Commodity seasonality
The repeating annual swings in supply and demand that are tied to the calendar.
How to read the number
The heating season, sowing, planned refinery maintenance and shipping windows produce expected changes in stocks, and the market prices them into distant contracts well in advance.
When the metric lies
Seasonality already sits in the futures curve. Money is made only when it turns out stronger than expected; the mere arrival of winter is not news to anyone.
Also known as: seasonal demand cycle