The commodity complex experienced one of its most dramatic monthly divergences in years, with a record surge in energy prices lifting the Bloomberg Commodity Total Return Index 10.8% even as metals suffered a deep correction from elevated levels. The move was driven by an unprecedented disruption to oil, fuel and gas flows, but the impact did not stop there. Higher energy costs began spilling into agriculture and softs through biofuel, ethanol and input-cost channels, while financial markets swung from inflation and rate-hike fears to renewed expectations of Fed easing as hopes of de-escalation emerged. The month ... (full story)