At Any Rate Global Commodities: Oil, gas, and metals kick off a volatile year
Jan 16, 2026
Greg Shearer, Head of Base & Precious Metals Research at J.P. Morgan, and Otar Dgebuadze, Natural Gas Research analyst, delve into the tumultuous landscape of global commodities. They discuss the implications of Section 232 on metals markets, the factors driving Europe's soaring gas prices, and the unique volatility surrounding silver and gold. With weather patterns and geopolitical tensions in play, they explore why oil prices haven't surged despite market optimism. Get ready for sharp insights into the ever-changing commodity scene!
AI Snips
Chapters
Transcript
Episode notes
232 Ruling Is A Light Touch, Not Tariffs
- Section 232 found critical mineral imports threaten U.S. national security but stopped short of immediate tariffs.
- The administration prefers negotiations and lighter measures, keeping tariffs as a later option.
U.S. Tariff Risk Tightened London Metal Markets
- U.S. tariff risk drove physical metals from London into the U.S., tightening London markets.
- The lighter 232 outcome should allow more silver to flow back to London and ease that tightness.
Silver Rally Faces Structural Warning Signs
- About 125 million ounces of silver sit in U.S. inventories built since the election and some is already moving back to London.
- That unwind, plus weak ETF inflows, raises warning signs for silver's recent rally.