5th June 2017

Highlights for May... What struck us most about May’s trading action was the fact that despite heightened volatility across a number of commodity complexes, the net price change was largely negligible. We saw this most clearly in the crude oil and gold markets and to a lesser extent in heating oil, natural gas and a few of the base metals, all of which ended the month with only modest changes. Indeed, the Reuters-Jefferies CRB index (plotted below) followed the same trajectory, spiking to a one-month high during the middle of May, only to roll back all its gains to finish roughly unchanged.