To any futures trader out there willing to share their knowledge, Why is CL and ES positively correlated? From my understanding, wouldn't higher crude prices lead to higher costs for business's and less money in the pockets of individuals, so ES should be negatively correlated? Or is it that oil companies represent a significant weight in ES? Also, why does it seem that CL leads ES? I simply don't understand this. ES is a leader in itself, shouldn't other products strength/weakness be derived from ES performance and not vice versa. And to any futures trader out there, what is your product of choice to trade. Trading ES is very tough, it's a leader so harder to read and there is simply way too much noise in this product.