General Commodities
Broad commodity ETFs were mixed. CMDT gained 2.31%, while PDBC fell 0.98%, GSG declined 0.78%, and DBC slipped 0.46%. Materials equities performed better, with XLB +1.31% and VAW +0.85%.
Agriculture was positive across the major products: WEAT gained 1.37%, DBA +0.89%, SOYB +0.37%, and CORN +0.27%. Managed futures were split, with DBMF +0.67% while CTA fell 1.10%.
Flows were led by DBMF with approximately $115.08M in daily inflows. PDBC attracted $5.79M, while HGER lost $7.91M and DBA recorded approximately $15.51M in outflows.
The broader market backdrop was somewhat supportive for risk assets, with lower oil prices and interest rates helping sentiment. S&P 500 futures were up 0.4% and Dow futures were up 0.6% pre-market. At the same time, the U.S. dollar strengthened as European political and fiscal concerns pressured the euro.
Oil & Gas
Energy equities outperformed the underlying crude ETFs. OIH gained 3.14%, XES +2.97%, XOP +1.36%, and XLE +1.00%. Oil-linked products moved lower, with USO -2.29%, DBO -2.25%, BNO -2.61%, and UGA -2.74%.
Natural-gas products moved higher: UNG gained 0.76% and BOIL rose 1.76%, while inverse KOLD fell 1.77%.
Flows were notable despite crude’s decline. USO attracted approximately $146.68M, XOP received $36.98M, and UNG added $30.28M. Meanwhile, VDE saw approximately $30.79M in outflows and BOIL lost $23.81M.
- WTI: -2.5% to $87.22
- Brent: -2.5% to $97.82
- Natural Gas: +1.0% to $3.096
- RBOB: -1.2% to $3.207
- ULSD: -3.3% to $4.395
WTI and Brent traded lower as improving Gulf exports outweighed renewed geopolitical attacks and shipping risks. Gulf crude, oil, and condensate flows excluding Iran reportedly reached 19.2M barrels per day in September, roughly 81% of pre-war levels, while Kpler estimated September flows at 18.6M bpd.
Physical-market conditions still appeared tight, however, and the report highlighted a developing tropical system that could threaten Gulf offshore production.
Natural gas strengthened as production eased to around 109.5 Bcf/day, down from roughly 110.5 Bcf over the weekend. The market was looking toward an expected +75 Bcf storage build, below the five-year average of +96 Bcf.
Metals
Precious-metal ETFs were mixed. GLD fell 0.16% and IAU declined 0.17%, while SLV gained 0.71% and SIVR rose 0.69%. Gold miners remained weak, with GDX -0.41% and GDXJ -0.74%.
Industrial and mining exposure performed better. XME rose 1.91%, LIT gained 1.23%, CPER +0.86%, and COPX +0.49%. Uranium was also positive, with URA +1.01% and URNM +1.05%.
Flows favored gold despite the slight price decline. GLD attracted approximately $76.83M in daily inflows, while AAAU lost $20.65M and SIVR recorded approximately $23.18M in outflows.
- Gold: +0.13% to $4,167.60/oz
- Silver: +1.67% to $61.425/oz
- Copper: +1.43% to $6.6425/lb
- Aluminum: -0.34% to $3,109.50/mt
- Nickel: -0.87% to $15,435/mt
- Zinc: -0.94% to $3,798/mt
- VanEck Gold Miners ETF (GDX): -0.41% to $87.42
- VanEck Junior Gold Miners ETF (GDXJ): -0.74% to $112.81
- U.S. Dollar: +0.21% to 102.147
- VIX: -0.78% to 17.51
