About this episode

Tom Bodrovics discusses the outlook for energy, metals, and macro markets with Mike McGlone.

Tom welcomes back Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone for a discussion on the outlook for energy, metals, and the broader macro markets. Diesel prices at all-time highs, driven by geopolitical disruptions and refining bottlenecks, are likely unsustainable. McGlone pointed to natural gas as a leading indicator: the January futures contract, the apex of the curve, has declined this year despite a supply glut, signaling downward pressure ahead for diesel, gasoline, and crude oil. The U.S. has become a massive net energy exporter, with record production and growing surpluses from Canada, Brazil, and Guyana, which will eventually overwhelm temporary supply constraints. Mike expects energy prices to fall, potentially accelerated by political pressure ahead of midterm elections. Copper, trading near all-time highs, is a “sock puppet” to the stock market, highly correlated and overextended. Managed money positions are extremely long, and CME inventories are at record levels relative to global exchanges, suggesting a liquidation risk if equities correct. Gold, while at elevated levels, is flashing warning signals: its volatility and correlation with the…

People in this episode

Host: Tom Bodrovics

Guest: Mike McGlone

Topics covered

• energy markets
• commodities
• gold
• stocks
• bitcoin
• macroeconomics

Keywords

• energy prices
• gold volatility
• copper market
• diesel prices
• natural gas futures

Mentioned in this episode

Organizations: Bloomberg Intelligence

Products: gold, copper, natural gas, diesel, gasoline, crude oil

Places: U.S., Canada, Brazil, Guyana

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