What is Really Moving Commodity Markets in 2026?

From cmegroup.com Watch this video at https://www.metalsmine.com/news/1394526-what-is-really-moving-commodity-markets-in-2026.

Commodities are not a monolith – they can move independently of each other depending on intervening micro or macro factors, though sometimes they experience higher positive correlation and move in tandem. Utilizing the Bloomberg Commodity Index (BCOM) and its five commodity sectors as a proxy, we can see that commodities tend to be mean-reverting markets, prone to the ebbs and flows of supply and demand, and may cycle between expansion and contraction periods. Take the early 2000s, for example. The BCOM energy sector led the index, rallying over 860% from February 1999 to September 2005. This was driven by structural shifts like increased demand from China and India, alongside supply shocks from Iraq and Venezuela. A second energy sector rally followed from January 2007 to July 2008, pushing WTI crude oil over $147 per barrel due to continuing global demand, tight supplies, geopolitical issues and a weaker U.S. dollar.