On fundamentals alone, despite the big push to green energy, global oil and coal demand are at all time highs as developing countries continue to industrialise, increasing their energy demands, meanwhile ESG policies are limiting supply. So based on economics alone, I can only see long-term commodity prices continuing to trend up. Sure Covid-19 was a black-swan event, and back in 2008 the ESG policies were nowhere near as prevalent as they are today.
Madamswer explains this well in his post here. 3 years ago now, yet still holds true.
