Global Commodities: Triple digit gas, again

Commodities markets are navigating significant volatility as European natural gas prices surge above 100 euros per megawatt hour, driven by critically low storage levels and geopolitical risk premiums. While Northwest European inventories sit at 70%—well below the 95% seasonal norm—potential re-escalation in the Middle East threatens to disrupt LNG flows through the Strait of Hormuz, adding an estimated $20 per barrel risk premium to energy complexes. In the metals sector, gold remains under pressure from a broader tech equity rout, while copper faces cautious uncertainty regarding 2027 U.S. stockpiling demands and Chinese buying appetites. Aluminum presents a more bearish outlook for 2027, as an anticipated "wall of supply" from Indonesia is expected to overwhelm the market unless prices drop toward the $2,200–$2,700 per metric ton range to disincentivize production. Otar Dgebuadze joins Greg Shearer to analyze these fundamental shifts and the impact of shifting weather patterns on European energy security.