Commodity markets are in a period of upheaval. Wars, sanctions and political shifts have already rewired global trade, and a new wave of pressures is coming into focus. A liquefied natural gas glut is looming, China is rapidly expanding its biofuel production, the global copper market is facing a supply crunch, and US military actions in Venezuela have thrown a new wild card into the mix. With so many forces pulling in different directions, which trends are set to define commodity markets in the year ahead? On today’s show, Tom Rowands-Rees is joined by David Doherty, BloombergNEF’s head of natural resources research, and Enrique Gonzalez, head of US gas, to discuss findings from the note “Commodities in 2026: 10 Numbers to Watch From Power to Oil.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Commodities in 2026: 10 Numbers to Watch From Power to Oil - https://www.bnef.com/insights/38261

See omnystudio.com/listener for privacy information.

What the recent US action in Venezuela means for global oil markets is still an open question. While the prospect of additional oil is drawing interest, high production costs, infrastructure constraints and political risk complicate any near-term jump in Venezuela’s oil output. As markets weigh the scale and speed of a potential comeback, how much could Venezuela really move the needle in a global oil system already facing a glut of crude? On today’s show, Kamala Schelling talks with David Doherty, BNEF’s head of natural resources research, to discuss some of his team’s recent analyst reactions, including “Venezuela’s Oil Market Impact Hinges on Cost Per Barrel” and “Venezuela’s Oil Renaissance Faces Several High Hurdles.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Venezuela’s Oil Market Impact Hinges on Cost Per Barrel: React - https://www.bnef.com/analyst-reactions/t8giodkjh6v600

Venezuela’s Oil Renaissance Faces Several High Hurdles: React - https://www.bnef.com/analyst-reactions

Trump’s Venezuela Move Could Shift Crude Flows Back to US: React - https://www.bnef.com/analyst-reactions/t8dsuukk3ny800

US Action in Venezuela and the Commodity Markets - https://www.bnef.com/themes/t8fw2ut96osi00

See omnystudio.com/listener for privacy information.

The push toward a lower-carbon global economy ran into strong headwinds last year, and 2026 offers little sense of a clean reset. Political uncertainty, uneven policy support and slower progress in some markets continue to complicate the outlook for climate-focused investors and companies. Yet beneath the noise, the energy transition is still advancing, driven by economics, technology and long-term structural change. As global priorities and pathways diverge, what does progress really look like for the energy transition? On today’s show, BNEF’s Deputy CEO Albert Cheung reads his recent note, titled “Progress Despite Fragmentation: Energy Transition to 2030,” in which he explores how the global context has changed, and why the energy transition is set to continue growing through this decade.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Progress Despite Fragmentation: Energy Transition to 2030 - https://www.bnef.com/insights/38367

See omnystudio.com/listener for privacy information.