General Commodities
Broad commodity ETFs weakened: GSG fell 1.63%, DBC 1.51%, and PDBC 1.45%. BCI declined 0.81% but attracted $28.57 million in daily inflows, while HGER received $6.16 million. Agriculture was mixed, with SOYB up 0.88%, WEAT up 0.32%, CORN down 0.15%, and DBA unchanged. Managed-futures fund DBMF slipped 0.11% while adding $16.29 million; CTA fell 1.84% with $43.23 million in outflows.
Oil & Gas
Energy funds faced sharp selling. USO dropped 4.44% with $208.55 million in withdrawals, while UNG declined 4.08% and lost $16.02 million. Leveraged natural-gas fund BOIL fell 7.62%, while inverse KOLD gained 8.27%. Energy equities also weakened: XLE declined 0.90% with $217.41 million in outflows, XOP fell 0.84%, and oil-services funds XES and OIH lost 2.88% and 2.44%, respectively.
Metals
Precious metals rebounded. GLD and IAU each gained approximately 1.32%, while SLV rose 0.96%. Flows diverged: GLD lost $189.99 million, whereas IAU attracted $77.90 million and SLV received $60.93 million. Gold miners strengthened, with GDX up 1.34% and GDXJ up 1.49%. Copper fund CPER gained 0.63%, but broader mining exposure lagged: XME fell 1.44% and PICK declined 0.65%.
General Commodities
This morning’s report describes flat U.S. equity futures and a softer dollar ahead of ADP employment, PCE inflation, personal income and spending, and GDP releases. Interest-rate expectations and Middle East supply developments remain central themes. The report contains no separate agriculture update.
Oil & Gas
Oil rebounded in premarket trading after Tuesday’s losses, as reports of tanker strikes in the Strait of Hormuz renewed supply concerns. Recovering Gulf exports and restored loadings at Yanbu provided an offset, while U.S.–Iran negotiations remained uncertain. API reported builds of 1.019 million barrels of crude, 2.991 million barrels of gasoline, and 286,000 barrels of distillates ahead of the government inventory release.
Natural gas recovered after Tuesday’s decline, although milder October forecasts and an expected recovery in Northeast production continued to weigh on the outlook. Contract expirations in November Brent and October refined products were also in focus.
Oil and Gas Pricing:
WTI +1.5% to $90.75 (Nov)
Brent +0.6% to $103.22 (Nov)
Natural gas +1.1% to $3.043 (Nov)
RBOB +0.9% to $3.308 (Oct)
ULSD +3.9% to $5.090 (Oct)
Metals
Gold futures advanced as the dollar weakened, despite firmer yields, while copper rose modestly and silver edged lower. Investors awaited inflation and employment data for further interest-rate signals. In company news, Cabral reported its first gold-doré sale from Cuiu Cuiu, exceeding 2,400 ounces, while Hercules reported an extension of copper mineralization at Southern Flats.
Metals Pricing:
Gold +1.02% to $4222.5/oz, Monthly (6.79)%, YTD (2.73)%:
Silver (0.08)% to $61.105/oz, Monthly (9.86)%, YTD (13.45)%:
Copper +0.32% to $6.6245/lb, Monthly (0.52)%, YTD +16.59%:
Aluminum (0.71)% to $3225.5/mt, Monthly +0%, YTD +0%:
Nickel (1.18)% to $15860/mt, Monthly +0%, YTD +0%:
Zinc +0.51% to $3977/mt, Monthly +0%, YTD +0%:
VanEck Gold Miners ETF +0% to $89.07, Monthly (10.62)%, YTD +3.85%:
VanEck Junior Gold Miners ETF +0% to $115.8, Monthly (10.09)%, YTD +1.78%:
US Dollar (0.15)% to $101.22, Monthly +1.52%, YTD +2.95%:
CBOE Volatility Index (0.43)% to $17.6,
