Commodities - Alhambra Investments

The Black Curve

The WTI futures curve is supposed to be in backwardation, though the word “supposed” is a loaded term. Backwardation is more of an ideal condition than one you might find most often in practice. There’s almost as much contango as backwardation in the futures market’s history. It’s not so easy to balance all the complexities that are spun through oil [...]

COT Black: German Factories, Oklahoma Tank Farms, And FRBNY

By Jeffrey P. Snider|2020-02-06T19:11:14-05:00February 6th, 2020|Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I wrote a few months ago that Germany’s factories have been the perfect example of the eurodollar squeeze. The disinflationary tendency that even central bankers can’t ignore once it shows up in the global economy as obvious headwinds. What made and still makes German industry noteworthy is the way it has unfolded and continues to unfold. The downtrend just won’t [...]

The Black Curve

COT Black: German Factories, Oklahoma Tank Farms, And FRBNY

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