---
title: 3Q 2018 Goehring & Rozencwajg Commentary
description: Leigh Goehring and Adam Rozencwajg discuss their differentiated view on oil supply/demand as well as general market commentary on commodities.
---

[![Goehringrozencwajg](https://info.gorozen.com/hubfs/Goehringrozencwajg%20November2017%20/image/Image.png "Goehringrozencwajg")](http://gorozen.com/)

![](https://info.gorozen.com/hubfs/Goehringrozencwajg%20November2017%20/image/Untitled-5.d85e8360.png)

# Into The “Red Zone” We Go

##### *Complete the form on this page to download our Q3 2018 commentary. *

![Commentary-TOC4](https://info.gorozen.com/hs-fs/hubfs/Commentaries/Commentary%20Graphics/Commentary-TOC4.png?width=264&name=Commentary-TOC4.png)

In 2006, OPEC, using flawed oil supply data from the IEA, made the decision to cut 1.2m barrels per day of production. One year later, during the events leading up to the Global Financial Crisis, this mistake manifested itself in oil prices that skyrocketed to over $140, with rippling effects throughout the global economy.

Recently, throughout 2018 our proprietary in-house models pointed to an oil supply scenario that had stealthily moved into a deficit. Energy analysts disagreed with us until oil prices moved 50% higher. Today we believe the events stemming back to 2016 are continuing to come full-circle, as the IEA recently declared that markets are “entering the red zone.”

**Find out what this means in our new commentary, which we trust you will enjoy.**

Read Goehring & Rozencwajg’s commentary to learn:

- How we conduct our in-house research and develop alternative views on energy supply/demand dynamics
- What similarities today’s market shares with 2006
- What will drive markets in gold, copper and uranium going forward

## *Please fill out the form on the right to download** a copy of our Q3 2018 market commentary.*

## *Download Your Copy*

Goehring & Rozencwajg Associates, LLC. The information provided on this website is intended to provide the investor with an introduction to Goehring & Rozencwajg Associates, LLC. Nothing on this website should be construed as a solicitation offer, or recommendation to buy or sell any security or as an offer to provide advisory services. Information on this website is intended only for United States citizens and residents. Nothing contained on this website constitutes investment, legal, tax, or other advice nor should be relied upon in making an investment or other decision. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment advisor or to invest in a fund.

This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments concentrated in natural resources involve a higher degree of risk than more diversified strategies. Past performance is no guarantee of future results.

Goehring & Rozencwajg Associates, LLC © 2026  
**[ADV Part 3 - Form CRS](https://info.gorozen.com/hubfs/Compliance%20Files/Goehring%20%26%20Rozencwajg%20Associates%20CRS%20Form%20ADV%20Part%203.pdf) **   |   **[Cookie Policy](https://info.gorozen.com/hubfs/Compliance%20Files/G%26R%20Cookie%20Policy.pdf)**     | **   [Privacy Policy](https://info.gorozen.com/hubfs/Compliance%20Files/G%26R%20Website%20Privacy%20Policy.pdf)**