Energy Risk Commodity Rankings 2026: adapting to structural change

- By Stella Farrington
- 01 Apr 2026

Last year marked a period of structural change for energy and metals markets, with renewables generation overtaking coal-fired output globally and outpacing all fossil fuel generation in Europe for the first time on record. Meanwhile, demand for power continued to grow after years of stagnation on the back of electrification and increased data centre build.

The energy transition, demand for data centre build and some supply disruptions drove up prices of base metals, with copper posting its strongest annual gain since 2009 and aluminium rising by over 20% in 2025. Meanwhile, gold posted its strongest annual gain since 1979 due to increased geopolitical tension and a softening dollar.

Navigating structural changes is demanding at the best of times, but last year these new secular trends were accompanied by unprecedented levels of geopolitical risk, regulatory uncertainty and policy unpredictability. President Donald Trump’s trade tariffs, which initially ranged from 20% to as much as 145% on some Chinese goods, sparked huge volatility in base metals markets. Steel and aluminium imports to the US were slapped with a 25% tariff in March, which then doubled to 50% in June. The 50% tariff was extended to copper in the second half of the year.

For energy producers and consumers operating amid increased levels of risk and uncertainty, selecting counterparties with specialist market knowledge and unique analytical insights is essential. Some corporates are reconsidering their risk appetite and approach to hedging and are seeking new risk-management techniques and tools. As a result, for counterparties that are trusted partners, fully understanding clients’ objectives will be essential. Firms may be looking for counterparties that can help them assess their risk appetite, strategic goals and risk management strategy while always providing market access even when markets are illiquid.

This year’s Commodity Rankings tables show which brokers and dealers commodity market participants consider their best counterparties, having voted for them on criteria such as reliability, pricing, liquidity provision and speed of execution.

To see the Commodity Rankings tables in full, click on the link above.

How the poll was conducted

The Energy Risk Commodity Rankings survey was live between November 17, 2025 and January 30, 2026, and received valid responses from 1,597 individuals.

The survey asked respondents to vote for their top three dealers and brokers in markets in which they had been active over the previous year. The rankings poll is designed to reflect market participants’ perception of a dealer or broker based on the overall quality of service they offer their clients. It is not intended to reflect volumes traded in any market. Instead, respondents vote according to a range of criteria including reliability, pricing, liquidity provision and speed of execution.

To create the final list of rankings, Energy Risk aggregates the results, weighting them by awarding three points for a first place, two points for second place and one point for third. The points are then added up and the highest-placed firms in each category are listed in the Rankings tables. The Overall Rankings are calculated by adding up all the points accrued to each firm across the different sections (Oil, Gas, Power etc). Following closure of the poll, the results are subject to an internal review process, which can result in categories being dropped or aggregated if they do not have enough votes. The outcome of the review is final.