In this episode of the KE Report, I sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to break down a historic start to 2026. Recorded on January 27th amidst extreme market swings, the discussion explores why typical fundamental drivers are being overshadowed by massive momentum shifts and unprecedented weather events.
Key Discussion Points
- The Natural Gas Short Squeeze: How a massive cold snap and production “freeze-offs” in the Permian and Haynesville basins collided with a contract rollover to send prices from $5.80 to over $7.30 in mere hours.
- Parabolic Moves in Precious Metals: A look at silver’s run to $117/oz and gold’s surge past $5,000, questioning whether these moves are driven by fundamentals or pure speculative momentum.
- The 2026 Macro Outlook: Why themes like supply chain regionalization, geopolitical tariffs, and the continued rotation into hard assets are creating a tailwind for commodities despite rising margins.
- Copper’s Sustainable Rise: Analyzing copper’s steady climb toward $6/lb as the market prepares for a significant supply deficit driven by global infrastructure and power grid overhauls.
- Currency Impacts: Assessing the role of the U.S. Dollar’s projected weakness in 2026 and how it serves as a persistent, if volatile, support for the broader commodity complex.
Click here to learn more about Bannockburn Capital Markets – https://www.bannockburnglobal.com/
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.