Senior commodity strategist, Bloomberg Intelligence
6 dated public stances tracked since 2026-01-06, most recently 2026-10-15. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Mike McGlone's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Mike McGlone is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2026-01-06 | OIL | bearish | -100.0% | -52.3% | — |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| OIL | 2 | | 2 bearish | 2026-10-09 |
| ALUMINUM | 1 | | 1 bearish | 2026-03-30 |
| COPPER | 1 | | 1 bearish | 2026-10-15 |
| HEATING OIL | 1 | | 1 bearish | 2026-10-13 |
| NATURAL GAS | 1 | | 1 bearish | 2026-01-06 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-10-15
COPPER
bearish
Bloomberg TV (uncut) · uncut_tv
Copper's 50-day correlation with the S&P 500 is at a record high of 0.64, and since correlations go to 1 on the downside, metals are acutely exposed to any equity weakness while being the only major commodity sector at new highs
“the signals for things like metals are really poor”
Bloomberg TV uncut 2026-10-15 10:59 ET (30 min)
2026-10-13
HEATING OIL
bearish
Bloomberg TV (uncut) · uncut_tv
Heating oil (up ~129% YTD) has peaked near the $5/gallon level alongside corn and the 5-year yield; elevated prices will generate accelerated demand destruction and bring on additional supply, causing prices to fall from these levels
“I also like to overlay heating oil with corn. They both look like they peaked around five”
Bloomberg TV uncut 2026-10-13 11:00 ET (30 min)
2026-10-09
OIL
bearish
Bloomberg TV (uncut) · uncut_tv
WTI has never ended a calendar year above $100 in its history, US production cost averages $55/barrel making $90 a big premium, and midterm election politics create strong incentive to push prices lower
“In the history of WTI crude oil, it's never ended the year above 100, ever”
Bloomberg TV uncut 2026-10-09 12:06 ET (30 min)
Said again: 2026-10-13 (Bloomberg TV (uncut)), 2026-10-15 (Bloomberg TV (uncut))
2026-03-30
ALUMINUM
bearish
Bloomberg Open Interest · video
Less than 10% of world aluminum supply comes from the Middle East; the price spike from Iranian strikes will incentivize new supply and reduce demand, reverting back lower — was headed toward $2,500 before the conflict.
Markets Brace For Fallout | Open Interest 3/30/2026
2026-01-06
OIL
bearish
Bloomberg Open Interest · video
The US plus Canada alone runs an 8M bbl/day net crude surplus and Trump's policy agenda explicitly targets lower energy prices, structurally pressuring crude toward the lower end of range and potentially into the 40s
“Crude oil is in a bare market. It's stuck. It's heading towards the lower end of range, maybe into the 40s.”
90d -100.0% · 180d -52.3%
Open Interest 1/6/2026
Said again: 2026-03-30 (Bloomberg Open Interest)
2026-01-06
NATURAL GAS
bearish
Bloomberg Open Interest · video
US energy super-abundance and the administration's push for lower energy prices are adding to a nascent natural gas downtrend — already down ~10% — that markets are largely ignoring
“natural gas has dropped about 10%. No one's really talking about that, but it's just the trend in energy prices going lower”
Open Interest 1/6/2026
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