$120 Crude Spike May Spark 2008-Like Reversion - Crude oil price spikes have a tendency to be their own worst enemies, and the March 9 WTI high near $120 a barrel appears akin to prior peaks that approached $147 in 2008 and $130 in 2022. Emphasizing commodities' deflationary nature, WTI crude oil's price of $99 on March 13 was first reached in 2008. Crude's inability to sustain price appreciation is notable when compared to the stock market -- the S&P 500 total return is roughly 540% since the start of 2008. My graphic highlights what might be a top 2026 risk: a bit of reversion in US stock market-cap-to-GDP, near 2.3x vs. closer to 1.2x in 2007. Spiking crude and gasoline prices in 2008 added fuel to the Great Recession, and we I parallels in 2026. WTI crude's 2008 $32 low came in December after peaking in July near $147. Natural gas has already experienced a similar cycle in 1Q. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tbs6qdkijhau {BI COMD} #crudeoil #stockmarket @markets(Mike McGlone)