For the HotCopper Wire’s “Hot Commodities” segment this week, Isaac McIntyre and Jonathon Davidson discussed the only commodity that anyone seems to be caring about right now, OIL, and whether black gold has finally become the latest in a long line of “meme trades” dominating discussions.
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Retail investors have been pouring into oil recently, leading analysts to point to GameStop and, more recently, gold and then silver hot on its tail.
On the Wire podcast, it’s much the same. “I’ve been watching it closely for my Market Open coverage daily, and I can tell you it’s swinging a lot,” McIntyre said, adding he was very happy to dub Brent the new meme trade.
Davidson had agreed completely, declaring that “oil has in fact become a meme trade, and it’s been a meme trade since the Middle East war got going.”
“I’d like to say I was early on this Isaac; in an article last week, I made the quip that looking at the Brent chart, you could get confused and think you were looking at a chart for silver from two months ago or thereabouts,” he added.
One example that McIntyre shared was the actual price points: This week, oil long hovered around ~$100/barrel, getting up to $103 and $104 for several days, before exploding to over $110 on Thursday amid the bloodbath. Today, at time of publishing, it’s back to fetching $107/Bbl. “Big swings” indeed.
“More people trading on their phone while sitting on the toilet at work than ever before, more people in the game, more money floating around generally, so it makes sense we’re seeing oil become a meme trade,” Davidson said.
The podcast co-hosts also agreed oil’s “meme trade” status has all but stifled where gold had been running in CY26. That one, they said, is a close watch.
If you want to hear more, listen to the full HotCopper Wire episode below.
You can also find the POD to listen to and download over on Spotify.
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