Commodities moved on several fronts. Oil futures roll drag went from +1.5pt to +6.2pt, 6.7 times its normal pace. The broad commodity ETF eased to +7.1% on the month (from +10.1%).
6.7× its usual move
Oil futures roll drag went from +1.5pt to +6.2pt, 6.7 times its normal pace. Wheat futures roll drag went from -0.6pt to -2.8pt.
3.2× its usual move
Crude (USO) eased to +17.5% on the month (from +21.7%), 3.2 times its normal pace.
2.7× its usual move
Oil realized vol moved from +38.3% to +47.6%, 2.7 times its normal pace. Crude moved from +20.2% to +11.3%.
2.5× its usual move
The broad commodity ETF eased to +7.1% on the month (from +10.1%).
1.8× its usual move
Copper moved from $6.5 to $6.7. Copper realized vol moved from +23.6% to +26.4%.
Descriptive research, not investment advice