10 Best Commodity Stocks to Buy in 2026

In this piece, we discuss the 10 Best Commodity Stocks to Buy in 2026.

With geopolitical conflict, inflation pressures, and growing policy uncertainty reshaping global supply dynamics, commodity markets are navigating an unusually volatile backdrop in 2026.

The Iran war, which started when the U.S. and Israel struck Iran in late February, has caused serious damage to global energy supply chains. The Strait of Hormuz closure pulled Middle East crude exports down from roughly 18.3 million barrels per day before the conflict to less than 8.8 million bpd since March, according to Kpler data.

A Reuters poll of 33 economists and analysts published May 29, 2026, now projects average Brent crude at $90.44 per barrel for the full year, compared with $63.85 estimated the day before the strikes. WTI is forecast at $84.63, up from $60.38 in those same February estimates. Both benchmarks have already reached four-year highs.

Meanwhile, analysts expect a global supply deficit ranging from 500,000 to 8 million barrels per day in 2026, with energy flows through Hormuz not expected to recover to pre-crisis levels even if a ceasefire holds through the year.

On the other hand, gold has had a more uneven run.

Spot prices were at $4,519.64 per ounce on May 29, 2026, but still finished the month down more than 2%. U.S. inflation rose at its fastest pace in three years in April, driven by energy costs tied to the Iran conflict, giving the Federal Reserve little reason to cut rates.

At the same time, copper is waiting on a policy decision. A U.S. ruling on refined copper import tariffs is due by the end of June, with first-quarter 2026 inbound shipments already more than doubling year-over-year to 533,000 tons.

With that context in mind, let’s jump to our list of the best commodity stocks to buy in 2026.

Our Methodology

To curate our list for this article, we relied on financial media and stock screeners to identify commodity stocks across agriculture, energy, and metals. Next, we assessed hedge fund sentiment surrounding these stocks using Insider Monkey’s hedge fund database, which tracks over 1,000 elite hedge fund managers and their portfolios as of Q1 2026.

Finally, we ranked the list in ascending order by upside potential after narrowing it to stocks with more than 20% expected upside.

Note: All data sourced on May 31, 2026.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

10. Darling Ingredients Inc. (NYSE:DAR)

Number of Hedge Fund Holders: 61

On the back of strong hedge fund and analyst support, Darling Ingredients Inc. (NYSE:DAR) features on our list of the best commodity stocks to buy in 2026. The stock carries an upside of 26.9%.

Following its investor day, the stock drew renewed analyst attention, with its investment case now shifting toward margin improvement and debt paydown, while the investor day provided greater visibility into how management aims to achieve those goals.

Two analyst updates landed on May 12, 2026, telling a consistent story.

BofA analyst Conor Fitzpatrick raised the firm’s price target to $85 from $80 and kept a “Buy” rating, calling the company’s investor day a “multifaceted update on capital allocation and the balance sheet.” Fitzpatrick said details on the path to structurally higher margins via high-grading output “look solid and the gains are material.”

TD Cowen echoed that constructive view, reiterating a “Buy” rating and a $76 price target on the same day.

The firm cited strong margin conditions across Darling’s business segments and flagged margin expansion, rather than volume growth, as the bigger near-term opportunity. TD Cowen identified $150 million to $300 million in potential upside from Feed margin expansion and an estimated $80 million from the Food segment, not yet reflected in current estimates.

On the balance sheet, TD Cowen expects Darling’s cash generation to bring debt below its target levels by early 2027, in line with the firm’s forecasts. The analyst noted that Darling has not disclosed capital allocation priorities once that debt target is reached, though the firm views large-scale mergers and acquisitions as unlikely.

Darling Ingredients Inc. (NYSE:DAR) develops and produces natural ingredients from edible and inedible bio-nutrients. The company’s operations are divided into the following segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients.

9. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 60

On the back of strong hedge fund and analyst support, Albemarle Corporation (NYSE:ALB) features on our list of the best commodity stocks to buy in 2026. The stock carries an upside of 27.5%.

Amid improving lithium prices and a favorable long-term growth outlook, Albemarle Corporation (NYSE:ALB) is drawing increasing attention from Wall Street.

On May 26, 2026, RBC Capital raised its price target on Albemarle Corporation (NYSE:ALB) to $257 from $253 and kept an “Outperform” rating. The firm sees volume growing at a mid-single digit CAGR over the next several years, driven by brownfield expansion at CGP3/Wodgina, productivity gains at Atacama, and longer-term opportunities at Kings Mountain and Antofalla. RBC also views last month’s 9% pullback in share prices, tied to oil and broader market factors, as a buying opportunity.

Two earlier analyst updates added to the constructive tone.

On May 15, 2026, Scotiabank’s Ben Isaacson raised the firm’s price target to $215 from $200, keeping an “Outperform” rating, though he had a mixed view, flagging that Albemarle is pricing in line with Lithium Americas, a developer with no meaningful production expected until 2028. On May 12, 2026, Deutsche Bank’s David Begleiter lifted the firm’s target to $250 from $210 and kept a “Buy” rating, saying higher lithium prices suggest Albemarle Corporation (NYSE:ALB) should reach the upper end of its outlook.

That outlook spans three lithium price scenarios for 2026.

At around $10/kg lithium carbonate equivalent (LCE), Albemarle Corporation (NYSE:ALB) projects revenue of $4.1 billion to $4.3 billion and adjusted EBITDA of $0.9 billion to $1.0 billion. At $20/kg LCE, the Q1 2026 average, those figures rise to $5.7-$6.0 billion in revenue and $2.4-$2.6 billion in adjusted EBITDA. At $30/kg LCE, revenue could reach $7.5-$7.8 billion, with adjusted EBITDA of $4.2-$4.4 billion.

Albemarle Corporation (NYSE:ALB) also plans capital expenditures of $550 million to $600 million and targets $100 million to $150 million in cost and productivity improvements for the year.

Albemarle Corporation (NYSE:ALB) is one of the world’s leading lithium producers, with a fully integrated model spanning mining, processing, and refining operations across key global markets.

8. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 82

With significant hedge fund interest and analyst support (29.8% upside), Newmont Corporation (NYSE:NEM) ranks among the best commodity stocks to buy in 2026.

Newmont Corporation (NYSE:NEM) ranks among gold equities trading at a premium valuation relative to peers, according to RBC Capital Markets’ sector analysis on May 29, 2026.

That assessment followed a strong first quarter.

Newmont Corporation (NYSE:NEM) reported adjusted earnings of $2.90 per share, well above the analyst consensus estimate of $2.18 per share compiled by LSEG.

Record gold prices drove the quarterly beat. The quarterly average realized gold price came in at $4,900 per ounce, up from $2,944 per ounce in the year-ago period. Attributable gold production, however, fell to 1.30 million ounces from 1.54 million ounces a year earlier, hurt by bushfires at Boddington, rainfall and weaker grades at Tanami, and planned maintenance at Lihir and Cerro Negro.

Looking ahead, Newmont Corporation (NYSE:NEM) guided for roughly 23% of total attributable production in the second quarter, slightly below the first quarter, with unit costs expected to rise on higher sustaining capital spending, lower silver output, and increased costs at Boddington, Tanami, Lihir, and Penasquito.

Oil prices acted as another variable during the quarter. Interim CFO Peter Wexler said every $10 per barrel change in oil prices translates to roughly $60 million in costs, or about $12 per ounce in all-in sustaining costs.

Newmont Corporation (NYSE:NEM) also authorized a new $6 billion share repurchase program after fully completing its prior buyback plan.

Following the Q1 report, BMO Capital analyst Matthew Murphy raised the firm’s price target on Newmont Corporation (NYSE:NEM) to $145 from $140, keeping an “Outperform” rating. Murphy noted Q2 production may dip slightly but said the gold miner is off to a good start on guidance and is working to manage costs and grow production in the second half of 2026 and beyond.

Newmont Corporation (NYSE:NEM) is one of the world’s largest gold-mining companies, producing significant amounts of copper, silver, zinc, and lead as byproducts.

7. Cheniere Energy, Inc. (NYSE:LNG)

Number of Hedge Fund Holders: 74

With significant hedge fund interest and positive analyst sentiment (36.1% upside), Cheniere Energy, Inc. (NYSE:LNG) ranks among the best commodity stocks to buy in 2026.

Cheniere Energy, Inc. (NYSE:LNG) is moving to scale capacity at a moment when the geopolitical and market backdrop favors U.S. LNG exports.

On May 28, 2026, Cheniere Energy, Inc. (NYSE:LNG) signed a $4.69 billion engineering, procurement, and construction contract with Bechtel Corp for the first phase of its Sabine Pass LNG expansion project in Cameron Parish, Louisiana.

Phase 1 covers Train 7, a boil-off gas re-liquefaction unit, and related infrastructure tied to the existing terminal, adding over 6 million tons per annum of capacity to a facility already operating at over 30 mtpa. Cheniere Energy, Inc. (NYSE:LNG) issued Bechtel a limited notice to proceed, allowing early engineering and procurement work to begin now, with a final investment decision expected by early 2027. Phase 2 would add another 12 mtpa, potentially lifting total Sabine Pass capacity to 48 mtpa.

That expansion move aligns with what analysts have been saying about Cheniere Energy, Inc. (NYSE:LNG).

On May 13, 2026, Scotiabank raised its price target on LNG to $290 from $288 and kept an “Outperform” rating, arguing that Middle East supply disruptions create net positives for U.S. LNG even after any resolution. The Sabine Pass expansion positions Cheniere Energy, Inc. (NYSE:LNG) to capture exactly that kind of demand.

TD Cowen made a similar case two days earlier, raising its target to $270 from $265 and keeping a “Buy” rating, citing strong summer global gas prices and the likelihood of increases to 2026 EBITDA estimates as near-term supports for the stock.

Cheniere Energy, Inc. (NYSE:LNG) is the largest producer of liquefied natural gas in the United States and the second-largest LNG operator in the world.

6. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 58

With significant hedge fund interest and analyst support (37.1% upside), Devon Energy Corporation (NYSE:DVN) ranks among the best commodity stocks to buy in 2026.

According to Mizuho, Devon Energy Corporation (NYSE:DVN) is well supported by the current backdrop of prolonged supply disruption, rising price forecasts, and discounted U.S. producer valuations.

On May 27, 2026, Mizuho analyst Nitin Kumar raised the firm’s price target on Devon Energy Corporation (NYSE:DVN) to $68 from $62 and kept an “Outperform” rating. The firm expects the impact of the Iran crisis on global oil prices and refining cracks to be prolonged, lifting its 2026 and 2027 oil price outlook by 25% and 6%, respectively, while raising its U.S. refining crack forecast by 61% and 51%. Kumar argued that a pullback in stock valuations despite elevated commodity prices creates an opportunity for investors to find alpha in U.S. oil and gas.

Broader analyst sentiment also positions Devon Energy Corporation (NYSE:DVN) similarly.

A Reuters poll of 33 economists and analysts published May 29, 2026, showed that 2026 oil price forecasts have been raised for the third time since the Iran war began in late February. Brent crude is now projected to average $90.44 per barrel this year, up from $86.38 last month, while U.S. crude is seen at $84.63, up from $80.07.

Both benchmarks have hit four-year highs above $126 and $119, respectively, as the closure of the Strait of Hormuz has cut Middle East crude exports from roughly 18.3 million barrels per day before the crisis to nearly 8.8 million bpd since March.

Analysts polled see a large global supply deficit in 2026, with estimates ranging from 500,000 to 8 million bpd.

Devon Energy Corporation (NYSE:DVN) is a U.S. oil and gas producer with a diversified multi-basin portfolio. Its operations are anchored by a significant acreage position in the Delaware Basin.

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