General Commodities
Broad commodity ETFs were mostly lower on the day, reflecting weakness across energy and precious metals. PDBC fell 1.12%, GSG declined 1.18%, DBC dropped 1.06%, and BCI lost 0.64%. Materials held up relatively better, with XLB down just 0.10% and VAW down 0.06%. Agriculture was a notable area of strength, led by corn +2.89%, DBA +1.88%, wheat +1.74%, and soybeans +1.59%. Fund flows were mixed, with PDBC attracting roughly $19.7 million in one-day inflows.
Oil & Gas
Energy ETFs experienced broad selling pressure. XOP declined 2.68%, XLE fell 2.29%, VDE lost 2.33%, and USO dropped 3.68%, while Brent-focused BNO declined 2.81%. Natural-gas exposure was also weaker, with UNG down 1.44% and BOIL down 2.75%. Despite the daily declines, several oil ETFs remain positive over longer periods, including USO at roughly +29.0% over three months and BNO at +34.2%. XOP recorded a notable $95.4 million one-day inflow, while XLE saw approximately $57.9 million in outflows.
Metals
Metals were mixed, with precious metals weaker while industrial and uranium-related exposure performed better. GLD fell 0.70%, SLV declined 0.50%, GDX lost 1.10%, and GDXJ dropped 1.41%. In contrast, copper gained momentum, with CPER up 1.09% and COPX up 0.24%, while rare-earth ETF REMX rose 1.75%. Uranium was the standout, with URA gaining 3.19% and URNM rising 3.34%. Precious-metal flows diverged sharply: GLD saw about $239.2 million in outflows, while SLV attracted approximately $436.0 million in inflows.
The September 22 commodities update showed a generally weaker tone across energy and precious metals, while several base metals held up better. U.S. equity futures pointed modestly higher, but commodity markets remained heavily influenced by geopolitical developments, inflation expectations, and potential changes in global supply.
Oil & Gas: Crude prices extended their decline, with WTI down 2.6% to $93.30 and Brent down 2.1% to $98.22, following losses of more than 3% the prior session. Prices were pressured by the possibility of U.S.–Iran negotiations and reports that Iran could reopen the Strait of Hormuz if the U.S. eases its blockade, although Iran later denied the report. Saudi Arabia also restarted its East-West pipeline and was preparing to resume exports from Yanbu, adding to expectations for improved supply. Natural gas slipped 0.1% to $2.832, with mild early-October weather forecasts and strong U.S. production weighing on prices.
- Oil & Gas:
- Pricing
- WTI (2.6%) to $93.30 (Oct)
- Brent (2.1%) to $98.22 (Nov)
- Natural gas (0.1%) to $2.832 (Oct)
- RBOB (0.9%) to $3.439 (Oct)
- ULSD (1.9%) to $4.797 (Oct)
- Pricing
Metals: Precious metals moved lower, with gold down 0.63% to $4,356.20/oz and silver down 0.56% to $66.04/oz, while the U.S. dollar was essentially flat. Base metals were more resilient: copper rose 1.21% to $6.8445/lb, nickel gained 0.44%, and zinc increased 0.2%, while aluminum declined 0.68%. Copper continued to benefit from supply-tightness concerns and stronger buying interest, particularly as planned refinery maintenance in China could constrain availability.
- Metals Pricing:
- Gold (0.63)% to $4356.2/oz, Monthly (6.93)%, YTD +0.35%:
- Silver (0.56)% to $66.04/oz, Monthly (5.02)%, YTD (6.46)%:
- Copper +1.21% to $6.8445/lb, Monthly +3.91%, YTD +20.46%:
- Aluminum (0.68)% to $3262.5/mt, Monthly +0%, YTD +0%:
- Nickel +0.44% to $16125/mt, Monthly +0%, YTD +0%:
- Zinc +0.2% to $4018/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF +0% to $94.43, Monthly (8.17)%, YTD +10.1%:
- VanEck Junior Gold Miners ETF +0% to $122.68, Monthly (7.47)%, YTD +7.82%:
- US Dollar (0.02)% to $100.408, Monthly +1.63%, YTD +2.12%:
- CBOE Volatility Index (1.05)% to $17.75, Monthly +1.42%, YTD +7.36%:
