Today's Commodities Pulse
Western subsidies risk creating a surplus in critical minerals
Western governments are committing tens of billions of dollars to critical minerals to curb China’s dominance. The United States has earmarked over $20 bn and Australia $9.4 bn, prompting analysts to warn of potential oversupply in rare‑earths and other metals.
Also developing:
By the numbers: M Battery Materials acquires graphite assets for $20M
EnergyX Enters US Manufacturing Phase
EnergyX has launched one of North America’s largest roll‑to‑roll ion‑exchange membrane production lines at its Austin, Texas facility, delivering up to 500,000 square meters of membranes per year. The new plant enables in‑house manufacturing of the core component for its GET‑Lit lithium separation technology, cutting reliance on overseas suppliers and shortening lead times. By internalizing membrane production, EnergyX expands its reach into high‑growth clean‑energy markets such as desalination, carbon capture, and advanced industrial manufacturing. Deliveries of the first commercial membranes are slated for Q1 2026, with the broader market projected at $7.5 billion by 2035.
Driving Discussions: The Gasoline Glut - Markets Out of Balance
The episode analyzes the unexpected surge in global gasoline demand and price spreads in late 2025, attributing it to tight refinery capacity in Asia and the Middle East and seasonal factors. It examines how rising EV adoption, evolving blending mandates,...
Cattle Futures Mixed Ahead of On Feed Report
Live cattle prices slipped modestly on the CME, with April contracts down $0.27 to $242.52 and June contracts down $0.02 to $238.42. Feeder cattle also fell, March contracts losing $0.40 to settle at $370.57. The market is largely waiting for...
Global Growth Slows, Rates Sticky; Shorten Treasury Duration
Macro: global growth slows; rates remain sticky. Key factors: US CPI, China demand, energy. Risks: policy missteps, inflation shocks. Trade: shorten duration in US Treasuries. — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
Golden Pass LNG Activity Normalizes; Permian Lateral Cleared to Proceed
Golden Pass LNG’s gas nominations have settled back to average levels after a brief surge, now hovering around 1.5% of the terminal’s capacity. The project received approval to construct a 1.1‑mile, 42‑inch lateral linking the facility to the Permian Basin,...
Op-Ed: How Canada and Mexico Can Align a Critical Minerals Strategy
Canada and Mexico are drafting a joint action plan on critical minerals, infrastructure and supply chains, slated for release in the second half of 2026. The framework targets non‑geological bottlenecks such as permitting, transport corridors, power supply, processing capacity and...
The Energy Transition Has a Price
Ernest Scheyder’s book *The War Below* chronicles the hidden battle over lithium, copper and other critical minerals needed for the global energy transition. The author travels from Nevada to Bolivia, interviewing miners, activists, investors and Indigenous communities to illustrate the...
Metals Prices Regain Stability After Frenetic January Sell-Off
Metal prices rebounded in February after a volatile January sell‑off, with gold up 14.5% and silver up 18.9% month‑over‑month. All platinum‑group metals rose more than 10%, while lithium hydroxide surged 38.8% and tin climbed 23.6%. The sharp end‑January decline was...
Proof That Precious Metals Are Just Getting Started
The episode argues that the recent pullback in precious metals is a short‑term correction within a much larger, still‑early secular bull market. The host cites a new report showing that affluent American investors have only modestly participated so far, suggesting...
TC Energy Forecasts Natural Gas Demand Surge Equivalent to Entire European Market
TC Energy projects North American natural‑gas demand will rise by 45 Bcf/d by 2035, a volume comparable to the entire European market. The surge is attributed to accelerating LNG exports, expanding power‑generation capacity, and heightened reliability requirements for distribution utilities. Midwest...
Anglo Asian Expects Copper Output to Triple in 2026
Anglo Asian Mining announced it will aim to triple copper production in 2026, targeting 20,000‑25,000 tonnes after delivering 7,915 tonnes from its newly‑online Gilar and Demirli mines in 2025. The company expects an all‑in sustaining cost (AISC) of $6,800‑$7,800 per...
Geopolitical Tension Drives Gold Surge—Position Now
Gold is on the move🔥 As tensions in the Middle East rise and Iran escalates, markets are reacting and gold is back in focus When uncertainty rises, gold shines ✨ Big moves could be ahead. The question is… are you positioned? Trade Gold with...
Luxembourg Launches New Tender for C&I Solar
Luxembourg’s Ministry of the Economy has opened a €3 million tender to fund commercial and industrial solar projects between 30 kW and 200 kW. Applications are accepted until April 17 and are split into three lots covering rooftop, façade and car‑port installations. Projects that...
EQT Chief Calls for Reforms After Blowout Natural Gas Spot Prices During Winter Storm Fern
Winter Storm Fern caused U.S. natural‑gas spot prices to surge above $80 per MMBtu, marking one of the highest spikes on record. EQT Corp.’s MVP system operated at full capacity, but the event highlighted the strain on existing pipeline infrastructure....
Various Project Ramp-Ups Set to Boost Global Lithium Output in 2026
Global lithium production surged 19.7% in 2025 to 338,300 tonnes and is projected to climb another 15% in 2026, reaching 389,100 tonnes. The acceleration is driven by rapid ramp‑ups in Argentina, China, Australia, Mali and Zimbabwe, each adding new projects...
Gold & Silver Rebound After Latest Selloff, While Warsh's 'Treasury Accord' Looms...
Gold and silver prices bounced back after a recent sell‑off, with gold futures climbing $121 to $5,026 and silver futures up $4.50 to $78.04, while the Shanghai silver market remains closed for a holiday. The episode notes regional price differences,...
CleanChoice Energy Triples Capacity with Solar Acquisitions in North Carolina
CleanChoice Energy announced the acquisition of two utility‑scale solar projects in North Carolina—Sumac (103.92 MW) and Sweetleaf (118.3 MW)—adding 222.2 MW of capacity and tripling its portfolio. Construction is slated to start early 2027 with grid interconnection to the PJM market expected in...
Antimony Price Spike Puts Critical Mineral in Spotlight as Jim Atkinson Advances Antimony Resources’ Bald Hill Project
Antimony Resources Corp. is accelerating development of its Bald Hill project after a serendipitous discovery of the Marcus Zone, a new stibnite‑rich mineralized area. The metal’s price has rocketed from roughly $12,000 to $60,000 per metric ton, driven by defense...
Mining Stocks Dominate TSXV’s Top Performers List
Metals and mining dominated the TSX Venture Exchange’s 2025 top‑performer list, with 48 of the 51 entries coming from the sector. Junior miners posted an average share‑price gain of 443% and a combined market capitalisation of $19.9 billion. Record liquidity supported...
Press Release: Eaton Square’s Silicon Creates Partnership with Klear to Strengthen Critical Mineral Supply Chains
Australian‑founded Eaton Square announced that its Silicon subsidiary will integrate with U.S. capital‑intelligence firm Klear, creating a unified solution for sourcing, financing and managing critical minerals. The combined platform leverages AI to provide end‑to‑end operational and treasury visibility, offering verified...
South African Govt ‘Very Supportive, Great to Work with’, Glencore Highlights
Glencore reported 2025 earnings of $13.5 billion, driven by strong copper and zinc markets. CEO Gary Nagle praised the South African government as "very supportive" and "great to work with," extending beyond ferrochrome negotiations. The mining giant highlighted that the collaborative...
Ground View: How Industry Leaders Are Shaping Pakistan’s Mining Future
The Pakistan Mineral Investment Forum (PMIF) will gather industry leaders in Islamabad to spotlight the country’s world‑class copper, gold, and critical mineral deposits, most notably the revived Reko Diq project. While the geology is undisputed, the article argues that mining...
Egypt LNG Supply Shaped by Israel–Egypt Gas Interdependence
Egypt’s LNG export volumes are increasingly tied to domestic power demand and Israeli pipeline imports, according to Cedigaz analysis. Israel’s offshore gas surplus now flows to Egypt, stabilizing its electricity system but leaving LNG output dependent on residual gas. Fluctuations...
AD Ports Joins Cameroon’s Douala New Dry Bulk Terminal Concession
UAE‑based AD Ports Group has entered a 30‑year concession with Africa Ports Development to design, build and operate a new dry‑bulk terminal at Cameroon’s Port of Douala. The partnership gives AD Ports an effective 51% economic stake and commits roughly...
Russian Drilling Falls in 2H25 – What Does It Mean?
The episode examines the sharp decline in Russian oil and gas drilling in the second half of 2025, with total meters drilled falling 3.4% year‑over‑year and the share of horizontal wells dropping from 67.8% to 59.3%. It links the slowdown...
Energy Transition Underpins Dry Bulk Sector
Electric‑vehicle sales have surged nearly 700% this decade, driving a rapid rise in spodumene shipments from Australia to China and doubling bulk volumes since 2023. Panamax vessels now carry almost half of the 7 million tonnes of dry bulk moved last...
Glencore Doubles Down on Copper, Keeps M&A in Play
Glencore has secured a land‑access agreement with Gecamines that extends the Kamoto Copper Company’s mine life into the mid‑2040s and unlocks additional ore zones, enabling the asset to target 300,000 tonnes of copper annually. The deal is a cornerstone of...
DHT VLCC Clocks $90,000 a Day on One-Year Deal
DHT Holdings has secured a one‑year charter for its 2012‑built VLCC DHT Opal at $90,000 per day, starting this month. The rate underscores how tight the market has become for the world’s largest crude carriers, with Gulf‑China spot earnings now...
Long-Term Trade-Offs of Agrivoltaics on Pear Farming
A four‑year study in Victoria, Australia examined overhead solar panels in a blush‑pear orchard. The agrivoltaic systems cut sunburn and hail damage and boosted energy output, especially with a 5° west tilt that produced about 10% more electricity. However, shading...
U.S. Solar Power Hits Record 304 TWh, Ten‑Fold Growth
U.S. SOLAR GENERATION increased to a record 304 billion kilowatt-hours (kWh) or 304 terawatt-hours (TWh) in 2024. Solar generation had increased ten-fold over the previous ten years from 29 billion kWh in 2014. Data prepared by the U.S. Energy Information...
The New European Sovereignty Stack: Energy, Minerals, Compute
The episode examines Europe’s modern sovereignty as an industrial and supply‑chain challenge, focusing on semiconductors, rare‑earth minerals, and energy infrastructure. Guests highlight Europe’s heavy reliance on imports, a thin venture‑capital ecosystem, and the need for coordinated capital to close the...
Bumi Resources Minerals Says Palu Operations Unaffected by Site Closure
Bumi Resources Minerals (BRM) confirmed that the government‑ordered closure of a contested gold mine in its Palu concession will not disrupt its core operations because the site was never active. The enforcement action targeted an area where illegal miners had...
Gold Daily Call for February 18th, 2026
In this episode Florian Grummes reviews the gold market’s sideways action around the $100 per ounce level as Asian markets, especially China, celebrate the New Year. He highlights the volatility within the range, noting that while price swings are frequent,...
Gold Buying Prices in Zimbabwe per Gram/ Ounce, 18 February 2026
Fidelity Gold Refinery published its official gold buying rates for 18 February 2026. Prices are quoted in US dollars per gram and per troy ounce, ranging from $148.79/gram ($4,627.89/oz) for 90%+ purity to $141.70/gram ($4,407.37/oz) for 5‑10 g samples. The fire‑assay cash price...
Vietnam Tackles Gold Fever with Black Market Crackdown
Vietnam has introduced fines of up to $12,000 to deter illicit gold trading, marking a decisive shift after ending a 13‑year state monopoly on gold production and sales. The new penalties target black‑market dealers and unlicensed jewelers, aiming to bring...
Subsidized Renewables Force Nuclear Cycling, Raising Costs
More bad news for renewables Flooding a low-growth power system with subsidized wind & solar forces nuclear plants to cycle, not run steady. That raises wear, maintenance costs & financial stress, undermining the economics of existing reactors & making new nuclear harder...
Tariffs Inflate Prices and Act Like Hidden Corporate Tax
A) Many studies have examined whether tariffs have been passed through to consumer prices, and they've found significant retail price increases B) Tariff burdens absorbed by US companies are an inefficient corporate tax, paid by Americans via lower wages or share...
CVR Energy Inc (CVI) Q4 2025 Earnings Call Transcript
CVR Energy reported a Q4 2025 net loss of $10 million and EBITDA of $20 million, with full‑year EBITDA of $211 million. Ammonia plant utilization fell to 64% due to a Coffeyville turnaround and air‑separation unit issues, while UAN and ammonia prices rose...
Tariffs Fail: US Down to Five Aluminum Smelters
"U.S. import tariffs haven't been enough to stop the United States losing another aluminium smelter, leaving the country with just five primary metal production plants." 😲 https://t.co/T5U4nxglb0 https://t.co/EOQY3OwzE6
IEA Shifts Priorities to Security, Clean Energy, Affordability
IEA executive director Fatih Birol proposes focusing the agency's work in three areas during the next few years: 1) energy security -- "first and foremost" mission 2) new energy uptake (wind, solar, geothermal, nuclear) 3) afordability of energy "IEA 3.0" may well be...
Reliance Inc (RS) Q4 2025 Earnings Call Transcript
Reliance Steel & Aluminum reported record 6.4 million tons shipped in FY 2025, raising U.S. market share to about 17 percent. Volume growth was offset by a $114 million LIFO expense that pushed the non‑GAAP gross profit margin to 28.8 percent, just below the 29‑31 percent...
Gold Rallies 13% as Tech Stocks Stumble
While the Magnificent Seven tech stocks have SUFFERED in 2026, GOLD IS UP over 13%. It's time to turn away from SILLY VALLEY. BUY GOLD, WEAR DIAMONDS. https://t.co/PZTIJFhPOp
Sector Rotation Timing Yields Asset‑rich Returns
The Great Rotation: From Growth to Asset Rich Value My job is timing sector rotation & picking the best stocks long/short within it. That & sizing up macro event risk & market structure support. That's how I could time the...
The Good, Bad & Ugly
Funds aggressively rebuilt soybean exposure, buying back 94,316 contracts and pushing net‑long positions to 123,148 contracts—the highest since late 2025. Parallel buying lifted soybean oil to a net‑long of 33,093 contracts, the strongest level since August 2025, benefitting the broader...
Chevron Boosts Permian Output 67% with Fewer Rigs
"Chevron in 2019 ran 21 rigs and five frack crews in the Permian. This year it anticipates it will need only six rigs and two frack crews to produce about 67% more oil-and-gas in the region than seven years ago."...
Rig Counts Mislead; Production Trends Need Context
Rig counts are a weak, context-dependent signal of future production @chigrl Fewer rigs in Russia don’t mean much after a decade of fracking conventional fields. Apply the same logic to the US and you’d wrongly conclude sanctions killed output here. #OilMarkets...
China's Solar Industry Braces for Disruption
China’s photovoltaic manufacturing capacity has surged past 1,100 GW annually, roughly twice the world’s current demand of 580 GW. The glut has driven panel prices down and intensified competition among predominantly private firms. Overcapacity is now triggering a wave of bankruptcies and...
U.S. Oil Production Holds Steady Despite Falling Prices
U.S. OIL PRODUCTION has defied expectations for a rapid and significant slowdown in response to lower prices: https://t.co/fMfoyip69Z
Japan Commits $36B to U.S. Energy, Led by SoftBank
Japan plans to invest $36 billion in US oil, gas and critical mineral projects 🇯🇵 🤝 🇺🇸 The most significant piece is a 9.2GW gas-fired power plant in Ohio. The investment will be led by SoftBank https://t.co/5io8koo0jd
Majors' 'Cash Cow' Model Starts to Show Limits
Western oil majors continue to benefit from Brent prices above $60 per barrel, yet a deep‑seated surplus is dampening market optimism. Preliminary 2025 results show that the capital spending commitments made during the 2021‑22 post‑COVID recovery are already under strain,...