Commodities
18 lessons in this track so far, in the order we suggest reading them.
Commodity Fundamentals
IntermediateCommodity Market FundamentalsCommodity prices are driven by physical supply and demand, inventories, the dollar and weather. Learn the main sectors, key drivers, participants and data.IntermediateSeasonality in CommoditiesMany commodities follow seasonal patterns tied to weather, harvests and demand. Learn key patterns in grains, energy and softs, how to measure them and their limits.IntermediateStorage and InventoriesInventories are the buffer between commodity supply and demand. Learn the theory of storage, how stocks affect prices and curves, and the key inventory reports.
Energy
IntermediateEnergy MarketsEnergy markets cover crude oil, natural gas, refined products and power. Learn the benchmarks, how they connect, what drives prices and how energy is traded.IntermediateCrude OilCrude oil is the world's most traded commodity. Learn WTI vs Brent, the futures contracts, OPEC+, shale, inventory reports and how traders approach oil.IntermediateNatural GasNatural gas prices are driven by weather, storage, production and LNG exports. Learn Henry Hub futures, the storage report, seasonality and why gas is so volatile.IntermediateGasoline and Heating OilRBOB gasoline and ULSD heating oil futures track refined fuel prices. Learn the contracts, what drives them, seasonal patterns, crack spreads and who trades them.
Metals
IntermediateMetals MarketsMetals markets include precious metals like gold and silver and industrial metals like copper and aluminium. Learn the exchanges, drivers and how metals are traded.IntermediateGoldGold is a safe haven and inflation hedge driven by real rates, the dollar and central banks. Learn gold futures, ETFs, key drivers and how traders approach gold.IntermediateSilverSilver is both a precious and an industrial metal, which makes it more volatile than gold. Learn silver futures, the gold silver ratio and famous squeezes.IntermediateCopperCopper prices track global industry, China and the energy transition. Learn copper futures on COMEX and LME, supply and demand, inventories and key drivers.IntermediatePlatinum and PalladiumPlatinum and palladium are rare metals used mainly in car catalytic converters. Learn their concentrated supply, demand drivers, futures and big price swings.
Agriculture
IntermediateAgricultural MarketsAgricultural markets cover grains, oilseeds, softs and livestock. Learn the main contracts, the USDA reports that move them, weather, seasonality and trade policy.IntermediateCornCorn is the largest US crop, used for feed, ethanol and exports. Learn corn futures, the crop calendar, USDA reports, key demand sources and what moves prices.IntermediateWheatWheat is a global staple with several classes and many exporting countries. Learn Chicago and Kansas City wheat futures, the Black Sea's role and price drivers.IntermediateSoybeansSoybeans are crushed into meal for feed and oil for food and biofuels. Learn soybean futures, Brazil vs US supply, China's demand, the crush and key price drivers.IntermediateCoffeeCoffee futures track arabica and robusta beans grown mainly in Brazil and Vietnam. Learn the contracts, frost and drought risk, currency effects and price drivers.IntermediateSugarSugar prices depend on Brazil's cane crop, India's policy, ethanol economics and weather. Learn sugar futures, the ethanol link, key producers and what moves prices.