Commodities Outlook 2026: Energy cools as metals heat up

Energy cools as metals heat up

ING's commodity market outlook for 2026

Bearish oil outlook, but upside risks abound

A number of clear supply risks are hanging over the market

LNG surge eases European gas market supply concerns

The European gas market is set to become better supplied amid increasing LNG export capacity

Falling allowance supply to tighten EU carbon market

The European allowance market is set to tighten next year on the back of falling supply

Copper upside building on tight supply

Supply disruptions are stacking up

Aluminium deficit will support prices in 2026

We see further upside for prices amid supply disruptions and tighter power availability

Nickel still capped by surplus

We expect prices to remain under pressure

Iron ore heads towards a softer year

Next year’s fundamentals point to a more bearish environment

Gold’s bull run to continue in 2026

We see gold prices hitting more record highs in 2026

Volatility remains set to drive silver

Silver’s strength this year has been underpinned by a combination of factors

Tighter times ahead for the soybean market

The soybean outlook is supportive but a lot depends on China

A tighter 2026/27 corn market suggests prices have bottomed

A tighter corn market in the coming year should support prices

Strong supply to keep wheat prices capped

The global wheat market is set to see record production in 2025/26

Sugar surplus to keep prices under pressure

The sugar market is set to move into a large surplus in 2025/26

Cocoa prices under pressure amid supply glut

The cocoa market is set for another surplus in 2025/26, putting further downward pressure on prices

Brazil crop recovery to push coffee prices lower

Brazilian coffee supply is set to recover strongly in 2026/27 which should see prices trade lower