General Commodities
Commodity ETFs were mixed overall, with the strongest momentum concentrated in energy. Broad natural-resource exposure was relatively more balanced, while individual commodity performance varied considerably. The biggest theme was continued strength in crude oil alongside weakness in natural gas.
Oil & Gas
Oil-related ETFs were the clear outperformers. The United States Oil Fund (USO) gained 2.70%, while the Invesco DB Oil Fund (DBO) rose 2.82% and ProShares Ultra Bloomberg Crude Oil (UCO) increased 1.76%. Oil and gas equities were also positive, with XOP gaining 0.57%. Natural gas moved sharply in the opposite direction: UNG fell 3.54%, while leveraged natural-gas ETF BOIL dropped 5.49%. USO also recorded a significant $217.3 million one-day inflow, showing increased investor interest in crude-oil exposure.
Metals
Metals performance was more mixed than energy, with different results across physical metals, precious metals, industrial metals, and mining ETFs. The sector lacked the broad upward momentum seen in oil, reflecting greater pressure on precious and industrial metals during the session. Overall, the commodity ETF market showed a clear divergence: crude oil strengthened, natural gas weakened sharply, and metals were mixed.
General Commodities
Commodity markets were mixed but remained heavily influenced by geopolitical tensions in the Middle East, rising oil prices, and higher bond yields. Energy continued to provide the strongest upward momentum, while metals were more mixed. Markets are also watching upcoming U.S. inflation and inventory data for further direction.
Oil & Gas
Oil prices continued to climb as escalatingU.S.-Iran tensions raised concerns about Middle Eastern supply and shipping disruptions. WTI rose 1.4% to $97.40 per barrel and Brent gained 1.1% to $102.42, keeping Brent above the key $100 level. Gasoline also strengthened, with RBOB up 1.3%, while ULSD declined 0.6%. In contrast, natural gas fell 1.0% to $2.794, extending its weekly losses ahead of EIA storage data.
- Oil & Gas:
- Pricing
- WTI +1.4% to $97.40 Oct)
- Brent +1.1% to $102.42 (Nov)
- Natural gas (1.0%) to $2.794 (Oct)
- RBOB +1.3% to $3.252 (Oct)
- ULSD (0.6%) to $4.773 (Oct)
Metals
Metals traded mostly lower in the pre-market, particularly precious and industrial metals. Gold fell 0.73% to $4,428/oz, pressured by higher yields and oil prices, while silver dropped 3.41% to $66.31/oz. Copper was the largest major decliner, falling 4.38% to $6.59/lb. However, some base metals moved higher, with aluminum gaining 0.81% and zinc rising 1.85%, while nickel was unchanged. Despite the daily pullback, copper remained up nearly 16% YTD, and gold-mining ETFs continued to show strong monthly and year-to-date performance.
- • Metals Pricing:
- Gold (0.73)% to $4428/oz, Monthly +0.64%, YTD +2%:
- Silver (3.41)% to $66.305/oz, Monthly +4.42%, YTD (6.09)%:
- Copper (4.38)% to $6.587/lb, Monthly (0.06)%, YTD +15.93%:
- Aluminum +0.81% to $3352/mt, Monthly +0%, YTD +0%:
- Nickel +0% to $16675/mt, Monthly +0%, YTD +0%:
- Zinc +1.85% to $4186/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF +0% to $99.47, Monthly +10.66%, YTD +15.97%:
- VanEck Junior Gold Miners ETF +0% to $129.25, Monthly +9.89%, YTD +13.6%:
- US Dollar +0.11% to $98.926, Monthly (0.62)%, YTD +0.61%:
- CBOE Volatility Index +0.87% to $17.2, Monthly +1.23%, YTD +4.04%:
