biggest bull market post-COVID has not been in the Magnificent 7 or any other equity markets; it has been in these two commodities:
1) Orange Juice: 246% 2) Uranium: 568% Source: Macrobond, Sagar Singh Setia
Copper hits widest contango in AT LEAST 29 years
Source: Barchart, Bloomberg
Orange juice hit another all-time high this week
Source: Tradingview
