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Fiona Boal

Head of Commodities and Real Assets, S&P Dow Jones Indices

Fiona Boal is Head of Commodities and Real Assets at S&P Dow Jones Indices (S&P DJI). She is responsible for the product management of the commodities, real asset, and housing price indices, including the S&P GSCI, Dow Jones Commodity Index (DJCI), S&P CoreLogic Case-Shiller Home Price Indices, and S&P Real Assets Indices. These indices are leading measures of the commodities market, U.S. residential real estate prices, and composite real assets.
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Aug 3, 2020

Dollar Malaise Supports Commodities in July

The S&P GSCI rose 3.8% in July 2020, taking its YTD performance to down 33.9%. Weakness in the U.S. dollar against a range of currencies supported commodities. The broad U.S. dollar fell to a two-year low at the end of the month. Lower real rates, a weaker dollar, and widespread fiscal and monetary stimulus measures…

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Jul 10, 2020

A Cast of Crude Oil Indices

Over the past two decades, innovation in futures-based commodity indexing has allowed for the launch of commodity indices beyond broad market beta indices and into more sophisticated strategies with non-traditional roll mechanisms or contract selection. In that vein, S&P Dow Jones Indices (S&P DJI) offers a wide variety of oil indices that offer exposure at…

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Jul 8, 2020

Commodity Indices in Unprecedented Times

This blog reflects on the actions taken by S&P Dow Jones Indices (S&P DJI) to ensure that our commodity indices remain replicable and investable in light of the recent extraordinary market conditions experienced in the oil market. Perhaps no other investable asset has been as severely affected by the COVID-19 pandemic as oil—not equities, not…

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Jun 18, 2020

Crude Oil Can Get Carried Away by Contango

The long-term impact of the COVID-19 pandemic on commodities markets is not yet known. There have undoubtedly been short-term impacts on supply and demand, ranging from a collapse in oil demand to supply disruptions at individual mines as a result of COVID-19 infections among mine employees. The longer-term implications of these demand and supply shocks,…

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Apr 23, 2020

Liquid, Long/Short Alternative Strategies Performed Strongly in Q1 2020

With the stock market in the midst of a historic slump, many investors may be looking to alternatives to protect against a prolonged downturn. The S&P Strategic Futures Indices are designed to measure the performance of passively constructed, liquid, and transparent solutions by spreading risk evenly across global futures markets utilizing a long/short trend-following strategy…

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Apr 22, 2020

Indexing Managed Futures Strategies

Managed futures strategies generally tend to be trend following, which means that when an individual asset shows a clear price uptrend (or downtrend), the strategy will hold a long (or short) position in the asset. The strategies use a wide variety of quantitative models that utilize highly liquid, regulated, exchange-traded financial derivatives across equity, fixed…

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Apr 13, 2020

Golden Eye of the Storm

Much has been made of the relative performance of gold since the start of the global COVID-19 pandemic. The S&P GSCI Gold gained 10.2% YTD through April 7, 2020, highlighting its safe-haven status; however, it is worth reviewing this performance and considering what demand drivers may influence gold prices over the coming months. The generally…

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Apr 1, 2020

Commodities Marched Downward during Month of Volatility

It is difficult to accurately express the magnitude of the health, societal, and economic costs of the COVID-19 pandemic. Through the lens of the commodities markets, the economic impact has been swift and severe. The broad-based S&P GSCI ended March down an extraordinary 29.4%, the largest monthly drop in performance in the index’s nearly 29-year…

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Mar 9, 2020

Oil Prices Plunge in Response to the Collapse of the OPEC+ Alliance

The S&P GSCI Brent Crude Oil has fallen by more than 30% over the first six trading days of March. On Friday, March 6, 2020, Russia opted out of a Saudi-led proposal to extend and deepen crude production cuts that had been central to a nearly three-year OPEC+ agreement to manage global oil supplies. With…

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Mar 9, 2020

S&P Dow Jones Indices Launches First Single-Commodity Carbon Emission Allowances Index

The S&P GSCI Carbon Emission Allowances (EUA) EUR represents an expansion of the single-commodity series of indices based on the S&P GSCI and is the first index of its kind in the market. The S&P GSCI Carbon Emission Allowances (EUA) EUR is designed to provide investors with a reliable and publicly available investment performance benchmark…

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