Energy & Metals Market Update
March 13, 2026
Energy
Oil & Gas
Commodity Pricing
| Commodity | Price | Daily Change | Contract |
|---|---|---|---|
| WTI Crude | $93.57 | -2.2% | Apr |
| Brent Crude | $99.14 | -1.3% | May |
| Natural Gas | $3.271 | +1.2% | Apr |
| RBOB Gasoline | $2.928 | -1.2% | Apr |
| ULSD Diesel | $3.832 | -1.7% | Apr |
Oil prices are pulling back modestly this morning after surging more than 9% in Thursday’s session, when Brent crude briefly closed above $100 per barrel for the first time since August 2022. The sharp move higher was driven largely by escalating geopolitical tensions in the Middle East, including attacks on regional energy infrastructure and concerns surrounding shipping routes through the Strait of Hormuz.
Overnight developments continued to underscore supply risk in the region. Reports indicate multiple drone and missile attacks targeting infrastructure in Saudi Arabia, Iraq, and neighboring countries, while NATO forces intercepted a missile headed toward Turkey. Saudi Arabia reported intercepting more than 50 drones targeting the Shaybah oilfield. Meanwhile, tanker traffic remains a key focus, with some shipments reportedly stranded near the Persian Gulf as security concerns persist.
Policy developments also added complexity to the market. The U.S. issued a 30-day waiver allowing certain countries to purchase Russian oil cargoes currently stranded at sea, while Germany pushed back on relaxing sanctions. Analysts estimate roughly 19 million barrels of Russian crude remain floating offshore Asia. Looking ahead, Goldman Sachs expects Brent prices to average above $100 per barrel in March before moderating later in the year.
Saudi Arabia is also actively managing supply flows. Saudi Aramco recently offered another tender for roughly two million barrels of Arab Light crude loading from the Yanbu export terminal, marking the fourth such tender since the regional conflict began disrupting exports.
Natural gas prices are slightly higher after Thursday’s modest gains despite bearish storage data. The latest EIA report showed a storage draw of 38 Bcf, smaller than the five-year average draw of 64 Bcf. Early forecasts suggest a possible storage build next week due to warmer temperatures. At the same time, LNG shipping disruptions near the Gulf have left roughly twenty cargo vessels delayed, contributing to volatility in global gas markets.
E&P / Majors
Company-specific news was relatively mixed. Amplify Energy disclosed that its audit report contained an adverse opinion related to internal control weaknesses. Kosmos Energy saw insider confidence after CEO Andrew Inglis purchased roughly 316,000 shares, increasing his holdings to approximately 4.5 million shares. Benchmark also raised its 2026 earnings estimate for the company following higher oil price assumptions.
VAALCO Energy reported fourth-quarter adjusted earnings of a $0.02 loss per share with EBITDAX of $42.9 million and production of about 20,700 barrels of oil equivalent per day. The company expects 2026 production to range between 20,100 and 22,400 boe/d with capital spending projected between $290 million and $360 million.
Pipelines / LNG / MLPs
Midstream activity was relatively quiet, though NGL Energy Partners announced the closing of a $950 million term loan and amendments to its asset-based revolving credit facility. The refinancing strengthens the company’s liquidity profile and provides greater flexibility for operations and capital allocation.
Metals & Mining
Market Overview
Equity futures indicate a modestly positive start to trading, with both the S&P 500 and Dow futures up roughly 0.4% in pre-market activity. However, metals markets remain volatile amid geopolitical tensions and a stronger U.S. dollar.
Gold prices are trading slightly lower and are on track for a second consecutive weekly decline as currency strength and inflation concerns weigh on investor sentiment. Despite the near-term pullback, several major banks remain constructive on the longer-term outlook for precious metals. UBS expects gold to trade between $5,900 and $6,200 per ounce in 2026, citing rising U.S. debt levels, geopolitical tensions, and structural trends such as de-dollarization.
Meanwhile, global policymakers are increasingly focused on securing access to critical minerals. Reports suggest the U.S., Japan, and the European Union are preparing to negotiate a strategic minerals trade agreement designed to diversify supply chains and reduce dependence on China.
Equity research activity included an upgrade of Alcoa to neutral from underweight by JPMorgan, with the firm raising its price target to $68.
Metals Snapshot
| Metal / Index | Price | Daily Change | Monthly | YTD |
|---|---|---|---|---|
| Gold | $5,100.70/oz | -0.5% | +1.1% | +17.5% |
| Silver | $83.33/oz | -2.1% | +6.9% | +18.0% |
| Copper | $5.81/lb | -1.1% | 0.0% | +2.2% |
| Nickel | $17,406/mt | -2.0% | +4.1% | +6.2% |
| Zinc | $3,287/mt | -0.9% | -0.9% | +6.5% |
| Aluminum | $3,473/mt | -1.3% | +17.4% | +18.5% |
| GDX | $98.35 | -1.0% | -4.5% | +15.8% |
| GDXJ | $131.25 | -0.3% | -3.5% | +15.6% |
| DXY Dollar Index | 100.13 | +0.4% | +3.3% | +1.8% |
| VIX | 26.05 | -4.5% | +26.4% | +74.1% |
Precious Metals
Wheaton Precious Metals reported fourth-quarter results highlighted by attributable production of approximately 205,000 gold equivalent ounces, representing an 8.5% year-over-year increase. The company expects 2026 production between 860,000 and 940,000 GEOs, supported by additional streaming contributions from the Antamina mine. Longer term, Wheaton forecasts production growth to roughly 1.2 million GEOs by 2030 as multiple operating assets ramp up.
Amex Exploration also announced an option agreement to acquire a large portfolio of mining claims in Ontario totaling approximately 11,600 hectares, expanding its exploration footprint in the region.
Base Metals
Imperial Metals reported fiscal 2025 production from the Red Chris mine of approximately 93 million pounds of copper and 92,000 ounces of gold, with the company’s attributable share equating to roughly 28 million pounds of copper and 27,700 ounces of gold. At its Mount Polley operation, copper production totaled 30.7 million pounds during the year. The company expects 2026 production at Mount Polley to range between 19 million and 21 million pounds of copper.
Ivanhoe Electric also announced that Cordoba Minerals will distribute approximately $1.01 per share to shareholders following the sale of the Alacran project, with payment expected around March 25.
A Look Ahead
Investors will be watching several economic data releases and energy industry updates over the coming week. Key reports include U.S. personal income and spending data, consumer sentiment readings, and the Baker Hughes weekly rig count later today. Additional catalysts next week include retail sales, industrial production data, and weekly petroleum and natural gas inventory reports.
