GOAL Kickstart Commodity correction - tracking performance and option pricing

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GOAL Kickstart Commodity correction - tracking performance and option pricing

Portfolio Strategy Research

29 June 2026 | 8:27PM BST

GOAL KICKSTART

Commodity correction - tracking performance and option pricing

Last week, risky assets consolidated with rising volatility in stronger Dollar. Similar to the 2022 energy shock, Christian

Mueller-Glissmann, CFAglobal Tech stocks. US core PCE was in line with commodities have been negatively correlated from the S&P +44(20)7774-1714 | christian.mueller-

glissmann@gs.com

expectations, Q1 US GDP growth was revised up and US 500 during the Middle East war but have recently shifted to Goldman Sachs International

trade deficit widened by more than expected - Euro Area more positive correlations (Exhibit 3). As a result, Elena Porfidia

+44(20)7051-5240 |

composite PMIs were slightly better-than-expected. This commodities have become less of a diversifier for the S&P elena.porfidia@gs.com

Goldman Sachs International

week, the focus turns to US payrolls, ISM manufacturing and 500, while suffering more from Dollar strength. Options

Andrea Ferrario

central bank commentary at the ECB Sintra forum, alongside markets point in the same direction - tail risk pricing has +44(20)7552-4353 |

andrea.ferrario@gs.com

flash inflation across Europe and June PMI/CPI data in Asia. shifted away from upside risk in energy towards downside Goldman Sachs International

risk in gold. For the first time since 2016, gold put/call skew Alessandro Giglio

Commodities have corrected sharply in June with +44(20)7051-6240 |

has turned positive, with investors paying more for alessandro.giglio@gs.com

geopolitical concerns easing - energy flows through the Goldman Sachs International

protection against further gold weakness (Exhibit 4). Brent