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The Tuesday morning Tolstoy Timeline remains intact with headlines again screaming “War” while the US president's social media subscribers wait for notification of when he will again say “Peace”.
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US crude oil climbed above $84 overnight while diesel fuel (distillates) added as much as 9.25 cents.
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Grains were relatively quiet pre-dawn Tuesday as another storm system makes its way across the US Midwest.
Morning Summary: I reversed the order of my usual morning routine Tuesday, this time looking at the headlines before running the traps of the various sectors of the commodity complex. What I saw made me laugh, though it shouldn’t. One would think I’d be used to it by now. But there it was, under another comical picture, “U.S. and Iran trade reparation demands as Hormuz deal hopes fade”. A glance to the right-hand side of the page and I see, “U.S. oil tops $84 as Hormuz deal hopes dwindle and deadlock deepens” (nice alliteration by the editors, by the way) and “Treasury yields up as oil prices jump…”. The cherry on top of all this had to be, “Zelensky warns Russia is preparing for escalation as North Korea boosts support”. All that was missing was a mention of China and the whole gang would be together (the US president, Vlad the Invader, China’s Xi, North Korea’s Kim). After closing $3.95 (5.0%) higher Monday, the spot-month WTI contract (CLU26) added as much as $2.48 (3.0%) overnight, hitting a high of $84.61, and was sitting $1.86 higher at this writing. Gold (GCZ26) was up a mere $14 to start the day after gaining as much as $75.30 (1.7%).
