Energy Pre-Market
Oil & Gas – Pricing Snapshot (Pre-Market)
| Commodity | Price | Daily Move |
|---|---|---|
| WTI (Apr) | $66.69 | +0.3% |
| Brent (Apr) | $71.94 | +0.3% |
| Natural Gas (Mar) | $3.127 | +2.6% |
| RBOB (Mar) | $1.992 | -0.3% |
| ULSD (Mar) | $2.639 | +2.1% |
| Dollar Index | 97.735 | Flat |
Oil:
Crude benchmarks are trading modestly higher after closing at their strongest levels since July last week. Markets continue to balance geopolitical risk and macro policy developments. President Trump raised global tariffs from 10% to 15%, though energy and critical materials were exempted. Attention is also focused on U.S.–Iran nuclear talks scheduled in Geneva this week, alongside elevated military activity in the region. These developments have sustained a geopolitical risk premium, with Middle East tanker rates surging and floating storage declining for a third consecutive week.
Inventory trends remain constructive, and sell-side forecasts were revised higher for late 2026 on tightening OECD stockpiles. U.S. frac spreads rose week-over-week but remain below last year’s levels. Russian Urals crude is trading at its widest discount to Brent in over three years, reflecting continued sanctions pressure and elevated floating supply.
Natural Gas:
March and April contracts are up 2.6% amid mixed weather signals and near-record LNG feedgas flows (~19.35 Bcf/d). While U.S. forecasts turned warmer, European models shifted colder. Storage draws remain well below the 5-year average, reflecting softer demand. European TTF prices are slightly lower, and Asian spot LNG prices edged down week-over-week.
Energy Weekly Recap
Week in Review – Commodities
| Commodity | Weekly Close | Weekly Move |
|---|---|---|
| WTI | $66.39 | +5.6% |
| Brent | $71.76 | +5.8% |
| Natural Gas | $3.047 | -6.0% |
| RBOB | $1.997 | +4.5% |
| ULSD | $2.586 | +8.3% |
| Dollar Index | 97.72 | -0.14% |
Oil:
Crude posted strong weekly gains driven primarily by heightened geopolitical tensions surrounding U.S.–Iran negotiations and military activity near key shipping lanes. Additional support came from a bullish U.S. inventory report, which showed sizable draws across crude, gasoline, and distillates, with Cushing inventories approaching operational minimum levels.
Policy volatility also shaped sentiment. While tariff increases were announced, the U.S. Supreme Court struck down prior emergency-based global tariffs, adding another layer of uncertainty to trade policy. Rig counts were steady week-over-week.
Natural Gas:
Gas prices declined on warmer weather and reduced demand, with total U.S. consumption down sharply week-over-week. LNG export volumes also eased slightly. Storage levels remain below the 5-year average but recent weekly draws have been lighter than seasonal norms. European storage remains well below historical averages, contributing to longer-term supply sensitivity.
Energy Equities (Weekly Performance)
Energy equities modestly lagged the broader market despite stronger crude prices. Integrated majors were mostly flat, while refining and MLPs outperformed. Services were mixed, with offshore service vessels and land drillers stronger, while pressure pumping names lagged.
Corporate activity remained active, including asset sales, updated capital expenditure guidance, and select earnings beats across upstream, midstream, refining, and services. Capital discipline remains a key theme, with several firms lowering forward capex or highlighting free cash flow strength.
Week Ahead – Key Catalysts
- Inventory Data: API (Tuesday), DOE Petroleum Status (Wednesday), EIA Natural Gas Storage (Thursday)
- Rig Count: Friday
- Contract Expirations: Brent (Apr), RBOB (Mar), ULSD (Mar)
- Earnings: Active reporting week across upstream, midstream, and services
Metals & Mining Pre-Market
Metals Snapshot
| Commodity | Price | Daily | Monthly | YTD |
|---|---|---|---|---|
| Gold | $5,178.80 | +2.0% | +4.1% | +19.4% |
| Silver | $86.74 | +5.4% | -14.3% | +23.0% |
| Copper | $5.81 | -0.5% | -2.3% | +2.3% |
| Nickel | $17,155/mt | +1.3% | -7.9% | +4.1% |
| Zinc | $3,309/mt | +0.5% | +2.7% | +8.0% |
| Aluminum | $3,053/mt | +0.9% | -3.8% | +2.9% |
| DXY | 97.82 | Flat | +0.2% | -0.5% |
| VIX | 20.36 | +6.6% | +18.6% | +27.7% |
Synopsis:
Equity futures are pointing modestly lower to start the week. Precious metals are higher amid renewed safe-haven demand following tariff adjustments and last week’s Supreme Court ruling on emergency trade powers. A softer dollar and expectations for future rate cuts continue to support gold, with strong central bank and investor demand underpinning the move.
Precious & Base Metals:
Gold and silver are benefiting from defensive positioning, while copper remains sensitive to global growth signals. Several producers updated guidance, financing plans, and development timelines. Investment remains focused on copper growth projects and critical mineral permitting, highlighting the structural demand theme tied to electrification and energy transition.
Bottom Line
Energy markets are being driven by a combination of tightening physical balances and elevated geopolitical risk, while natural gas remains more weather-sensitive and demand-driven. In metals, precious prices reflect macro uncertainty and dollar dynamics, while base metals continue to track global growth expectations.
Volatility is elevated across commodities, reinforcing the importance of disciplined positioning and close monitoring of geopolitical and policy developments.
