Energy & Metals Market March 5, 2026
Oil & Gas
Energy Price Snapshot
| Commodity | Price | Change |
| WTI Crude (Apr) | $76.86 | +2.9% |
| Brent Crude (May) | $83.37 | +2.4% |
| Natural Gas (Apr) | $2.953 | +1.3% |
| RBOB Gasoline (Apr) | $2.599 | +3.4% |
| ULSD Diesel (Apr) | $3.460 | +5.0% |
Oil prices are moving higher in early trading as geopolitical tensions in the Middle East continue to disrupt global energy markets. Ongoing military actions involving Iran and neighboring countries have increased risks to key shipping lanes, particularly the Strait of Hormuz—one of the world’s most critical oil transit routes. Tanker traffic is backing up significantly, with hundreds of vessels waiting outside the strait as shipping companies seek clarity on maritime risk insurance and security guarantees. These disruptions are beginning to ripple through global supply chains, prompting Asian refiners to reduce operations due to constrained crude availability. Meanwhile, some oil shipments are being rerouted, with India reportedly accepting additional Russian crude originally destined for other Asian buyers.
Natural gas prices are modestly higher ahead of the latest U.S. storage report. Analysts expect a larger-than-normal withdrawal from inventories for the week ending February 27, reflecting seasonal demand. European gas prices have also risen after disruptions to liquefied natural gas production in Qatar, highlighting how global supply interruptions can quickly tighten energy markets.
Exploration & Production (E&P)
Several exploration and production companies reported earnings and operational updates. Results across the sector were mixed, with some companies reporting lower earnings than expected despite stable or improving production levels. Capital spending plans for 2026 remain relatively steady, suggesting companies continue to prioritize disciplined growth and balance-sheet stability.
Analyst activity was active as well, with several rating changes across the sector. Some companies received upgrades based on improving outlooks for production and oil prices, while others were downgraded after strong recent share performance. These revisions reflect the sector’s sensitivity to commodity price expectations and investor sentiment toward energy supply risks.
Energy Services
Energy service providers continue to navigate a challenging operating environment, although select companies reported stronger-than-expected results. One services firm posted earnings and revenue ahead of expectations, highlighting resilience in certain niche segments of the market.
Drilling activity has remained relatively stable, with U.S. operators running roughly the mid-90s number of rigs on average in early 2026. While this suggests continued investment in oil and gas production, service companies remain cautious about the outlook due to cost pressures and uncertainty surrounding global energy demand.
Energy Market Recap (Previous Session)
Commodity Moves – March 4
| Commodity | Price | Change |
| WTI Crude (Apr) | $74.66 | +0.2% |
| Brent Crude (May) | $81.40 | 0.0% |
| Natural Gas (Apr) | $2.917 | −4.5% |
| RBOB Gasoline (Apr) | $2.513 | +2.4% |
| ULSD Diesel (Apr) | $3.268 | +3.3% |
Oil prices were largely unchanged in the prior trading session as markets weighed escalating geopolitical tensions against rising U.S. crude inventories. A large build in domestic crude stockpiles suggested that supply remains ample in the U.S., even as production disruptions are developing elsewhere in the world. At the same time, shipping delays and operational interruptions in Iraq are raising concerns that further supply could come offline if the conflict intensifies.
Natural gas prices moved sharply lower despite global supply disruptions. Warmer-than-expected weather forecasts across the United States are expected to reduce near-term heating demand, offsetting potential supply risks tied to international LNG markets. Weather models point to unusually mild conditions across much of the country, limiting demand even as global energy markets remain volatile.
U.S. Petroleum Inventory Snapshot
| Category | Weekly Change | Total Level |
| Crude Oil | +3.48M barrels | 439.3M |
| Gasoline | −1.7M barrels | 253.1M |
| Distillates | +430K barrels | 120.8M |
| Jet Fuel | −200K barrels | 42.1M |
| Cushing Storage | +1.6M barrels | 26.5M |
| Refinery Utilization | +0.6% | 89.2% |
U.S. government data showed a sizable increase in crude inventories for the week, marking the second consecutive large build. However, gasoline stockpiles declined, suggesting steady consumer demand despite higher fuel prices. Refinery utilization ticked higher, indicating stronger refining activity as facilities prepare for seasonal demand shifts.
Metals & Mining
Metals Snapshot
| Metal / Index | Price | Daily Change | Monthly | YTD |
| Gold | $5,177.90/oz | +0.8% | +5.9% | +19.3% |
| Silver | $84.38/oz | +1.4% | +10.0% | +19.5% |
| Copper | $5.83/lb | −1.3% | +0.1% | +2.5% |
| Nickel | $17,395/mt | +2.3% | +4.3% | +5.5% |
| Zinc | $3,282/mt | −0.1% | +0.8% | +7.1% |
| Aluminum | $3,378/mt | +3.3% | +12.1% | +13.8% |
| Gold Miners ETF | $105.72 | −0.1% | +7.3% | +23.4% |
| Junior Gold Miners ETF | $142.88 | +0.3% | +9.3% | +25.2% |
| U.S. Dollar Index | 98.90 | +0.1% | +1.1% | +0.6% |
| VIX Volatility Index | 21.39 | +1.1% | +14.5% | +42.8% |
Precious metals are trading higher as investors continue to seek safe-haven assets amid geopolitical uncertainty. Gold and silver have both posted strong gains this year, benefiting from rising global tensions and persistent inflation concerns. Analysts note that silver has experienced particularly sharp moves recently, reflecting both investment demand and volatility linked to global growth expectations.
Base metals are showing mixed performance. Aluminum prices have risen sharply due to supply disruptions linked to shipping risks and operational issues at large smelters. At the same time, some analysts caution that broader economic concerns and a stronger U.S. dollar could weigh on industrial metals if global growth expectations weaken.
✅ Bottom Line for Investors:
Geopolitical tensions in the Middle East are increasingly influencing commodity markets, pushing oil and precious metals higher while disrupting global shipping and supply chains. Energy markets are balancing these risks against still-ample U.S. supply, while metals markets are seeing renewed safe-haven demand. Investors should expect continued volatility in commodity prices as markets react to both geopolitical developments and upcoming economic data releases.
