Mike McGlone: Bloomberg energy subindex may have peaked near 2005 high

Mike McGlone: Bloomberg energy subindex may have peaked near 2005 high
Commodity surge may shift in 2005 context

The Bloomberg Energy Spot Subindex appears to have peaked near its 2005 high, according to Mike McGlone.

McGlone added that the top-performing sector, precious metals, now faces central bank restraint. He described 2005 as a significant year since it marked the approximate apex of the previous commodity surge.

McGlone has recently highlighted major shifts in commodity and metals markets. He pointed out that U.S. natural gas futures surged 100% in the first quarter before dropping 20% through November 2026. In a separate note, he observed that gold's annual volatility rose to 2.1 times that of the S&P 500, marking its highest level since before the Great Financial Crisis. These data points show the breadth of fluctuations across key commodities.

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