Research
Copper's $14,600 Record: Why a Tariff Squeeze Is Not a Demand Boom
Copper is making records, but the signal is policy-driven scarcity: metal is moving into US warehouses while global surplus risk remains unresolved.
Commodities
Research
Diesel's $102 Crack: Why America's Fuel Squeeze Is a Product Shortage, Not an Oil Shock
U.S. diesel stocks hit a record seasonal low as refiners run near capacity. The contrarian risk is a persistent product shortage, not simply a crude spike.
Shipping
The Freight Paradox: Tanker Owners Are Ordering the Highest Newbuild Count Since 1973 at the Top of an All-Time Rate Cycle
VLCC daily earnings hit $128,000 last week, war-risk insurance through Hormuz has surged to 10 percent of hull value, and Clarksons's H1 tanker earnings averaged the strongest ever recorded. Owners have responded by ordering 150-plus VLCCs, the highest annual tally since 1973. This is a late-cy