Energy
Commodities
Oil
-
WTI crude fell 2.7% Thursday to $62.84, and is modestly lower pre-market at $62.59 (-0.4%).
-
Brent crude dropped 2.7% to $67.52, trading near $67.31 (-0.3%) pre-market.
Crude prices declined after:
-
Comments from U.S. and Israeli leadership regarding Iran.
-
A monthly report cutting 2026 global oil demand growth estimates to +850K barrels/day (down from +930K).
-
Global oil inventories rising in 2025 at the fastest pace since 2020.
-
Reports that some producer nations may consider resuming output increases in April.
Additional geopolitical developments — including refinery disruptions in Russia and renewed Middle East tensions — added volatility, though supply growth expectations continue to weigh on prices.
Refined Products
-
RBOB gasoline fell 3.2% to $1.916, now around $1.904 (-0.6%).
-
ULSD diesel declined 1.9% to $2.396, trading near $2.395 (+0.1%).
Natural Gas
-
Closed +1.8% at $3.217, now pulling back to $3.134 (-2.4%) pre-market.
-
The 12-month strip sits near $3.71.
Storage data showed a large weekly draw of 249 Bcf, well above the 5-year average of 146 Bcf, leaving inventories 5.5% below normal. However, forecasts for milder temperatures in the eastern U.S. suggest smaller withdrawals ahead, tempering the rally.
Stocks
Energy equities underperformed the broader market:
-
The broad energy sector declined roughly 2.2%, compared to a 1.6% drop in the S&P 500.
-
Exploration & production names were particularly weak (down nearly 3%).
-
Oil services stocks fell about 2–2.5%.
-
Refiners dropped close to 3.9%, pressured by softer refining margins.
-
Midstream names were relatively resilient, up about 0.4%.
Company earnings reactions drove significant individual stock moves, with several double-digit declines following mixed guidance and capital spending outlooks.
On Deck
Key upcoming events:
-
Weekly rig count (Friday)
-
Strategic Petroleum Reserve update (Tuesday)
-
Weekly petroleum status report (Thursday)
-
Weekly natural gas storage (Thursday)
-
Several earnings releases throughout the week
-
U.S. markets closed Monday for the holiday
Metals & Mining
Synopsis
Markets remain cautious following back-to-back equity declines (S&P 500 down 1.6% Thursday). Investors are focused on inflation data, with expectations for both headline and core CPI to rise +0.3% month-over-month.
Precious metals have been volatile:
-
Thursday saw sharp selling following a stronger-than-expected jobs report.
-
Friday pre-market trading shows renewed buying ahead of CPI.
There are also reports that the administration may ease certain steel and aluminum tariffs, while iron ore prices continue to soften on concerns about rising Chinese inventories.
Metals Snapshot
Precious Metals
-
Gold:
-
Closed -3.2% at $4,937.20/oz
-
Rebounding pre-market to $4,988.60 (+0.8%)
-
Monthly: +8.5% | YTD: +14.9%
-
-
Silver:
-
Closed -10.8% at $74.91/oz
-
Rebounding to $77.48 (+2.5%)
-
Monthly: -10.2% | YTD: +9.9%
-
Gold miner ETFs fell sharply Thursday:
-
Senior miners -7.3%
-
Junior miners -8.7%
Volatility has risen significantly:
-
VIX up +18.0% Thursday to 20.82, now near 21.13 (+1.5%)
-
Dollar Index modestly stronger around 97.03 (+0.1%)
Base Metals
-
Copper: $5.75/lb (-0.5%) pre-market
-
Monthly: -4.3% | YTD: +1.3%
-
-
Nickel: $17,465/mt (-1.4%)
-
YTD: +5.9%
-
-
Zinc: $3,396/mt (-1.2%)
-
Monthly: +4.2% | YTD: +10.9%
-
-
Aluminum: $3,117/mt (+0.6%)
-
YTD: +5.0%
-
Iron ore has declined for a third straight session amid oversupply concerns and higher Chinese stockpiles.
Bottom Line
-
Oil remains pressured by softer demand forecasts and potential supply increases.
-
Natural gas is balancing tight inventories against milder weather expectations.
-
Gold remains in a strong uptrend year-to-date despite sharp short-term swings.
-
Volatility is rising, and markets are highly sensitive to inflation data and geopolitical headlines.
Investors should expect continued short-term volatility across both energy and metals as markets digest economic data, earnings updates, and global supply developments.
