Disclaimer

INFORMATION ONLY

Nothing we publish is investment advice, regulated research, financial, accounting, legal or tax advice, or an offer of any financial product.

We have no fiduciary relationship with the reader and we do not know your financial situation, risk tolerance or objectives.

ABOUT THE NUMBERS

Prices quoted are official exchange settlements for the session named in each edition, obtained through our market data provider. They are not real-time quotes and must not be used to value positions.

Volume and open interest published at the end of a session are preliminary and are normally revised by the exchange the next day. Implied volatility and other derived measures are computed by us from settlement prices and are estimates, not market quotes.

Errors and omissions can occur. When we find a material error we correct it and flag the correction in the next edition.

ABOUT THE ANALYSIS

Scenarios, hypotheses and market readings reflect our interpretation on the date of publication and may change without notice. Past performance does not indicate future results.

When we cite a research house or consultancy, the information is paraphrased and attributed. The opinion is theirs, not ours.

TRADING RISK

Commodity futures and options are leveraged and carry substantial risk. Losses can exceed deposits. Consult a licensed professional before trading.

CONFLICTS OF INTEREST

If we ever hold a position, receive sponsorship or have any economic interest in a market we cover, that will be disclosed in the publication itself.