Brace yourself for some serious swings in commodity prices in 2017, as a bevy of “black swans” could blindside investors, according to a Barclays research note published last week.

“Commodity market black swan events come in many forms, and the market may take years or an instant to price them in,” the analysts wrote. “Indices are already pricing in record levels of volatility as 2017 begins, and investors are specifically concerned about geopolitical developments.”

Go ahead and count Elon Musk on that list of potential risks. The analysts say that the timely delivery of Tesla’s US:TSLA Model 3 could shake up the energy sector.

“Markets have a tendency to price in future developments and this development or a battery technology breakthrough that pushes prices far below current levels could turn the tide on how the market perceives EVs’ medium-term effect on oil demand,” the report said.

But, as you can see, that is just one of 13 black swans mentioned.

Some developments, of course, are more likely to rattle markets than others.

“Heading into 2017, the major black swan risk for commodity demand is an unexpected economic downturn in any of the major commodity consuming nations,” the report said. “Namely, investors will continue to focus on the Chinese economy.”

Not all the risks are to the downside. Escalating tensions with Iran and a Venezuelan default could give oil prices US:CLG7 UK:LCOH7 a lift, while riots in Chile or Russia pushing further into Ukraine could boost metals, the report noted.

“Investors will have to balance the risks of unforeseen macroeconomic shocks and their effect on demand (bearish price) with potential geopolitical shocks disrupting the supply side of the market (bullish price),” the analysts wrote. “A tightening commodity inventory picture, especially in oil, will likely exacerbate how the market prices supply risks even if no physical supply disruption occurs.”