Data-Driven Commodity Research, The Commodity Report

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Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down - as panic selling hit the complex.</li><li>The reason for the panic selling: president Trump.</li><li>In an announcement on Thursday evening, Trump hinted that there could be a near-term deal reached to lower beef prices. How exactly such a deal would look like isn’t clear, though.</li></ul>

Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down - as panic selling hit the complex.The reason for the panic selling: president Trump.In an announcement on Thursday evening, Trump hinted that there could be a near-term deal reached to lower beef prices. How exactly such a deal would look like isn’t clear, though.

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Global oil demand growth remains Asia-led. However, surging non-OPEC supply and swelling inventories threaten price stability, even as China’s stockpiling and resilient consumption cushion downside pressure.</li>
<li>EIA, OPEC, and IEA see diverging oil market paths, with non-OECD demand strong but excess supply, high inventories, and soft gas prices signalling a market leaning toward surplus.</li>
<li>While Asia powers demand growth, mounting supply from the U.S. and OPEC+, and elevated inventories weigh on prices, keeping crude markets stable yet tilted bearish into 2026.</li>
</ul>


Global oil demand growth remains Asia-led. However, surging non-OPEC supply and swelling inventories threaten price stability, even as China’s stockpiling and resilient consumption cushion downside pressure.
EIA, OPEC, and IEA see diverging oil market paths, with non-OECD demand strong but excess supply, high inventories, and soft gas prices signalling a market leaning toward surplus.
While Asia powers demand growth, mounting supply from the U.S. and OPEC+, and elevated inventories weigh on prices, keeping crude markets stable yet tilted bearish into 2026.


EIA, OPEC, and IEA Differ on Crude Oil Demand Outlook but Align on Asia-Led Demand Growth

<ul><li>After the remarkable bull market in frozen orange juice concentrate futures (OJ) between 2022 and 2024, the market topped out during the early days of 2025.</li><li>Since then, the market corrected 60% from its highs. But for the most part of 2025 the market is actually in a consolidation phase.</li><li>From a chart perspective, the market offers now an interesting setup</li></ul>

After the remarkable bull market in frozen orange juice concentrate futures (OJ) between 2022 and 2024, the market topped out during the early days of 2025.Since then, the market corrected 60% from its highs. But for the most part of 2025 the market is actually in a consolidation phase.From a chart perspective, the market offers now an interesting setup

Orange Juice Make-or-Break Time & The Copper Breakout

<ul><li>Meanwhile, the other commodity cohorts are now deeply “undervalued” when compared to the price of gold.</li><li>Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021, according to a graphic by Topdown Charts…</li><li>In the latest UBS CTA-flow analysis, the investment bank says that it “expects more agricultural buybacks in the coming weeks.” </li></ul>

Meanwhile, the other commodity cohorts are now deeply “undervalued” when compared to the price of gold.Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021, according to a graphic by Topdown Charts…In the latest UBS CTA-flow analysis, the investment bank says that it “expects more agricultural buybacks in the coming weeks.” 

Gold Reaches New All-Time Highs & UBS Expects More Agriculture Buying

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<h3>This Week's Key Take Aways</h3><ul><li>Volatility suggests markets are not concerned about…anything.</li><li>Crude has a down month.</li><li>Industrials have had a great 8 months, will it continue?</li><li>Renewable investment growth continues, everywhere but the US.</li><li>The market has pre-priced in cuts; will it subdue the economic impact?</li></ul>

This Week's Key Take AwaysVolatility suggests markets are not concerned about…anything.Crude has a down month.Industrials have had a great 8 months, will it continue?Renewable investment growth continues, everywhere but the US.The market has pre-priced in cuts; will it subdue the economic impact?

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

United States

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure supplied by existing under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.

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Natural Gas (NATURAL GAS COMDTY)

Did Trump Just Tank the Meat Markets?

Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down - as panic selling hit...

The Commodity Report

EIA, OPEC, and IEA Differ on Crude Oil Demand Outlook but Align on Asia-Led Demand Growth

Asia-led oil demand growth faces threats from surging non-OPEC supply and high inventories, keeping prices stable but bearish into 2026.

Mint Finance

Orange Juice Make-or-Break Time & The Copper Breakout

After the remarkable bull market in frozen orange juice concentrate futures (OJ) between 2022 and 2024, the market topped out during the early days...

The Commodity Report

Gold Reaches New All-Time Highs & UBS Expects More Agriculture Buying

Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021, according to a graphic by Topdown Charts…

The Commodity Report

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

This Week's Key Take Aways Volatility suggests markets are not concerned about…anything. Crude has a down month. Industrials have had a great 8...

Massif Capital Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Did Trump Just Tank the Meat Markets?

Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down - as panic selling hit...

The Commodity Report

EIA, OPEC, and IEA Differ on Crude Oil Demand Outlook but Align on Asia-Led Demand Growth

​Asia-led oil demand growth faces threats from surging non-OPEC supply and high inventories, keeping prices stable but bearish into 2026.

Mint Finance

Orange Juice Make-or-Break Time & The Copper Breakout

After the remarkable bull market in frozen orange juice concentrate futures (OJ) between 2022 and 2024, the market topped out during the early days...

The Commodity Report

Gold Reaches New All-Time Highs & UBS Expects More Agriculture Buying

Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021, according to a graphic by Topdown Charts…

The Commodity Report

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

This Week's Key Take Aways Volatility suggests markets are not concerned about…anything. Crude has a down month. Industrials have had a great 8...

Massif Capital Research

Asia-led oil demand growth faces threats from surging non-OPEC supply and high inventories, keeping prices stable but bearish into 2026.