It has been a busy start of the year for commodities markets. In oil, market attention has shifted from Venezuela to Iran and the risk of more than 3 mbd of supply disruptions. Meanwhile, European TTF gas prices are up by about 25% year-to-date already as colder weather has swept through Europe. Not to be outdone, metals markets remain extremely volatile too with this week’s Section 232 conclusion on critical minerals stopping short of any immediate tariffs, raising risk of a correction after silver’s recent scorching rally.

Speakers:

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base & Precious Metals Research

Otar Dgebuadze, Natural Gas Research

This podcast was recorded on January 16, 2026.

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Global Commodities: Oil, gas, and metals kick off a volatile year

At Any Rate

Global Commodities: Oil, gas, and metals kick off a volatile year