In a bit of a departure from my usual topics, commodities have been absolutely crushed this week. Gold, silver, crude, copper, coffee, etc almost all down across the board this week and some of them fell sharply today. Crude has been arguably over-valued, even with production shut down in Libya. Now, it looks like some demand is being eaten away at due to the high oil prices. Also, silver has tumbled badly this week but looking at its chart indicates this was probably bound to happen.
While we are in realm of commodities, my old friend natural gas storage is also worth a look at. We entered the winter at record high storage levels (again) and saw an unusually cold winter help draw down inventory. Now that it's May, we're back onto the usual storage upswing and activity in the field is very high. I fully expect storage levels to gain relative to the 5-year average and enter this coming winter at near-record levels once again.