Energy
Oil & Gas
Energy markets gave back some of Tuesday’s sharp gains as traders digested geopolitical headlines and upcoming data.
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WTI crude fell 2.0% to $63.83 (March),
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Brent crude slipped 1.9% to $68.11 (April).
Oil prices eased after rallying more than 3% the prior session, as optimism around Middle East diplomacy faded and the U.S. dollar strengthened slightly. Ongoing talks involving the U.S., Iran, Russia, and Ukraine remain a key source of headline risk, keeping volatility elevated. Supply dynamics also stayed in focus, with discounted Russian barrels flowing into Asia and mixed signals from global inventory data.
Refined products moved lower alongside crude:
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RBOB gasoline declined 1.1% to $1.940 (March),
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Ultra-low sulfur diesel dropped 2.9% to $2.400 (March).
Meanwhile, natural gas bucked the trend, rising 2.5% to $3.550 (March). Prices climbed ahead of weekly storage data, with expectations for an unusually large draw due to cold weather and strong heating demand. Traders remain sensitive to near-term weather forecasts and LNG export flows, which continue to influence daily price swings.
Metals & Mining
Precious Metals
Precious metals pulled back modestly after recent strength, as the U.S. dollar firmed and broader markets showed some risk aversion.
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Gold fell 1.4% to $4,879.50 per ounce, though it remains up 9.6% for the month and 12.4% year-to-date.
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Silver dropped 10.1% to $75.86 per ounce, with volatility remaining elevated after a strong recent run.
Despite the daily pullback, longer-term sentiment toward precious metals remains constructive, with investors viewing gold in particular as a portfolio diversifier amid geopolitical uncertainty and shifting interest-rate expectations.
Base Metals
Base metals were mixed as traders balanced macroeconomic concerns with underlying supply and demand trends.
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Copper slipped 1.0% to $5.79 per pound,
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Aluminum declined 1.8% to $3,047 per metric ton,
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Nickel edged up 0.3% to $17,220 per metric ton,
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Zinc rose 1.3% to $3,333 per metric ton.
Prices continue to react day-to-day to global growth expectations, currency moves, and inventory signals, with industrial metals remaining sensitive to economic data out of the U.S., Europe, and China.
What to Watch
Markets are now looking ahead to key energy inventory reports, upcoming economic data, and ongoing geopolitical developments. With volatility elevated across both energy and metals, daily price action is likely to remain headline-driven in the near term.
