Research Notes · Theme
Commodities
Kresmion Research notes on commodities. Independent, source-attributed, information-only.
- July 23, 2026Gold's 30-Day Correlation With Bitcoin Reached 0.64. With Long Treasuries It Is 0.10.
- July 19, 2026Oil Rose About 15 Percent This Week as US-Iran Strikes Turned Deadly. Speculators Went Into the Surge Near Their Lightest Crude Bet of the Year.
- July 18, 2026Speculators Hold One of Their Biggest Natural Gas Bets in a Year. Since They Piled In, the Price Has Fallen Nearly 11 Percent.
- July 17, 2026Wheat Rose 11 Percent in Six Sessions on Black Sea Strikes. A Second Supply Signal Was Firing at the Same Time, an Ocean Away.
- July 9, 2026Oil Jumped More Than 4 Percent When the Iran Ceasefire Collapsed. Speculators Went In With One of Their Smallest Positions of the Year.
- July 7, 2026Speculators Built a Record Copper Long Into the US Tariff Decision. They Have Been Unwinding It for a Month.
- June 27, 2026Gold Stopped Trading Like a Safe Haven This Month. Its 30-Day Correlation to the S&P 500 Is Now Positive 0.78.
- June 24, 2026Speculators Are the Most Crowded Into Natural Gas in Over a Year. Storage Sits Nearly 6 Percent Above Normal.
- June 15, 2026Producer Inflation Hit 6.5% in May, the Hottest Since 2022. The Oil Spike Behind It Is Already Reversing.
- June 1, 2026Risk Appetite Rebounded in May. It Skipped Bitcoin.
- May 31, 2026Risk Comes Out of the System: Positioning Capitulates as the Oil Shock Fades