The 2026 Commodity Surge Could Be Shifting to Purge The Bloomberg Energy Spot Subindex appears to have peaked near its 2005 high, and the top-performing sector -- precious metals -- faces central bank restraint. That year was significant because it marked the approximate apex of US crude oil consumption. US crude and liquid-fuels net exports have surged to about 5 million barrels a day in 2026, vs. net imports of around 13 MMBD roughly two decades ago. The 2026 energy price spike following President Donald Trump's decision to invade Iran could have delayed a typical low-price cure cycle and fueled a deeper nadir. The substantial shift away from the party in power in the midterms emphasized conviction for war resolution, lower energy prices and inflation. What's notable in my graphic showing the moribund performance of agriculture and industrial metals is the elevated risk of reversion in precious metals. Federal Reserve rate hikes are a top headwind. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/toc198kgifq1 {BI COMD} #commodity #gold #CrudeOil @BBGIntelligence