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
Leigh R. Goehring & Adam A. Rozencwajg
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.
To download and read the commentary, please fill out the form on this page.