Commodity Views ..................................... 2
#1 Executive Summary .............................. 3
#2 Trade Recommendations...................... 4
#3 Commodity Indices............................... 9
#4 Global Macro....................................... 13
#5 Crude Oil ............................................. 17
#6 Transatantic Crude Arb ....................... 23
#7 Global Refining.................................... 24
#8 Refined Products ................................ 27
#9 US Natural Gas.................................... 33
#10 German Power.................................. 36
#11 UK Gas .............................................. 39
#12 Carbon Emissions ............................. 42
#13 US Carbon Trading............................ 45
#14 Precious Metals ................................ 47
#15 PGM.................................................. 50
#16 Industrial Metals ............................... 53
#17 Bulk Commodities............................. 63
#18 Agriculture ........................................ 69
#19 Uranium ............................................ 72
Commodities Chartbook ......................... 75
Price Forecasts ........................................ 82
Correlation Matrix .................................... 86