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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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Jul 6, 2021

S&P GSCI Enjoys Strong First Half Performance

The S&P GSCI rose 31.4% in the first half of 2021, outperforming the S&P 500®, which rose 15.2%. The S&P GSCI has more than doubled since hitting an all-time low during the initial stages of the COVID-19 pandemic in April 2020. Several commodities have reached new all-time highs this year, as the global economy has…

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Jun 1, 2021

High Levels of Dispersion across the Commodities Complex in May

At the headline level, it was a rather subdued month for commodities. The S&P GSCI gained 2.5%, taking YTD performance to 26.0%. While the S&P GSCI’s upward momentum attenuated, high dispersion in the performance of single commodities continued, albeit with reversals among the leaders and laggards. Most of the grains sagged to the bottom of…

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Apr 13, 2021

Renewable Diesel Feedstock – Green Fuel and Affordable Food Part 2

As market participants increasingly incorporate ESG metrics into all aspects of investing, it is inevitable that commodities investing would collide with ESG. The search for low-carbon fuel feedstocks from renewable sources to meet the demand for green energy is one area where the commodity-ESG conundrum is already apparent. In part 1 of our blog, we…

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Apr 8, 2021

Renewable Diesel Feedstock – An Alternative Clean Energy Investment Part 1

Renewable diesel1 is one of the newer clean energy fuels on the market. It has become popular because it reduces emissions and has up to 85% less sulfur than ultra-low sulfur diesel. As clean air regulations and sustainability goals become more common, renewable diesel could continue growing in popularity. Renewable diesel can power conventional auto…

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Apr 1, 2021

A Quiet End to a Strong Quarter for Commodities

The S&P GSCI will commemorate its 30th anniversary in April 2021 following one of the better quarterly performances in its history. Despite giving up some of its recent gains in March, the S&P GSCI rose 13.5% in Q1 2021. A robust, if uneven, post-pandemic recovery in economic activity, ongoing supply dislocations, and the global push…

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Feb 1, 2021

Commodities Start the Year on the Front Foot

The headline S&P GSCI rose 4.9% in January, as the industrial portion of the global economy continued to bounce back from the first wave of the COVID-19 pandemic and lockdowns in 2020, and the prices of many agricultural commodities spiked higher on the back of record demand from Asia and the growing risk of grain…

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Dec 1, 2020

Industrial Commodities Benefit from Hopeful COVID-19 Vaccine News

November proved to be a good month for risk assets, including commodities. The headline S&P GSCI rose 12.0%, outperforming the S&P 500®, which gained 10.8%. Promising developments on the COVID-19 vaccine front and the U.S. election outcome rewarded risk assets such as energy and industrial metals, while safe-haven assets like gold lost some luster. The…

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Nov 2, 2020

Energy Drags Commodities Lower in October

The headline S&P GSCI fell 3.6% in October. Energy was responsible for the bulk of the declines in October, while agriculture continued to benefit from the return of demand from China, as well as weather-related supply issues. Across the energy complex, the rising number of COVID-19 infections, a second wave of lockdowns, and travel restrictions…

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Oct 1, 2020

A Second Wave Sinks Commodities in September

The headline S&P GSCI fell 3.6% in September on the back of growing concern regarding the prolonged economic impact of a second wave of the COVID-19 pandemic. Across sectors, both industrial metals and energy contracted, while the agriculture and livestock sectors benefited from cursory signs of the return of demand from China. The S&P GSCI…

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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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