Commodity markets have a way of making the consensus look most comfortable just as the underlying fundamentals begin to change.
Adam Rozencwajg recently joined Barron’s Live with Senior Managing Editor Lauren R. Rublin and Senior Writer Avi Salzman for a wide-ranging discussion on energy and natural resources.
The conversation begins with oil, where the apparent resilience of the market may be concealing a much tighter physical picture. Adam explains why disruptions in global refining capacity have complicated traditional measures of supply and demand—and why a normalization in refining could ultimately expose pressures that have so far remained largely hidden.
From there, the discussion moves across the commodity complex: slowing U.S. shale growth, the outlook for natural gas, the uranium supply deficit, the role of energy in powering AI, and why today’s enthusiasm surrounding copper may warrant considerably more caution.
The broader theme is one we have returned to repeatedly: commodities may still be in the early stages of a larger bull market, but the opportunities are unlikely to be evenly distributed. Fundamentals, depletion, capital cycles, and investor psychology continue to matter—and in several important markets, they are beginning to point in very different directions. (Podcast episode was recorded in September 2026).
Want to hear more from Adam and the Goehring & Rozencwajg team?
Registration is now open for our 2026 Investor Day, Strait Talk: Oil & Other Commodities, taking place November 2 in New York City and virtually.
We also invite you to download or revisit our entire Q2 2026 investor research letter, which is available below.
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