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Below are some of the most interesting things I came across this week.

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Bloomberg reports, “Geopolitical factors are helping push institutional investors close to their most bearish view on oil over the past 10 years as the global market stares down a glut, a survey by Goldman Sachs Group Inc.finds.”

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Those geopolitical factors may, however, may obscure a much less bearish reality for the oil market. “The oil futures curve you’re looking at represents one of the most profound mispricing events in commodity markets,” writes Tracy Shuchart.

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As The Daily Shot points out, there are signs of an important shift underway in markets. “On an equal-weighted basis, commodities are starting to improve versus equities.”

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Within the commodity space, oil looks relatively cheap. As Callum Thomas writes, “gold has already had a very strong run, and may well continue given the strong monetary tailwinds behind it and strong technical momentum. But this chart shows a sort of stretching of the rubber band as oil lags and gold leads.”

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Finally, within the equity market, it’s difficult to argue that the greatest value is anywhere but the energy sector. “Where are the hated stocks?” Robert Armstrong asks. Isn’t it obvious?

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