The Commodities Economy with Fexingo: Oil, Gold, Wheat, and Raw Material Markets

The gap between Brent crude and West Texas Intermediate has blown out to over $4.50 a barrel as of July 11, 2026 — the widest in a year. Lucas and Luna break down why Brent is surging past WTI, examining the geopolitical premium from renewed U.S.-Iran hostilities, the structural divergence in global refining demand, and the surprising role of natural gas in reshaping crude flows. They also look at...

On this episode of The Commodities Economy, Lucas and Luna explore the bizarre divergence between wheat and natural gas. Wheat futures are up 5.5% in the last five days to over $6.39 per bushel, while natural gas has plunged 9.3% to under $3. Why is one soaring and the other cratering? We unpack the drivers: a heat wave scorching Europe's wheat belt, record Russian exports capping gas prices, and...

Crude oil is bouncing back—Brent gained 5% in five days—but cotton is the real story. Up 8.8% in the same window, cotton futures hit 80.49 cents. Lucas and Luna unpack why textile demand is defying the broader economic slowdown, how the collapse in natural gas is reshaping cotton's cost structure, and why this rally looks different from the 2022 spike. Plus: a producer in Gujarat explains why acre...

July 2026 is delivering a strange divergence in commodity markets: cotton is surging past 80 cents while natural gas is getting hammered. Lucas and Luna dig into the specific dynamics driving each—cotton benefiting from a combination of weather damage, speculator positioning, and strong demand from Asian mills, versus natural gas suffering from record production and mild summer demand. They explor...

On the 100th episode of The Commodities Economy, Lucas and Luna dig into the surprising divergence between Brent and WTI crude oil. With Brent futures at $77.65 and WTI at $73.26, the spread has widened to over $4 — the largest gap in months. They examine the forces behind the divergence: fresh U.S. strikes on Iran, a global supply squeeze on medium-sour crude, and the structural shift in export f...

Lucas and Luna break down the growing divergence between Brent and WTI crude oil in early July 2026. With Brent futures surging past $78 a barrel and WTI holding near $74, the spread has widened to over $4.50 — the largest gap in two years. The hosts examine the key drivers: escalating Iran Strait tensions, differing inventory dynamics in the US vs global markets, and the impact of the OPEC+ produ...

On this episode of The Commodities Economy, Lucas and Luna explore why cotton futures have surged past 80 cents a pound in July 2026, gaining over 10 percent in the last week alone. They connect the rally to tightening US supplies, strong export demand, and the broader macroeconomic backdrop of a cooling economy and shifting trade tensions. Meanwhile, crude oil is rebounding sharply after the Iran...

Cotton futures just hit 80.68 cents—up 10% in a week—while most other commodities are flat or falling. Lucas and Luna break down the perfect storm: dry weather in Texas, a surprise Chinese import surge, and the lingering effects of the 2025 USDA acreage report. They also explain why cotton's rally may have legs even as recession fears cool demand elsewhere. Plus: a quick look at how the surge is h...

Lucas and Luna unpack the surprising divergence in grain markets in July 2026. Wheat futures have jumped 3.5% in the past five days to $6.12 per bushel, while corn has stalled after a brief rally. The hosts dig into the specific drivers: a dry spell in the U.S. winter wheat belt, strong export demand from North Africa, and the lingering effects of last year's poor Australian harvest. They also exa...

Coffee futures have surged 11.6% in the past five days, breaking past 347 cents — a level not seen in years. In this episode, Lucas and Luna dissect what's driving the rally: a perfect storm of low certified stocks, dry weather in Brazil's arabica belt, and fund positioning ahead of the ICE certified stock report. They explain why this isn't a repeat of the 2025 frost panic or the 2024 logistics c...

Episode 94 of The Commodities Economy explores why soybeans are suddenly the star of the grain complex, gaining over 5% in a week while corn's rally fades. Lucas and Luna break down the USDA's acreage revision, the shift in Chinese demand from feed to food, and the weather premium fading for corn but building for beans. They also discuss what this rotation means for farmers planting decisions and...

Cotton futures have surged past 77 cents, gaining 7.7% in the last five trading days. Meanwhile, gold is at a record $4,187 but is actually lagging. Lucas and Luna explore why cotton is suddenly the hottest commodity of July 2026. They break down the supply crunch in Texas, surprising demand from China's textile sector, and the role of the weakening dollar. Plus, they discuss what this means for y...

Episode 92 of The Commodities Economy with Fexingo: Lucas and Luna break down why natural gas is surging 2% this week while crude stagnates. They examine the structural shift in U.S. LNG exports, the role of AI-driven data center demand, and how summer heat is boosting gas-fired power generation. Lucas points to the 3.24 dollar per MMBtu price and the 10-year breakeven inflation rate holding at 2....

In this episode of The Commodities Economy, Lucas and Luna break down the diverging paths of corn and wheat in early July 2026. With corn futures up 5.7% over five days to $4.25 per bushel while wheat lags at $5.905, the hosts explore what's driving the gap — from global supply disruptions to shifting demand for feed and biofuels. They examine how Ukrainian exports and Russian harvests are reshapi...

Gold has been grabbing headlines with a 4.1% weekly surge to $4,187 an ounce, but silver is quietly putting up even bigger numbers — up 8% in the same period to nearly $63 an ounce. In this episode, Lucas and Luna dig into the industrial demand story behind silver's outperformance. They discuss how silver's dual role as both a precious metal and an industrial input — especially in solar panel manu...

In this episode, Lucas and Luna explore the growing divergence between gold and crude oil as of early July 2026. Gold has surged 4.1% in five days to over $4,180, while crude futures have dropped nearly 3% despite ongoing geopolitical tensions in the Middle East. The key driver? Shifting expectations around the Federal Reserve's next move. With inflation still sticky but economic data softening, m...

Episode 88 of The Commodities Economy with Fexingo breaks down why crude oil is tumbling even as gold and silver rally in early July 2026. Lucas and Luna examine the divergent commodity markets, focusing on the 3% drop in WTI oil to $68.63 versus gold's surge above $4,190 and silver's 8.6% weekly gain. They explore the demand-side pressures on oil—weak global manufacturing data, a slowing Chinese...

While oil, gold, and grains dominate headlines, uranium has quietly rallied 18 percent since April, touching its highest price since the Fukushima disaster. Lucas and Luna break down the two forces driving the move: a concrete supply squeeze from Kazakhstan's production shortfall and a structural demand shift as reactor restarts in Japan and new builds in China and India accelerate. They also tie...

Gold sits above $4,000 but copper is the real story. Lucas and Luna break down why industrial metals are diverging from precious metals in mid-2026. With copper futures at $6.13 per pound and gold at $4,074, the hosts examine what the 'Dr. Copper' indicator says about global growth expectations. They discuss the role of China's stimulus, the energy transition buildout, and why copper's recent resi...

Episode 85 of The Commodities Economy. Copper has been one of the best-performing commodities in 2026, holding above $6 per pound even as oil and stocks slide. Lucas and Luna unpack why this red metal is diverging from the broader economic mood. They look at the specific forces behind the rally: constrained mine supply from Chile and Peru, rising demand from grid electrification and data-center co...

Cotton futures have rallied 8 percent in the last week to above 77 cents per pound, making it the top performer across major agricultural commodities. Meanwhile, corn is up nearly 6 percent but has stalled relative to cotton's momentum. Lucas and Luna dig into the specific drivers behind cotton's surge: a stronger-than-expected export sales report from the USDA, tightening global stockpiles, and s...

While crude oil slides on Iran truce hopes and gold holds above 4000, natural gas is tumbling even faster. In this episode, Lucas and Luna unpack the supply glut behind the 26 percent year-to-date decline in Henry Hub futures. They examine how mild weather, record production, and full storage are crushing prices despite summer demand — and why this matters for energy investors and the broader comm...

In this episode of The Commodities Economy, hosts Lucas and Luna break down the striking divergence between corn and wheat futures in late June 2026. With corn up 4.2% over the past week while wheat slips 1.3%, they explore the supply-demand dynamics driving the split: robust ethanol and export demand for corn versus ample global wheat stocks and easing Black Sea supply fears. Lucas explains how w...

Episode 81 of The Commodities Economy examines the surprising divergence between copper and oil markets as the Iran truce sends crude lower but industrial metals rally. With copper futures up nearly 4% over five days while WTI crude struggles above $70, we unpack what this split tells us about the real economy vs. geopolitical risk. Lucas and Luna discuss how the Supreme Court's ruling on Fed inde...

Episode 80 of The Commodities Economy digs into the stark divergence between oil and copper in late June 2026. While crude tumbled below $70 on a sudden U.S.-Iran ceasefire, copper jumped 4.6% in five days, defying the broader commodities sell-off. Lucas and Luna explore what's driving the red metal: Chinese stimulus, AI data-center demand, and the energy transition's steel-and-copper backbone. Th...