Oil, natural gas, gold, silver, copper, uranium and farm commodities: prices, supply and demand, and what they mean for investors.
Commodities as an inflation hedge worked unevenly from 2021 to 2026: consumer prices rose 27.5%, gold gained 139%, copper 58% and oil 39%, but timing decided who was protected.
Agricultural commodities in 2026 turned higher after June: corn futures rose 33% from their low, soybeans 19% and wheat 25% as the USDA cut the corn crop and raised price forecasts.
US refiners and crack spreads in 2026 are at extremes: Gulf Coast diesel traded $102 a barrel above WTI in early September, refineries ran at 98% and Valero's margin nearly doubled.
Uranium investing in 2026 rests on a market where long-term contract prices ($95.50) sit above spot ($86.38), utilities are contracting for years ahead and Cameco shares rebounded 26%.
The silver price in 2026 sits near $64 an ounce after topping $100 early in the year, with a sixth straight supply deficit of 67 million ounces and a gold-silver ratio near 69.
Gasoline prices in summer 2026 average $4.08 a gallon, 94 cents above last year, because low inventories keep refining margins wide even after crude oil fell from its spring peak.
Copper prices in 2026 closed July at $6.44 a pound, up 5% for the month and a third above the record 2025 average, as grid, solar and wind demand met flat mine supply.
Gold price drivers in 2026 have shifted: record central bank and bar demand lifted gold to $5,318 in January, then ETF outflows and profit taking pulled it back to $4,152 by July 22.
Oil prices in mid-2026 swung from above $112 in April to $68.55 on July 6 and back to $78.14 on July 13 as supply recovered, inventories drew down and the EIA cut its forecast.
Natural gas prices in summer 2026 are holding near $3 per MMBtu because record production is refilling storage almost as fast as last year, even as power demand rises.