(Bloomberg) -- From silver and gold to natural gas and orange juice, commodities are on a tear — with a gauge of major raw materials showing a steady march upwards. Meanwhile, copper markets are in upheaval following a short squeeze in New York. And Middle East conflicts continue to disrupt the flows of liquefied natural gas while driving up shipping costs.

Here are five notable charts to consider in global commodity markets as the week gets underway.

Commodities Index

A key gauge for raw materials prices is testing levels not seen in more than a year. The Bloomberg Commodity Spot Index — which tracks 24 energy, metal and agricultural contracts — climbed last week to the highest reading since January 2023. Raw materials have been surging this year, driven by a mix of supply disruptions in certain markets, rising geopolitical tensions and a push to hedge against higher-for-longer inflation. Crude oil, one of the biggest components in the index, has largely benefited from strong demand and concerns about supply disruptions in the Middle East, while industrial and precious metals have drawn renewed interest from bullish investors while bearish bets unravel.

 

Copper

A massive dislocation between the prices for copper traded in New York and other commodity exchanges has been rocking the global market for the metal, prompting a frantic dash for supplies to ship to the US. The source of the disruption was a short squeeze that drove up prices on the Comex exchange to a record last week. The premium fetched by New York copper futures above the London Metal Exchange price at one point rose to more than $1,200 per ton compared with the typical differential of just a few dollars. While the market has since eased from such extreme levels, it is still showing signs of significant stress.

 

Orange Juice

The price of orange juice futures has soared to records, adding strain for consumers of the staple breakfast beverage. Citrus-crop woes in Brazil and the US are helping to fuel the relentless surge higher. Brazil is expected to see its worst orange harvest in 36 years, which will have a dramatic impact on global juice supplies — the South American nation accounts for about 70% of total exports of the beverage. In the US, Florida’s orange groves have also suffered from decades of damage from disease and weather, putting limits on supplies from the top US juice producer. 

 

LNG

It’s been four months since a liquefied natural gas tanker passed through the narrow strait separating the Arabian Peninsula and Africa, a testament to how violent attacks there have upended global energy trade. While dozens of such ships used to traverse the Bab al-Mandab Strait each month prior to the escalation of the Israel-Hamas war, attacks by Yemen’s Houthi rebels have reduced that to zero since mid-January. Vessels have been forced to reroute around Africa to transport fuel between the Atlantic and Pacific basins, leaving buyers with a limited pool of suppliers unless they’re willing to pay higher shipping costs.

 

Oil

With the Northern Hemisphere’s peak summer fuel demand season just around the corner, oil traders are acutely focused on refining margins and whether any improvement is looming. While both gasoline and diesel continue to trade at healthy premiums to crude, those have declined over recent weeks adding pressure to benchmark oil prices and weighing on physical crude markets. If margins don’t pick up as we enter summer, it could paint a further bearish picture for crude.

In Monday morning trading, West Texas Intermediate was lower. 

--With assistance from Doug Alexander, Anna Shiryaevskaya and Devika Krishna Kumar.

(Adds Monday oil trading in last paragraph)

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