An overview is provided of recent work on commodity prices, focusing on three themes: (i) "financialization" of commodity markets-commodities being considered by financial investors as a distinct asset class, (ii) trends and forecasts of commodity prices, and (iii) fracking-a shorthand for the emergence of new sources of energy supply. Lessons are drawn on the role of fundamentals and expectations in driving the rapidly changing nature of commodity markets. (C) 2013 Elsevier Ltd. All rights reserved.