Commodity ETFs showed broad near-term strength as of August 10, 2026, with 62 of 88 unique funds advancing on the day and 77 posting gains over the past month. Precious-metals miners led decisively: RING gained 7.8% on the day, while GDXJ, SGDM, GDX, SLVP, and SIL rose between 6.3% and 7.5%. The same group delivered weekly gains of roughly 17%–19% and monthly advances approaching 18%–19%. Base-metal miners and uranium funds also participated, including COPX, which gained 18.0% over one month, and URA and URNM, which rose 9.0% and 8.6%, respectively, during the latest week. By contrast, traditional energy equities weakened on the day and over the week, while natural-gas exposure remained especially volatile: BOIL fell 30.0% over one month and 56.6% over six months, whereas inverse natural-gas fund KOLD gained 37.5% and 71.3% across those periods.
Fund flows reflected active rotation rather than uniform enthusiasm. GLD attracted approximately $431 million in one-day inflows, $1.44 billion over one week, and $2.06 billion over one month, although IAU experienced sizable redemptions over the same periods. Broad commodity strategies also drew meaningful monthly inflows, led by PDBC at roughly $838 million and BCI at $565 million, while USO lost about $621 million. The strong precious-metals rally has pushed many related funds into elevated momentum territory, with several RSI readings above 70 and RING and SGDM near 82, suggesting that the group may be technically extended despite its positive trend. Overall, the data point to robust short-term momentum in precious-metals and mining ETFs, continued investor demand for diversified commodity exposure, and a more uneven backdrop for energy products.
Metals Summary
Following last week’s higher close, U.S. equity futures are pointing to another positive start, with the S&P 500 up 0.6% and the Dow Jones Industrial Average gaining 0.3% in pre-market trading. Gold is trading flat after recording its strongest weekly gain since January, supported by easing expectations for further rate increases. According to the CME FedWatch Tool, traders now assign a 44% probability to a September rate hike, down from 57% before the release of July’s employment report. Meanwhile, President Trump announced that the U.S. government will invest $3 billion in critical-minerals and battery projects to strengthen domestic production, according to Reuters. Copper is trading above $14,000 per tonne on the London Metal Exchange amid tightening supply and reduced near-term concerns about U.S. rate hikes. In equity research, Scotiabank GBM upgraded Scotiabank GBM to Sector Outperform from Sector Perform, with a C$10 price target, while CIBC Capital Markets upgraded Eldorado Gold to Outperformer from Neutral and raised its price target to $54.
Oil & Gas Summary
WTI and Brent crude are trading higher to begin the week as reports suggest President Trump is prepared to let economic pressure build on Iran rather than immediately launching another round of military strikes. The U.S. Dollar Index is up 0.19% at 99.615. According to Axios, Trump indicated Sunday that his administration was willing to wait out Iran, while other reports suggest he could suspend efforts to secure a nuclear agreement if shipping resumes through the Strait of Hormuz. Iran maintains that the waterway will reopen only if Washington meets several conditions, including compensation for U.S. attacks, an end to the blockade, and permission for Iran and Oman to charge service fees to vessels transiting the strait. Foreign Minister Abbas Araqchi also said the two countries are not currently negotiating and that Tehran will not resume talks while Washington remains in breach of June’s interim agreement. Elsewhere, Yemen’s Houthis claimed responsibility for an attack on Saudi Aramco’s Jazan refinery, while reports indicated that Ukrainian drones struck a Russian refinery in Nizhnekamsk after Ukraine targeted Russian tankers in the Black Sea on Sunday. The National Hurricane Center is monitoring two westward-moving Atlantic systems with seven-day formation probabilities of 60% and 10%, as well as a third system northwest of Bermuda moving east. The Primary Vision weekly frac spread count declined by four to 194, compared with 167 during the same period last year.
Kazakhstan, meanwhile, is pursuing additional oil-export routes following disruptions to the Caspian Pipeline Consortium. The country increased July shipments through the Atyrau–Samara pipeline and into China and is considering the Baku–Tbilisi–Ceyhan and Baku–Supsa pipelines as additional options, according to an Interfax report cited by Reuters.
Natural gas is up 3.7% at $2.761 per MMBtu, rebounding from a 14-week low reached Friday, with traders highlighting technical support around $2.62–$2.63. Updated six- to 10-day forecasts call for below- or near-normal temperatures west of the Rockies, across the upper Midwest, and in the Northeast, with above-normal temperatures expected elsewhere. The eight- to 14-day outlook projects near- or below-normal temperatures across much of California, Nevada, New York, New Jersey, and New England, while most other regions are expected to remain warmer than normal. Preliminary Sunday data showed LNG feedgas flows reaching 17.5 Bcf, their strongest daily level since July 9, while dry-gas production was estimated at 112.9 Bcf. Western Europe is estimated to have experienced its second-hottest June–July period on record, and Dutch bank Triodos warned that drought and extreme heat could erase much of the European Union’s anticipated economic growth.
In oilfield services, Innovex International disclosed the previously announced secondary offering of five million shares by existing holders at $28.71 per share. Baker Hughes received a substantial award from Searah North Ganal Limited, a joint venture between Eni and PETRONAS, to provide subsea production systems and digital solutions. Seadrill reported second-quarter EPS of $0.47, revenue of $449 million, and adjusted EBITDA of $144 million, exceeding forecasts of $0.37, $392 million, and $111 million, respectively. The company raised its 2026 revenue outlook to $1.50–$1.55 billion from $1.43–$1.48 billion and increased the midpoint of its adjusted EBITDA guidance to $435 million from $395 million. National Energy Services Reunited also exceeded expectations, reporting adjusted EPS of $0.44, revenue of $520.8 million, and adjusted EBITDA of $106.2 million, versus forecasts of $0.35, $448.5 million, and $90.7 million. In pipelines and MLPs, Plains GP Holdings reported a second-quarter GAAP loss from continuing operations of $0.37 per share on revenue of $17.69 billion.
Oil & Gas Pricing
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WTI +1.1% to $79.05 (Sept)
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Brent +1.1% to $84.46 (Oct)
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Natural gas +3.7% to $2.761 (Sept)
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RBOB +1.5% to $3.030 (Sept)
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ULSD +2.9% to $4.015 (Sept)
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Metals Pricing
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Gold (0.05)% to $4396.90/oz, Monthly +5.74%, YTD +1.26%:
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Silver +1.16% to $64.235/oz, Monthly +4.74%, YTD (9.02)%:
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Copper +0.49% to $6.623/lb, Monthly +6.38%, YTD +16.56%:
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Aluminum +0.57% to $3279.5/mt, Monthly +0%, YTD +0%:
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Nickel +0.9% to $16745/mt, Monthly +0%, YTD +0%:
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Zinc (1.87)% to $3785/mt, Monthly +0%, YTD +0%:
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VanEck Gold Miners ETF (0.26)% to $89.66, Monthly +18.65%, YTD +4.8%:
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VanEck Junior Gold Miners ETF (0.44)% to $117.10, M +18.89%, YTD +3.37%:
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US Dollar +0.18% to $99.715, Monthly (1.29)%, YTD +1.42%:
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CBOE Volatility Index (0.54)% to $16.9, Monthly (3.72)%, YTD +2.22%:
