Reflation or Just vaccine optimism?

Crude Oil Z1-Z2 Spread trying to break out to the upside,A close in positive territory,backwardation would be the first step for Oil bulls

Bloomberg Spot Commodity Index ,only up 5.38% Ytd

Lets breakdown where commodity demand is or isnt?

Bcom sub index Industrial metals +10.3% YTD

Bcom Energy Sub index ugly -45% YTD

Bcom Softs sub index rallying a bit but still down 1% YTD but +6% over last month

Agriculture Sub Index +5% YTD

Lastly precious metals Sub index sideways to lower trend I would say,But YTD +23%, Over the last month -.2%

If the energy Index would rally a bit Maybe some Inflation worries what do the experts say ? Morgan Stanley believes “inflationary pressures cou;ld emerge earlier then their forecast”

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