Could the Tanks Run Dry?
table of contents

Could the Tanks Run Dry
UAE Leaves OPEC
First Quarter 2026 Market Commentary

When
May 21, 2026
2026Q1
Who

Leigh R. Goehring & Adam A. Rozencwajg

A historic energy shock may be unfolding.

The closure of the Strait of Hormuz has disrupted a major portion of global oil and LNG trade, exposing what we believe may be a far tighter commodity market than investors currently realize.

In Goehring & Rozencwajg’s latest quarterly commentary, we examine:

  • Why years of underinvestment may be setting the stage for a new commodity bull market
  • The growing risks facing global oil and natural gas supply
  • Inventory dynamics and structural market tightness
  • The long-term implications for inflation, energy security, and investors

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