Global commodity markets opened the week on a mixed but generally constructive note as U.S. equity futures pointed higher following last week’s record closes for both the S&P 500 and Dow Jones Industrial Average. Commodity markets were driven primarily by escalating geopolitical tensions in the Middle East, which pushed energy prices sharply higher while weighing on precious metals. Gold declined 1.2% to $4,537.70/oz as rising oil prices, higher Treasury yields, and a firmer U.S. dollar reduced safe-haven demand, while silver gained 0.3%. Base metals outperformed, led by copper, which surged 2.8% to $6.57/lb after Goldman Sachs raised its long-term copper price forecasts, citing significantly larger expected market deficits outside the United States through 2027. Aluminum, nickel, and zinc also traded higher. Meanwhile, Bloomberg reported that the Democratic Republic of Congo is preparing to classify lithium as a strategic mineral, potentially increasing royalty rates from 3.5% to 10%, a development that could tighten future supply economics. In equity markets, Needham initiated coverage of MP Materials with a Buy rating and an $81 price target, while major mining stocks traded higher in pre-market activity.
Energy markets were the primary focus of investors as crude oil prices rallied sharply on renewed military escalation across the Middle East. WTI crude rose 3.5% to $90.43/bbl while Brent gained 2.8% to $93.71/bbl after U.S. military strikes against Iranian radar and drone facilities, Iranian attacks targeting Kuwait, and continued hostilities involving Israel, Lebanon, and Hezbollah heightened concerns about regional supply disruptions. Additional support came from ongoing Ukrainian attacks on Russian energy infrastructure and reports that Russia has banned aviation fuel exports through November while diesel production continues to decline. Natural gas prices advanced 1.0% to $3.32/MMBtu as forecasts called for above-normal temperatures across most of the Lower 48 during the second week of June, supporting cooling demand expectations. European gas prices also strengthened amid geopolitical risks, although Iran has reportedly resumed production at several South Pars offshore gas platforms. Investors will continue monitoring key energy data releases this week, including API and DOE inventory reports, EIA natural gas storage data, and next weekend’s OPEC+ meeting.
Company-specific news flow remained active across both precious and base metals. Several junior gold developers reported encouraging exploration results, including Radisson Mining at the O’Brien Gold Project in Quebec, Outcrop Silver & Gold at Mexico’s Cosala Complex, and Omai Gold in Guyana, all highlighting significant high-grade intercepts. NexGold provided an update on permitting and development activities at its fully permitted Goldboro Gold Project in Nova Scotia, while IAMGOLD announced a substantial increase in mineral resources at the Côté Gold Mine in Ontario. In uranium, Cameco and Orano agreed to acquire TEPCO’s combined 5% interest in the Cigar Lake uranium mine, increasing Cameco’s ownership stake to over 57% upon closing. Exploration and development activity also advanced across multiple North American uranium projects, reflecting continued strength in the nuclear fuel market. This trend should continue with the advent of new derivative fuels to support the Small Modular Reactor build out that is powering newer ETF’s like the SMRF ETF, which have a Uranium Sleeve in the portfolio, but also give you access to SMR names like OKLO, Nu-Scale, and X-Energy.
June 1, 2026:
Metals & Mining Pre Market
- Synopsis:
- Daily update: Following last week’s higher close in which the S&P and the Dow reached new record highs, futures signal a higher start again this morning with the S&P +0.3% and the Dow +0.5% thus far in the pre-market.
- Gold prices are trading lower to start the week as oil prices and yields higher after renewed military tensions in the Middle East over the weekend.
- Bloomberg reported that lithium miners of the Democratic Republic of Congo (DRC) could soon be required to triple royalty payments after the government approved the inclusion of lithium to its list of strategic minerals along with several other metals. Note that strategic minerals are subject to 10% royalties instead of the usual 3.5% for non-ferrous metals under the country’s mining code.
- Goldman Sachs raised its end-2026/average 2027 LME copper forecasts to $13,735/$13,800 per ton (up from $12,465/$12,150 per ton previously) as the ex-US market deficit is expected to be higher at 640kt/170kt in 2026/2027 (up from 60kt/40kt deficits previously).
- In terms of equity research, Needham initiated coverage of MP Materials with a buy rating and a price target of $81.
- Pre-Market: FCX +0.8%, B (1.2%), NEM (1.6%)
- Metals Snapshot:
- Gold (1.2)% to $4537.7/oz, Monthly (0.52)%, YTD +4.53%:
- Silver +0.31% to $76.11/oz, Monthly +5.58%, YTD +7.8%:
- Copper +2.82% to $6.569/lb, Monthly +10.72%, YTD +15.61%:
- Aluminum +0.92% to $3769.5/mt, Monthly +0%, YTD +0%:
- Nickel +0.75% to $18875/mt, Monthly +0%, YTD +0%:
- Zinc +1.81% to $3549/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF (1.59)% to $88.07, Monthly +3.79%, YTD +4.34%:
- VanEck Junior Gold Miners ETF (1.54)% to $117.45, Monthly +5.08%, YTD +4.84%:
- US Dollar +0.17% to $99.072, Monthly +0.11%, YTD +0.76%:
- CBOE Volatility Index +0.35% to $17.65, Monthly (12.85)%, YTD +6.76%:
- Precious Metals:
- RDS.CN announced new assay results from its wholly-owned O’Brien Gold Project, located in Quebec’s Abitibi region. The results are from two pilot holes and five associated wedge branches targeting the Trend 1-Trend 2 Gap, an area of little previous drilling extending over an approximate 800m vertical extent in the central portion of the Project. Six of seven holes delivered significant intercepts of gold mineralization. Highlights included 7.57 g/t Au over 9.7m, 3.43 g/t Au over 13.4m and 66.93 g/t Au over 1.0m.
- USA.CN announced high-grade drill results from the company’s ongoing resource conversion drilling program at the Cosala Complex, located in Mexico. Drilling was conducted in Q4/2025 through Q1/2026 at the San Rafael Upper, 120 Upper and 120 Lower zones with drilling at all three zones returning substantially higher silver grades than the currently modeled resource. The 14 reported drillholes have not only confirmed the modeled thickness of the Mineral Resource but also represent a potential substantial increase in average silver grades in the San Rafael Upper and 120 zones versus the 2026 reported Mineral Resource grades.
- OMG.CN announced assay results from eight additional diamond drill holes and four related wedged holes, from the current 50,000m drilling program at its wholly-owned Omai Gold Project in Guyana. Five rigs continue drilling at Omai. Assay results are reported for eight holes collared across a 450m strike along the northeastern area of the Wenot shear-hosted deposit. Highlights include 8.54 g/t Au over 20.6m and 2.63 g/t Au over 11.5m.
- NEXG.CN provided an update on the advancement of key development activities at its wholly-owned and fully permitted Goldboro Gold Project in Nova Scotia. During the year, the NexGold team has advanced work to meet pre-construction permit conditions on schedule and is finalizing plans related to Wetland Compensation, Fisheries Offsetting and Compensation, and Biodiversity and Land Offsetting. Fisheries Offsetting programs are expected to commence in 2026, in advance of construction. The company currently anticipates completion of the updated Feasibility Study by the end of Q3/2026.
- RVG.CN announce that pursuant to a property purchase agreement dated May 29, 2026 between Revival Gold, Canadian Phosphate Ltd. and Utah Minerals Resources LLC (UMR), Revival Gold will vend its 51% interest in its non-core Diamond Mountain phosphate project Canadian Phosphate. While providing immediate cash proceeds from the sale, Revival gold remains committed to advancing its pipeline of US gold projects.
- PAAS provided an update on an extensive exploration program conducted at its Timmins operation, located in Ontario, Canada. The company is advancing a conceptual plan for a phased development of these new mineral resources at the Bell Creek mine and satellite deposits to support potential production growth and extension of mine life at Timmins. A total of approximately 118,000m of drilling is expected at the Timmins during 2026. The company also anticipates publishing an update to the estimated mineral reserves and mineral resources for Timmins, Vogel and Gold River (as of June 30, 2026) during Q3/2026.
- IMG.CN announced an updated Mineral Resource estimate for the Cote Gold mine, located in Ontario, Canada. The Measured & Indicated mineral resources (100% basis) are estimated at 838Mt averaging 0.75 g/t Au for a total of 20.34M ounces of gold, while the Inferred mineral resources (100% basis) are estimated at 177.1Mt averaging 0.61 g/t Au for a total of 3.48M ounces of gold. Note that Cote Gold is operated by IAMGOLD in a 70/30 joint venture with Sumitomo Metal Mining Co. Ltd. (SMM).
- Base Metals:
- CCJ together with Orano Canada Inc. announced that they have reached agreement with TEPCO Resources Inc. to acquire TEPCO’s 5% participating interest in the Cigar Lake JV. Cameco’s purchase cost to acquire our respective share of TEPCO’s interest in Cigar Lake is approximately $115.75M, subject to customary closing adjustments. Upon closing (Q3/2026), Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan will increase by 2.871 percentage points to 57.418%, while Orano’s share will rise by 2.129 percentage points to 42.582%.
- EU.CN announced positive results from initial exploration drilling tests conducted on its Alta Mesa East property, which is immediately adjacent to the Alta Mesa wellfields and extraction operations in Texas. Initial results have confirmed uranium mineralization extending more than 3,700 feet to the east from the nearest wellfield. The final results are reported for the initial 17 holes, which include six holes ranging from 0.351 to 2.297 Grade Thicknesses (GT). GT of 0.3 is considered suitable for inclusion in a wellfield. Of the 17 holes reported, 10 were mineralized.
- AEC.CN announce the successful completion of phase one surface construction at its Velvet-Wood uranium and vanadium project in Utah. Lasting an estimated 6 months, phase two will focus on the dewatering and rehabilitation of the existing underground workings, along with construction of the ore pad to allow for mining to begin upon completion of the dewatering. The company remains committed to re-starting production by the end of 2026.
- TMQ announced that the company and the US Department of War (DOW) have agreed to extend the targeted closing date for the previously announced strategic equity investment from 31-May-2026 to 31-July-2026, to account for the time required to finalize definitive documentation. Ambler Metals, South32, Trilogy Metals, and the US Government are discussing a framework agreement that would govern the financing and construction of the Ambler Access project.
Energy Pre-Market
- Oil & Gas:
- Pricing
- WTI +3.5% to $90.43 (July)
- Brent +2.8% to $93.71 (Aug)
- Natural gas +1.0% to $3.322 (July)
- RBOB +2.6% to $3.122 (July)
- ULSD +3.6% to $3.615 (July)
- Oil: Crude benchmarks trade higher as tensions rise in the Middle East following military strikes by the U.S. and Iran as well as Iranian attacks against Kuwait. The Dollar Index is up +0.15% to 99.00. Brent August, RBOB July, and ULSD July all become the front-month contracts today. The United States on Sunday conducted what they described as self-defense strikes on Iranian radar and drone control sites. That after US Central Command said Iran shot down a U.S. MQ-1 drone operating over international waters. Kuwait in a statement today called out Iran for repeated and heinous attacks against them, including drone/missile attacks launched towards them today. Saudi Arabia also publicly condemned Iranian attacks against Kuwait. You also had Israeli PM Netanyahu ordering troops to move further into Lebanon in their fight against Hezbollah. Iran’s foreign ministry spokesperson today blamed a delay with the diplomatic process on D.C.’s contradictory positions (citing the blockade) and Israeli’s attacks on Lebanon. U.S. officials Sundaysaid the United States had submitted a proposed a “gradual de-escalation plan” to Iran. The Times of Israel today said Tehran is reportedly making changes to latest draft of MOU after Trump toughens US stance. Ukraine attacks against Russian energy infrastructure continued over the weekend, striking a tanker, an oil refinery in Taganrog, the Saratov refinery, and an oil depot in Armavir. Reuters reports Russia has banned aviation fuel exports until 30-November while Russian diesel output fell an additional 10% in May following an acceleration of Ukrainian attacks against Russian refineries. Kpler puts China crude imports last month at a nearly 10-year low of 6.35M bpd, down from 8.10M bpd in April. That average compared to the record high of 11.39M bpd set back in February. The Primary Vision US frac spread week-ended 29-May was up +3 w/w to 192. It was the sixth consecutive weekly gain, up +27 over that span and compares to 190 the same time last year.
- Wildfires around Canada oilsands return: Wildfire season has returned to Canada’s oil sands region, with seven active blazes in the area on Sunday, raising risks for communities, workers, companies, and investors. Canada is the world’s fourth-largest oil producer, and the bulk of its production is clustered in northern Alberta’s boreal forest. Reuters .
- U.S. quietly helps ships through Strait: U.S. Military Is Quietly Guiding Ships Through the Strait of Hormuz U.S. Central Command has helped around 70 commercial ships pass through the strait in the last three weeks, an official said. NYT .
- Natural gas is up +1.0% to $3.322 as forecasts overnight expect the entire L48 to experience seasonally warmer weather the second week of June. The NOAA 6-10 day Sunday afternoon has the entire L48 outside of south TX, NV, and the West Coast experiencing above-normal temperatures. The 8-14 day has the entire L48 above-normal. Production and LNG feedgas flows on Sunday were preliminarily tracking towards 108.8 Bcfd and 18.2 Bcfd respectively. Updated EIA data for March put dry gas production at 110.9 Bcfd, up +3.3% m/m. TTF is up +3.7% on elevated Middle East tensions. European storage as of 29-May was at 39.7% of capacity, (25.7%) below the 5-year. Iran has resumed natural gas production at several South Pars offshore platforms that were offline due to the war.
- Pricing
- E&P:
- SOC provides financial guidance through 2028 and expected milestones in slides.
- Services:
- NCSM to be acquired by WFRD in a cash/stock deal. NCS Multistage stockholders can elect to receive either 0.554 shares of Weatherford common stock at closing, or a combination of 0.239 shares of Weatherford common stock and a cash amount equal to 0.137 shares of Weatherford common stock at closing,
- EROC to offer 27.9M share IPO in the $20 to $23/share range.
- Pipelines/MLP’s:
- SMC announces inaugural $35M stock repurchase program
- On Deck:
- Monday 1-June
- SPR update
- Tuesday 2-June
- API data
- RBC Capital Global Energy, Power & Infrastructure Conference
- Wednesday 3-June
- DOE Weekly Petroleum Status Report 10:30 ET
- RBC Capital Global Energy, Power & Infrastructure Conference
- Thursday 4-June
- EIA weekly natural gas storage 10:30 ET
- Friday 5-June
- BKR weekly rig count 13:00 ET
- Saudi Aramco OSP’s
- Sunday 7-June
- OPEC-7 meeting
- Monday 1-June
May 29, 2026:
Energy Weekly Recap
- Week in Review:
- Commodities/Dollar Index
- WTI (10.2%) to $86.80 (July)
- Brent (11.3%) to $91.83 (July)
- Natural gas +9.8% to $3.32(July)
- RBOB (10.7%) to $3.09 (June)
- ULSD (9.1%) to $3.53 (June)
- Dollar Index (0.34%) to 98.85
- Commodities/Dollar Index
- Oil
- Trading/Recap:
- Today: WTI (2.3%), Brent (2.1%), RBOB (3.2%), ULSD (2.3%). Brent July, RBOB June, and ULSD June contract all expire this afternoon.
- Crude benchmarks and products trade lower on the week as the U.S. and Iran appear to be moving closer to an agreement. The latest reports have both sides agreeing on most topics though there is still work to be done on some key difference. If this MOU can be agreed on, the Strait would reopen and the US blockade would cease while additional talks take place on subjects that include Iran’s nuclear material and control of the Strait. Tensions rose Thursday morning after Iran targeted a commercial ship in the Strait, prompting the U.S. to strike an Iranian boat and missile sites. On that same day Kuwait said air defense systems took out several inbound missiles/drones. More analysts and E&P’s/IOC’s this week followed up others last week highlighted the ongoing escalation of global crude/product stockpile draws and the potential for Brent to quickly move towards $150/barrel. The DOE had crude, gasoline, distillate, and Cushing stockpiles all drawing. A brief summary below with larger one attached. Ukraine attacks on Russian energy infrastructure continued, taking offline at least two refineries.
- DOE Weekly Petroleum Status Report
- The DOE Weekly Petroleum status report posted a crude draw of (3.33M), a gasoline draw of (2.57M), a distillate draw of (2.11M), a Cushing draw of (2.8M), while jet fuel stocks build +700K. It was the 15th straight gasoline draw, the 5th straight crude draw, and the 5th straight week jet fuel production held above 2.0M bpd. Cushing stockpile have drawn five straight weeks, moving within 3.0M barrels of operationally critical levels. The 9.1M bbl SPR release was the second largest on record, a week after the 9.9M release. Refinery utilization ramped by +2.9% to 94.5%. Crude, gasoline, and distillate stockpiles are now (2.2%), (5.6%), and (10.9%) below their respective 5-year.
- Trading/Recap:
- Natural Gas
- Trading/Recap:
- HH is up +0.9% today and up +9.8% on the week, rallying to its best levels in nearly 3 months on production holding lower, improving storge reports, and rising cooling demand as we move out of the heart of shoulder season. The EIA reported a storage build of +92 Bcf, lower than both consensus and the 5-year. The last four weekly storage injections combined are (2.0%) below the 5-year average which compares +63% above the 5-year the four combined weeks in April.
- Production: Dry gas production earlier in the week dipped below 107 Bcf but tracks towards 108.5 Bcf today, unchanged from Thursday.
- LNG: LNG feedgas flows have been holding at/around just over 18 Bcfd most of the week.
- Storage: The EIA for week-ended 22-May reported a storage build of +92 Bcf vs consensus +96 Bcf and the 5-year average of +97 Bcf. Working gas rose to 2.483 Tcf, 144 Bcf or +6.2% above the 5-year average vs 149 Bcf or +6.6% above the week-prior. nine weeks in, builds season-to-date stand at +668 Bcf vs the 5-year +524 Bcf.
- International: TTF is at/around $15.65/mmbtu. The average LNG price for delivery into Northeast Asia is estimated at $18.20/mmbtu, down ($0.60)/mmbtu w/w. S&P Global Energy assessed its daily North-west Europe LNG Marker price benchmark for cargoes delivered in July on an ex-ship (DES) basis at $15.827/mmbtu as of 28-May, a $0.085)/mmBtu discount to the price at the TTF hub.
- Storage to come/preliminary estimates:
- Week-ending today +105 to +115 Bcf vs the 5-year average of +101 Bcf
- Week-ending 5-June +100 to +110 Bcf vs the 5-year average of +95 Bcf
- Week-ending 12-June +80 to +90 Bcf vs the 5-year average of +73 Bcf
- Trading/Recap:
- Stocks
- The S&P 500 Energy Index (5.22%) vs the S&P 500 +1.44%. The XLE (5.15%). The XOP (4.86%) with all oil and natural gas E&P’s firmly lower, the former underperforming. US integrated-majors are down (4.0%) to (5.8%), XOM lagging. The OSX (5.69%), the OIH (5.82%). Service subgroups all trade firmly lower, offshore drillers, land drillers, and pressure pumpers underperformers . The S&P 1500 Refining & Marketing Index (1.16%), PARR (5.2%) and MPC (2.0%) underperforming while the rest are down (1.3%) or less. The Alerian MLP ETF (5.01%).
- NOG (8.8%) announced the acquisition of a 25% stake in light oil Duvernay assets from Parallax Energy for C$350M in cash and stock plus contingent considerations. It’s the company first foray into Canada.
- PTEN (8.8%) updated slides increased Q2 EBITDA guidance to $220M vs FS $204.3M, expects to exit Q2 with 95 active rigs, and expects to exit 2026 with 100+ active rigs. To support the higher activity, they raised 2026 capex guidance to $600M vs FS $525M.
- CVX (4.8%) shareholders reject proposal to have Chair and CEO role separated.
- VAL (8.6%) holder Oak Hill Advisors files notice of proposed sale of 1.49M shares.
- BKR (2.2%) announced contract extension with Equinor in the North Sea.
- The S&P 500 Energy Index (5.22%) vs the S&P 500 +1.44%. The XLE (5.15%). The XOP (4.86%) with all oil and natural gas E&P’s firmly lower, the former underperforming. US integrated-majors are down (4.0%) to (5.8%), XOM lagging. The OSX (5.69%), the OIH (5.82%). Service subgroups all trade firmly lower, offshore drillers, land drillers, and pressure pumpers underperformers . The S&P 1500 Refining & Marketing Index (1.16%), PARR (5.2%) and MPC (2.0%) underperforming while the rest are down (1.3%) or less. The Alerian MLP ETF (5.01%).
- Week Ahead:
- Monday 1-June
- SPR update
- Tuesday 2-June
- API data
- RBC Capital Global Energy, Power & Infrastructure Conference
- Wednesday 3-June
- DOE Weekly Petroleum Status Report 10:30 ET
- RBC Capital Global Energy, Power & Infrastructure Conference
- Thursday 4-June
- EIA weekly natural gas storage 10:30 ET
- Friday 5-June
- BKR weekly rig count 13:00 ET
- Saudi Aramco OSP’s
- Sunday 7-June
- OPEC-7 meeting
- Monday 1-June
Related Stories:
Follow-up: Additional details on DOE inventory data
Thursday, May 28, 2026 (GMT)
- Crude stockpiles drew (3.33M) vs API (2.8M) and consensus (5.0M). Gasoline stockpiles drew (2.57M) vs API (3.199M) and consensus (3.0M). Distillate stockpiles drew (2.11M) vs API +1.1M and consensus (2.0M). Cushing drew (2.8M) vs API (2.875M). The crude draw incorporated roughly unchanged L48 production, the crude supply adjustment factor rising +1.055M bpd to +224K bpd, refinery crude inputs up +652K bpd, and net crude imports rising +360K bpd with a drop in exports outsizing the decline in imports. It was the 5th straight crude draw. The 15th straight gasoline stockpile draw incorporated implied demand rising +489K bpd, production ex-adjustments unchanged, and net imports up +17K bpd. The distillate draw incorporated implied demand up +396K bpd, production up +76K bpd, and net imports down (34K) bpd. Jet fuel production held above 2.0M bpd for a record 5th straight week. Cushing declines have been accelerating, taking stockpiles closer to operationally critical levels.
- **** This update and one additional before the EIA will change how data in the Weekly Petroleum Status Report is presented.
- Stockpiles:
- Crude (3.33M) to 441.7M
- Gasoline (2.57M) to 211.6M
- Distillate (2.11M) to 100.8M
- Cushing (2.8M) to 23.0M
- SPR (9.1M) to 365.1M
- Jet fuel +700K to 44.9M
- Refinery utilization +2.9% to 94.5%
- Refinery crude inputs +652K bpd to 16.971M bpd
- Total gross inputs +529K bpd to 17.171M bpd
- Crude supply adjustment factor +1.055M bpd to +224K bpd
- Total products supplied +493K bpd to 20.943M bpd
- Gasoline +489K bpd to 9.256M bpd
- Jet fuel (87K) bpd to 1.693M bpd
- Distillate +396K bpd to 3.948M bpd
- Residual (173K) bpd to 256K bpd
- Propane/Propylene (498K) bpd to 510K bpd
- Other oils +367K bpd to 5.280M bpd
- Production
- US total +13K bpd to 13.715M bpd
- Lower 48 +2K bpd to 13.293M bpd
- Alaska +11K bpd to 422K bpd
- Imports
- Crude (804K) bpd to 5.212M bpd
- Gasoline +8K bpd to 555K bpd
- Distillate (46K) bpd to 127K bpd
- Exports
- Crude (1.164M) bpd to 4.440M bpd
- Gasoline (25K) bpd to 800K bpd
- Distillate (12K) bpd to 1.561M bpd
- Crude stockpiles by PADD
- P1 +900K to 8.6M
- P2 (4.7M) to 103.8M
- P3 unch at 259.2M
- P4 (400K) to 25.4M
- P5 +900K to 44.7M
- Gasoline stockpiles by PADD
- P1 (1.9M) to 53.2M
- P2 (1.3M) to 43.7M
- P3 +1.5M to 81.1M
- P4 unch at 6.7M
- P5 +900K to 44.7M
- Distillate stockpiles by PADD
- P1 (300K) to 23.7M
- P2 (200K) to 23.6M
- P3 (1.3M) to 40.3M
- P4 (400K) to 3.2M
- P5 unch at 10.0M
