General Commodities
Broad commodity and natural-resource ETFs were mixed. XLB gained +0.55%, MOO +0.53%, FMAT +0.38% and VAW +0.38%. Agriculture lagged, led lower by WEAT (1.38%) and CORN (0.83%), while managed-futures products were generally negative, including HGER (0.71%) and CMDT (0.55%). DBMF experienced the largest reported one-day outflow at ($138.43M); HGER attracted +$17.22M, while DBC lost ($15.13M) and BCI lost ($7.90M).
Oil & Gas
Energy equities were modestly positive, with IXC +0.38%, XLE +0.25% and XOP +0.29%. KCCA +1.01%, SCO +0.79% and EIPI +0.68% led individual products, while ET-US fell (2.78%), UGA (1.64%) and UCO (0.74%). BNO attracted +$87.30M despite declining (0.37%), whereas USO lost ($80.55M). IXC recorded a +$46.86M inflow, IEO +$7.51M and VDE +$4.73M.
Metals
Silver and strategic-metals products led: REMX gained +1.31%, SIVR +1.14%, SLV +1.13%, PPLT +0.88% and PLTM +0.64%. PALL fell (1.48%), XME (1.01%), COPX (0.68%), SLVP (0.66%) and RING (0.63%). Major inflows included GLD +$228.11M, IAU +$116.93M, GDX +$51.98M and SLV +$49.44M. REMX recorded a ($7.97M) outflow, PALL ($6.14M) and PPLT ($5.20M).
Data-quality note: duplicate IYM and CCNR rows were identical and counted once. Duplicate PICK rows and PPLT category entries contained conflicting one-year flow figures; those disputed figures were excluded.
General Commodities
US equity futures indicated a firmer opening, with the S&P 500 up +0.2% and the Dow +0.1%. The dollar was approximately flat. UK inflation exceeded expectations at 3.5%, driven by motor-fuel costs, while French bond yields reached a 24-year high amid fiscal and civil-unrest concerns.
Oil & Gas
Oil and Gas Pricing
WTI +0.8% to $98.64 (Dec)
Brent +0.6% to $109.48 (Dec)
Natural gas (3.9%) to $2.849 (Nov)
RBOB +0.7% to $3.139 (Nov)
ULSD +0.3% to $4.940 (Nov)Oil rebounded following Tuesday’s declines as attention returned to Iranian attacks on shipping in the Strait of Hormuz, Houthi threats to Saudi energy infrastructure and uncertain US-Iran diplomacy. December became the WTI front-month contract. An updated estimate indicated Chinese refineries processed roughly 530K bpd more crude than was available in September, implying a fourth consecutive monthly inventory draw. Fujairah product inventories rose 422,000 barrels, or +6.2% week over week, to 7.247M barrels.
API data showed crude inventories drawing (4.93M) barrels, gasoline (2.0M) and distillates (2.6M), while Cushing built +900K barrels ahead of the DOE report. Natural gas declined for a fourth session on bearish weather forecasts. Production was approximately 109.5 Bcf and LNG feedgas flows 19.50 Bcf; storage consensus called for a +76 Bcf build versus the five-year average of +87 Bcf. TTF rose +3.7% to €88.17/MWh. WFRD’s adjusted EBITDA of $254M exceeded the $249.7M consensus, LBRT raised its dividend +11.1%, and FTI signed an MoU with BP covering 20K subsea production systems.
Metals
Metals Pricing:
Gold +0.27% to $4153.7/oz, Monthly (6.13)%, YTD (4.32)%:
Silver (0.4)% to $57.77/oz, Monthly (13.97)%, YTD (18.18)%:
Copper (0.92)% to $6.543/lb, Monthly (2.22)%, YTD +15.15%:
Aluminum (0.51)% to $3003.5/mt, Monthly +0%, YTD +0%:
Nickel +0.49% to $15350/mt, Monthly +0%, YTD +0%:
Zinc (1.06)% to $3736/mt, Monthly +0%, YTD +0%:
VanEck Gold Miners ETF +0% to $86.1, Monthly (9.82)%, YTD +0.38%:
VanEck Junior Gold Miners ETF +0% to $107.84, Monthly (13.34)%, YTD (5.22)%:
US Dollar (0.02)% to $101.678, Monthly +1.45%, YTD +3.41%:
CBOE Volatility Index (1.02)% to $18.3, Monthly +1.44%, YTD +10.69%:Precious metals were mixed, with gold advancing while silver declined and the dollar remained flat. HOC reported attributable production of 54,732 gold ounces and 1.5M silver ounces, with Inmaculada tracking toward full-year guidance. FRES produced 10.3M silver ounces and 135,100 gold ounces; both declined sequentially, while full-year guidance remained 42.0M–46.5M silver ounces and 500,000–550,000 gold ounces.
NICU’s Crean Hill pre-feasibility study outlined 11.4M tons of probable reserves, a 12-year mine life, $127.0M of initial capital, a 43.4% after-tax IRR and a $251.0M after-tax NPV at a $5.10/lb copper assumption. TMQ completed its 2026 Upper Kobuk field program, drilling 42 holes totaling approximately 5,200 meters.
