An unprecedented wave of disruptions is facing energy and mining commodity markets. We have already seen environmental policy, socioeconomic changes and technological innovation kick off a major transition to low- or zero-carbon technologies. This comes at a time when structural changes have lead to slower demand growth for hydrocarbons and several base metals compared with the recent growth in supply. Many questions surround the prospects for recovery from the resultant supply glut. How imminent is peak oil demand? What role will gas play as a bridging fuel? Has coal demand peaked already? How will the energy transition transform demand for metals?