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How to read commodity reports without mixing the numbers
Learn to distinguish stocks from flows, observations from forecasts and a new release from a genuine change in the balance.
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Commodities Explained
Understand the materials behind the markets. Follow six learning stages from commodity basics to investment analysis and portfolio risk.
Start with What commodities are and why they matter, then follow the next lesson links. Explore 24 lessons with practical examples, exercises and further reading.
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Commodity Analysis · All lessons
Commodity Analysis
Read reports and curves, build scenarios and understand hedging.
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Futures curves, contango and backwardation
Read prices across delivery months and understand why a futures strategy can behave differently from a spot price.
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Build a commodity thesis with competing scenarios
Turn a broad commodity story into a clear question, competing scenarios and evidence that could change your view.
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Hedging and basis risk in a practical example
Work through a producer hedge and learn why differences between local cash prices and futures can change the result.
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