Why the Tanks Have Not (Yet) Run Dry
table of contents

Why The Tanks Have Not (Yet) Run Dry
Not the Bottom Yet for Gold
Agriculture: The Patience Before the Storm
What the Warm Winters Concealed
Peak Coal, Postponed Again
Copper: The Easy Money Has Been Made
The Hybrid Surprise

When
August 28, 2026
2026Q2
Who

Leigh R. Goehring & Adam A. Rozencwajg

Why have oil inventories remained surprisingly resilient despite significant disruptions to global energy flows?

In our Q2 2026 Natural Resource Market Commentary, Why the Tanks Have Not (Yet) Run Dry, we look beneath the headline data to explore what may really be happening across global oil markets—and what it could mean for investors.

The letter also shares our latest views on natural gas, uranium, precious metals, agriculture, coal, copper, and platinum-group metals.

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