Macro Point Of View

European diesel margins just hit an all-time record

European diesel margins just hit an all-time record: beating even the 2022 highs from the Russia–Ukraine war.

This week the data stopped telling one story and told three at once.

The global energy market is currently treating systemic supply-chain vulnerabilities as isolated incidents. In our latest deep-dive on Substack, I

The weather is voting for scarcity and the grain balance sheets are listening. This week I dig into a global

The June truce is already dead: tankers hit in Hormuz, the June memorandum declared finished, and Brent climbing toward $80.

This week scarcity showed up right where consumers feel it. US coffee stocks fell for a 14th straight week (−55.8%

Brent is still holding above $70/bbl, but I don’t think it lasts. This week I dig into the growing gap

Cocoa is back above $5,000 a tonne: and in this quick 5-minute brief I break down exactly why, and why

📊 #ChartOfTheDay: sugar just broke up with crude. For most of the spring, sugar No. 11 and Brent moved almost

This week, the weather wrote the price action. Cocoa punched back above $5,000/t on ICE as heavy West African rain