Jeff Currie Says Commodities Are Poised for Supercycle

The global economy is entering the early stages of a commodity supercycle driven by a decade of "CAPEX starvation" in physical assets. Jeff Currie, of ABEX Markets, argues that while capital has flooded the technology sector, the underinvestment in energy and mining since the 2014 shale bust has created a massive supply-demand imbalance. Despite current seasonal demand weakness, critical inventories for products like motor oil and sulfuric acid are already exhausted, leading to nonlinear price spikes in commodities like copper. A stark valuation gap exists between "hyperscaler" tech firms with 0% free cash flow yields and the "Munificent Seven" oil companies offering 15.5% yields. As global inventories for diesel and gasoline reach "tank bottoms" later this summer, the market faces a significant repricing of the forward curve, signaling a long-term rotation from digital growth stories into essential hard assets.