Is TLT vs. USO a 10x?
From the 2018 low to 2020 high, TLT advanced about 10x vs. USO (total return).
From the 2008 low to this year's nadir so far, TLT/USO is up about 10x (was up roughly 130x to the 2020 high).
Staying above $100 a barrel in WTI crude oil breaks stuff. Reversion toward $50 could be normal. US natural gas (front future) completed a similar round trip in 1Q. The December WTI crude future ended April 17 at $72.72 and will be front-month prior to the midterms. What does President Trump want/need?
Elasticity is a top bull market in commodities -- 2026 a good test.
Full report on the Bloomberg terminal here: https://t.co/xb1Y99Jkat {BI COMD}
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