Commodities are fracturing. Energy is surging on physical supply shocks, while metals are collapsing under the weight of macro fear. Oil is pricing war. Metals are pricing the Fed. • Brent Crude: ~$99.18 (+1.4%) • API Crude Draw: -4.9M barrels (massive physical tightness) • Gold: ~14,310 (-0.8%) • Corn: $4.55 (-7¢, harvest pressure) • DXY: ~$102.16 (10-month high) Here's the nuance most headlines will skip. The energy rally isn't just geopolitical risk premium. It's physical. The API reported a 4.9M barrel draw, confirming the supply shortage is real. Meanwhile, gold and copper are falling. Gold is getting crushed by a resurgent dollar and the Fed's hawkish hold. Copper is being dragged down by the global AI tech selloff. Three different markets, three completely different drivers. Watch the official EIA print at 4:30 PM BST. If it confirms the 4.9M draw, Brent tests $115. If oil is surging on a physical deficit while metals fall on macro fear, which market is mispriced?