Nat Gas Shockwaves, Silver’s Vertical Spike & Copper’s Quiet Strength - with Darrell Fletcher
Why 2026 could be another volatile, opportunity-rich year across energy, metals, and hard assets
In this wide-ranging conversation, Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, breaks down one of the most volatile commodity backdrops in decades. From natural gas price shocks driven by extreme weather, to silver’s parabolic momentum trade, and copper’s tightening supply picture, Darrell walks through what really matters beneath the headlines, and how investors should think about 2026.
Key Takeaways from the Interview
Natural Gas: Weather Shock Meets Structural Tightness
Key insight: Extreme cold triggered massive demand spikes and production freeze-offs, removing up to 15–20 Bcf/day from supply.
Notable data: Storage draws could approach 900 Bcf–1 Tcf over just a few weeks - levels not seen since 2018.
Investor takeaway: Ignore front-month chaos; focus on average pricing and forward curves, where the market still suggests higher long-term equilibrium prices.
Silver’s Vertical Move: Momentum, Not Math
Key insight: Silver’s surge from ~$50 to over $115 has been driven largely by momentum and positioning, not incremental fundamentals.
Notable observation: Liquidity constraints make silver far more vulnerable to sharp rallies - and sharp pullbacks - than gold.
Investor takeaway: Stay disciplined. Parabolic markets reward patience more than prediction.
Gold Above $5,000: A Different Precious Metals Regime
Key insight: Gold’s strength reflects structural demand for hard assets rather than speculative excess.
Market context: Dollar weakness, geopolitical risk, and asset rotation continue to underpin prices.
Investor takeaway: Think in terms of average prices over time, not spot volatility.
Copper’s Quiet Bull Case
Key insight: Unlike silver, copper’s advance has been steady and fundamentally driven.
Notable data: Copper, aluminum, and zinc are all forecast to run supply deficits in 2026, with the LMEX index already up ~8% YTD.
Investor takeaway: Copper remains a core long-term industrial metal tied to infrastructure and power demand.
2026 Macro Themes Investors Can’t Ignore
Supply-chain nationalism and de-globalization
Rising power demand and infrastructure rebuilds
Persistent geopolitical risk and tariff volatility
Weather-driven shocks becoming more frequent
Continued rotation into hard assets despite higher margins and volatility
▶️ Listen to the Full Interview here!
Stay Connected
If you found this discussion valuable, subscribe to The KE Report and leave us a review - it helps more investors find in-depth, no-nonsense market conversations like this one.
YouTube, Spotify, Apple Podcasts, and X