Thanks to shale drilling, the US is brimming with cheap gas and has turned itself into one of the world’s fastest-growing oil producers. Most analysts now expect it to be all but energy independent within 15 years, shattering mainstream assumptions from as recently as five years ago. The implications for global energy markets and geopolitics are profound. 

Once purchased as a way to diversify out of equities, commodities appear to have become an extension of other risk assets. However, this state of affairs may not be permanent.

The metals brokerage market is consolidating as regulatory costs rise, but the growth of Asian demand means this is still a valuable business for those with the right scale and organisation.

Airline companies used to be one of the only markets that hedged their exposure to oil. But with the steep rise in crude prices over the past five years, many more firms are following suit, and now sovereigns in emerging markets are doing the same.

Brazil produces 20% of the world’s ethanol, much of which goes towards fuelling the country’s cars. However, in recent years a combination of poor harvests, gasoline subsidies and the global financial crisis have seen investment in the industry grind to a halt. Will it be revived by the elimination of trade taxes on sugar cane ethanol in the US?

The US's Commodity Futures Trading Commission's new rules were passed by a slim majority of three to two and met with much chagrin as those opposing the changes threatened legal action. But with its position limit levels set wide, how will the reforms actually affect investment banks?

The UK is reported to be sitting on enough shale gas to cover its gas consumption for more than 60 years. But unlike the US, concerns surrounding mineral rights, a greater population density and its impact on the environment means pushing ahead with exploration is easier said than done.

As the eurozone crisis rages on, the commodities markets, long reliant on European banks for financing, have been thrown into a state of instability that is having major repercussions across the industry.

With global food prices hitting a record high in 2011, debate about the role of speculators in causing these spikes continues to rage. Is the 'financialisation' of commodities markets here to stay?