From forests to faucets to fuel: Investigating the domino effect of extreme risk in timber, water, and energy markets

•The potential for water and timber to serve as safe-havens and hedges for traditional energy markets.•The combination of CAViaR and TVP-VAR to analyze extreme downside risk spillovers in pre- and post-COVID-19 periods.•Water and timber markets offer reliable safe-haven options for energy investors.•Natural gas is weakly linked with its counterparts, underscoring the necessity for energy portfolios to diversify.•Valuable insights for investors looking to navigate extreme risk across timber, water, and energy markets.