Bloomberg Index up 4%, Unleaded Gasoline down 9% in July

The Bloomberg Commodity Excess Return Index rose 4% in July 2022, while the energy index was up 11.5%, ags were down 2.7% and precious metals fell 2.2%. Year-to-date the numbers are not so sanguine with the overall index up 20% and energy still a huge up 57% year-to-date. 

 

Note that both ag and precious metals were down in July. With deep interest in oil and unleaded gasoline note that their prices are very close in lockstep with each other: The outlier is natural gas, a grim result of the Russian War on Ukraine. 

If nothing else, the so-called Great Inflation of 2022 is waning. With the biggest culprits oil and unleaded gas finally showing some break. Still war ravages natgas and pandemic is taking its toll as well.

Why the Bloomberg Commodity Index? Bloomberg is the industry standard for diversified commodity prices. Why the Excess Return Index? Excess return is pure futures price return with no additions for TBill interest. 

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