Commodity Rally Set to Fade as Crude Oil Reverts: 2Q Outlook The Bloomberg Commodity Total Return Index's roughly 23% gain in 2026 through April 15 looks increasingly tough to sustain. I expect the energy spike to reinforce the usual commodity cure for high prices: demand destruction, wealth reversion and supply incentives, particularly from the US. The energy crisis and technology that's replacing fossil fuels may pressure crude oil to follow falling US natural gas akin to 2022-23. Matched 1Q crude peaks in WTI and Brent near $120 a barrel might be as enduring as $130 in 2022. Crude and US gas have cleansed shorts within extended range-bound markets. Grain-price bounces could add to ample supplies, absent a US drought. Juxtaposed are the record-setting metals, which showed up-too-much inklings in 1Q, led by gold and silver -- moves that proved prescient ahead of the Iran war. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tdl02hkgifwx {BI COMD} #crudeoil #naturalgas #gold #copper #corn #commodities @BBGIntelligence(Mike McGlone)