The Daily Market Update from the Trading Desk at Stipelis

From the Trading Desk at StipelisFor Tuesday, May 19, 2026Markets showed a clear divergence, with natural gas andagricultural products leading the upside while cocoa declined sharply. The move in natural gas reflected rising demand expectations tied to early heat forecasts. Grains also moved higher, suggesting growing concern around supplyconditions.Cocoa’s decline appeared driven by profit-taking after a strong run. Across broader markets, activity in fixed income pointed to continued uncertainty around interest rates. The session overall highlighted how quickly sentiment can shift, especially in commodities where short-term changes inweather or positioning can drive significant price movement.Follow the Trading Desk at Stipelis for ongoing marketcommentary.The opinionsexpressed are those of Stipelis Global Trading LLC and are considered marketcommentary. They are not intended to act as investment recommendations.Individuals should make investment decisions based on their own analysis andwith direct consultation with a financial advisor. Stipelis Global Trading LLC is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association. Member ID 0474441 THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING ISSUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.