CTA · Core
Energy CTA
Crude, products, natgas, and sometimes power or emissions — a complex with storage, geopolitics, and some of the nastiest gaps in the futures world.
Definition
WTI, Brent, RBOB, ULSD/HO, HH natgas, and calendars/cracks. Trend works when geopolitics or inventory regimes persist. Natgas can move 10 ATR in a week. Margin and limit rules are first-class.
Why it matters
Energy can dominate a ‘diversified’ commodity risk budget if you do not cap it. Specialists accept that domination as the product.
Case
2020 negative WTI front: a front-month trend long was not a theoretical tail. Contract selection was survival.
How to read it
Front vs curve, natgas weight, and 2020 P&L. If they always sit the front, they own expiry theater.
No query has been run yet. Which is tragically normal for most knowledge systems, but we are trying to evolve past decorative databases.