Product demand remains tepid at best and OPEC has downgraded its oil demand growth for 2019.
Natural gas, specifically, has been a trader's market, not a place for long-term investments.
The charts suggest we could see a good trading move for the precious metal.
This could either be a brilliant buying opportunity or a value trap. If a trade deal is not reached by the end of June, this selloff can get a lot worse.
Trump may say China broke the deal, but here is a deeper dive into what happened -- and what the outcome is likely to be for the markets.
Keep an eye on FX markets. If the yuan drops and dollar rises, commodities and cyclical growth stocks will get hit.
The risk of being 'long and wrong' is now elevated while the upside profit potential is likely minimal.
If the market and economic data continues this way, logically the next step would be for a rate increase, not decrease -- regardless of what Trump may be demanding.
At some point, the grain markets will probably need to catch up with the stock market's enthusiasm over a pending trade deal.
Something is amiss, as macro asset classes are pricing a slower-growth, risk-averse environment ahead.