Tanger Med, a bridge that leans north
In 2025, Tanger Med handled 11.1 million containers, a continental record. But a bridge is judged by both its banks, and the southern one remains largely untapped.
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Commodities Review 2024
The defining themes of 2024 were energy efficiency and the depletion of resources, reshaping the outlook across metals, energy, and agricultural markets.
The key trends of 2024 were energy efficiency and resource depletion. Across the commodities complex, these two forces pulled markets in divergent directions, separating winners from laggards.
Copper and Uranium: Diverging Fates
In 2024, copper remained a metal prized for the energy transition. However, analysts are questioning the bullish forecasts, citing an overestimation of the efficiency of renewable energy. By contrast, uranium fundamentals strengthened thanks to the rise of nuclear power, notably small modular reactors (SMRs), which offer greater energy efficiency and security.
Oil and Shale: The Paradox of Depletion
Oil and shale gas production in the United States appears to have peaked at the end of 2023. Despite political support and high prices, geological depletion is taking over. Analysts' models anticipate a continued decline in shale productivity.
Natural Gas: From Abundance to Scarcity
Gas prices were volatile, influenced by the weather and by swings in storage. Inventories fell sharply at the end of 2024. Analysts foresee a transition toward a structural deficit, with gas production reaching a plateau.
Precious Metals: A New Bull Market
Gold and silver surged in 2024, with gold rising 35% and silver 25%. Central bank purchases and growing investor interest in physical metals mark a new bullish cycle, while gold mining equities remain undervalued.
Gold rose 35% and silver 25% in 2024, signaling a new bull cycle while mining equities stayed undervalued.
Coal: An Unexpected Turnaround
Coal stocks rebounded following a Chinese stimulus plan and possible policy shifts in the United States. A rise in gas prices could push utilities toward coal, reversing a decade-long trend.
Agriculture: Bearish Sentiment, Bullish Potential
Grain prices fell, but the long positions held by commercial players and climate-related risks suggest a possible reversal in 2025.
Efficient Network — MEA Strategy & Development Consulting.