Table of contents
Executive summary 3
Introducing top trading recommendations for 2008 5
Price actions, volatilities, and forecasts 6
Bull in a bear’s disguise 7
Energy: It’s all about the back end 12
US Natural Gas: A dislocated market, creating both near- and long-term upside opportunities 18
Industrial Metals: In like a bear, out like a bull 25
Precious Metals: Up goes the dollar, down goes gold 28
Agriculture: Beans in the ‘teens? 30
Livestock: Rising feed prices will likely limit upside 35
Commodities in a nutshell (A brief summary of individual commodity views) 36
Global oil balance table 38
Global LNG balance table 40
US natural gas balance table 41
Global base metals balance table 42
Global and US agriculture balance tables 43
S&P GSCITM total returns by commodity and financial asset total returns 46
Disclosures