The Global Natural Gas Crisis is coming to North America


A sudden and unexpected event is about to take place: the global natural gas crisis, now gripping large swaths of the world, is about to engulf North America as well.Asian and European natural gas..

"Full-blown Energy Crisis" Started Long Before Russia/Ukraine War


Tensions between Russia and Ukraine have thrown oil and gas prices into focus, but an energy crisis has been brewing for much longer than the war has been going on.In an interview with Investing News..

[Podcast] Financial Sense: Adam Rozencwajg on the Post-Invasion Outlook for Energy and Commodities


Massive price spikes are occurring in a number of critical commodities after Russia's invasion of Ukraine.In this Financial Sense Newshour Podcast (recorded March 8, 2022), Adam Rozencwajg shares an..

Ongoing Shortages for Global Natural Gas


The article below is an excerpt from our Q4 2021 commentary. Without US liquefied natural gas (LNG), Europe may well have frozen literally to death this winter. We believe what is happening with..

The Oil Crisis is Unfolding in Slow Motion


The article below is an excerpt from our Q4 2021 commentary. 

“The world has already passed ‘peak oil’ demand, according to Carbon Brief analysis of the latest energy outlook from oil major BP.” ..

[Webinar Replay] G&R's Outlook on Energy and Inflation


Managing Partners Leigh Goehring and Adam Rozencwajg recently hosted a video webinar that was viewed live by over 1,300 people.

Magazine Covers Revisited


We rarely republish old essays but given its importance we felt the need to do so in this case. In April 2019, BusinessWeek published a cover story asking “Is Inflation Dead” with a picture of a dead..

Natural Resources: Inflation, Capital Cycles and ESG Distortions


Inflation is now running at 40-year highs. Natural resource stocks were top performers in 2021 and their leadership has continued into 2022.Could the 40-year bull market in bonds be coming to an end?

Is Inflation Necessary for a Natural Resource Bull Market?


The US CPI grew at 7.1% in the fourth quarter of 2021 signaling the highest inflation in 40 years. Nearly three years ago, Bloomberg Businessweek proclaimed the “Death of Inflation” on its cover –..

Top Three Blog Posts of 2021


Over the past 18 months energy prices went from an all time record low (negative oil prices) to an all time record high ($40 per mmbtu European natural gas). The energy crisis we had predicted is now..

This quarter's

Natural Resource
Market Commentary