$5-5% Ceilings in Gas, Corn, T-Bonds vs. $100 Crude Primary futures contracts that roll to the front-month ahead of midterm elections are bumping into good resistance, with reason to fall if the party in power has its way. About $5 per million British thermal units in January natural gas and $5 per bushel for December corn have acted as ceilings, alongside about 5% in the US Treasury 30-year bond yield. My graphic highlights the significance of the $5-5% resistance in these commodities and T-bond yields. A key condition for a breakout higher may be WTI crude oil staying above $100 a barrel. December crude at about $79 on May 8 can signal where the trend is going. Closing the Strait of Hormuz for over two months may be about as bad as it gets. The forces of elasticity and President Donald Trump's preference for lower energy prices, inflation and interest rates might prevail. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tent5ckgifs1 {BI COMD} #crudeoil #naturalgas #bonds #corn @BBGIntelligence(Mike McGlone)