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This comes as no surprise, considering the current macroeconomic backdrop is fuelling a \u201cperfect storm\u201d Commodities positioning the entire sector as one of the most lucrative asset classes of this year, if not this decade.<\/p>\n
A long list of the world\u2019s most powerful Wall Street banks have described the current economic climate as \u201cThe Golden Age of Trading\u201d.<\/p>\n<\/div>\n<\/div>\n
And you only have to look at the headlines to see why!<\/p>\n
Energy prices across the board have been on a phenomenal run this quarter, breaking records and notching up fresh 2023 highs, almost on a daily basis.<\/p>\n
WTI Crude Oil<\/a> traded as high as $90.88 a barrel on Thursday, up 3% on the day. That\u2019s the highest intraday price since November 8, 2022 and whopping gain of 41% since mid-June.<\/p>\n Meanwhile, Brent Crude Oil<\/a> rocketed above $94.63 a barrel to hit a fresh 2023 record high. Over the last two months, the world\u2019s most traded Oil benchmark has tallied up a stunning gain of over 49% from its 2023 lows of $63.64 a barrel.<\/p>\n And the rally might not stop there!<\/p>\n Oil prices have been in a solid uptrend since Saudi Arabia announced plans to extend its 1 million barrel per day production cut until the end of the year \u2013 joined by Russia with its own 300,000 barrel per day output cut.<\/p>\n These cuts are in addition to the 1.66 million barrels per day output reduction other members of OPEC have put in place until the end of 2024.<\/p>\n Elsewhere, catastrophic floods in Libya have forced authorities to close four key Oil ports and shutdown local refineries. A move which as boosted expectations of global supply scarcity \u2013 adding further bullish tailwinds to the current energy price boom.<\/p>\n Libya, produces over 1 million barrels of Oil per day and sends around 85% of its exports to Europe. If all that supply in Libya was to remain off the market for an extended period of time \u2013 there\u2019s no doubting that could easily send Oil prices soaring well into triple-digit territory.<\/p>\n Overall, the flooding in Libya, combined with the supply cuts by Saudi Arabia and Russia \u2013 are whipping up an explosive money-making storm \u2013 sending Oil prices surging to their highest level in 11 months.<\/p>\n<\/div>\n<\/div>\n As a result, 30% of the world\u2019s highly essential Industrial Metals from Aluminium, Copper<\/a>, Cobalt, Nickel, Lithium, Palladium, Platinum, Uranium, Zinc and Rare Earth metals production has been forced offline \u2013 opening the door to a major squeeze in Commodity prices ahead.<\/p>\n Since the beginning of this year, a long list of Wall Street banks from Goldman Sachs, JPMorgan to Bank of America have described commodities as their \u201cpreferred asset class over the next decade\u201d. In recent days, that chorus has once again become louder with Wall Street\u2019s biggest institutions, advising clients to pile back into commodities now \u2013 ready for the next leg higher!<\/p>\n Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:<\/p>\n<\/div>\n<\/div>\nCommodity Price Forecast<\/h2>\n