PXI - The 2008 High In Commodities Is In Play

• WTI crude closed last week at $114 a barrel, so the 2008 high is in play, contingent of course on how the Ukrainian crisis plays out.
• With sanctions on Russia, one of the largest commodity producers, about 25% of the global wheat supply is in danger, and given that the soybean harvest in Brazil is unlikely to be very good, substitution of one commodity for another is unlikely.
• “Energized” by a triple-digit oil price, energy stocks probably have further to run. After years of underinvestment in production and assault by the ESG crowd, the stocks are on fire, catalyzed by the Ukraine crisis.

For further details see: