Commodity
markets, connected.
Independent reports on physical markets, trade flows and the forces moving commodities across the world.
Oil, Freight and the Cost of Moving a Barrel
A practical look at why the same barrel can carry a very different value once freight, location and timing enter the trade.
Latest
View all reports →Why Copper Trades Beyond the Headline Price
Benchmark copper is only one layer of the market. Treatment charges, location, inventories and product form shape the physical picture.
The Weather Premium in Agricultural Markets
Weather risk reaches prices through expected yields, timing and regional substitution rather than through a single simple channel.
What a Netback Actually Tells You
Netback analysis turns a destination price into a comparable value at origin by working backwards through the costs of the trade.
Reports
Longer-form reporting and analysis across commodity markets, organised by date rather than by sector.
NETBACK follows the links between price, place, logistics and physical supply.
NETBACK is an independent publication focused on the developments shaping global commodity markets. Reports can move across energy, metals, agriculture, freight and macro themes whenever the market story crosses traditional sector boundaries.
The aim is simple: explain what changed, why it matters and how the pieces of the physical market fit together.
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