The OPEC+ plan to curb oil production complicates the global economic, inflation, and geopolitical outlook and will likely lead to higher prices for key commodities.

The state takes a long view on environmental policy, potentially benefiting California’s cap-and-trade program.

The countries’ weight in global trade is relatively small, but outsize exports of raw and semi-finished goods may portend price hikes across a variety of industries.

As the West cuts Russian energy supplies, U.S. shale oil and natural gas producers may regain global dominance.

Commodities appear attractive amid elevated inflation, lingering supply-demand imbalances and high roll yields

The recent surge in oil and natural gas prices highlights the interconnected nature of energy markets, as well as the complexities of transitioning away from fossil fuels.

As the oil surplus builds, we expect U.S. crude oil to linger at $30-$40 per barrel for the next several months.

Questions about environmental, social, and governance (ESG) issues are becoming central to commodity markets and capital allocation discussions.

Tensions in the Middle East and North Africa have once again brought geopolitical risks to the forefront of oil markets.

Attacks and outages could add to the longer-term geopolitical risk premium in oil prices.

Continued tight crude balances could be the bigger surprise to the market.

Demand concerns, trade tensions, and strong implied U.S. production are driving an oil sell-off, much like in fourth-quarter 2018, but the complicated backdrop may create investment opportunities.

The OPEC agreement seeks to limit the market imbalance and stem the recent price decline while not driving prices substantially higher.

While trade policy has dominated headlines, we believe investors should focus on the collapse of Western Canadian Select (WCS) oil prices relative to global benchmarks, which represents the biggest exogenous risk to the Canadian economy.

While we believe investors can expect a hawkish policy stance to keep supporting prices, the possible extension of waivers could drive the price trajectory.