General Commodities
Broad commodity funds showed mixed performance in the latest reported session. PDBC declined 0.40%, while DBC fell 0.53%. DBC recorded approximately $11.86 million in one-day outflows, compared with no reported one-day flow for PDBC. Materials outperformed broad commodity benchmarks, with XLB gaining 0.78% and attracting $41.12 million in inflows. The contrast reflected firmer metals-related equity performance alongside weakness in energy and diversified commodity exposure.
Oil & Gas
Energy equities declined despite selective strength in oil services. XLE fell 2.05%, XOP dropped 2.37%, and IEO lost 3.53%, while OIH advanced 1.61% and XES gained 1.43%. XLE attracted $107.93 million in one-day inflows despite its negative return, while XOP recorded $20.48 million in outflows. Oil-linked USO declined 1.41% but attracted $49.94 million in inflows. Natural gas exposure was mixed, with UNG gaining 0.84% and leveraged BOIL falling 2.24%.
Metals
Precious metals and mining equities were comparatively stronger in the latest ETF session. GLD rose 1.21% and attracted $110.63 million in one-day inflows, while SLV gained 1.03%. Gold miners outperformed bullion, with GDX advancing 2.68% and attracting $24.30 million. Copper mining equities were particularly strong, as COPX gained 3.89%, although the fund recorded $28.27 million in one-day outflows. These figures illustrate the distinction between positive fund returns and investor withdrawals.
General Commodities
The October 28 pre-market commentary described a mixed equity-market backdrop ahead of the Federal Reserve’s policy announcement at 2:00 p.m. ET. Inflation concerns and expectations of higher-for-longer interest rates weighed on precious metals futures, while oil prices rebounded amid renewed Middle East supply concerns. Investors were also awaiting the Department of Energy’s weekly petroleum report, natural gas inventory figures and additional corporate earnings.
Oil & Gas
Oil and Gas Pricing
WTI +1.9% to $101.74 (Dec)
Brent +1.3% to $115.32 (Dec)
Natural gas +2.5% to $2.764 (Nov)
RBOB +0.2% to $3.144 (Nov)
ULSD +0.4% to $4.795 (Nov)Oil futures recovered following Tuesday’s declines, supported by concerns about potential renewed attacks involving Iran and reported disruptions around Saudi Arabia’s Ras Tanura refinery. API data indicated a 2.031 million-barrel crude inventory draw, alongside gasoline and distillate builds. Natural gas strengthened ahead of the November contract’s expiration, although above-normal temperature forecasts presented a potential demand headwind.
Corporate earnings remained active across the energy sector. EQT, Range Resources and Expand Energy reported quarterly earnings above expectations, while Baker Hughes posted adjusted EPS of $0.70 against a $0.61 forecast. Refiners Phillips 66 and HF Sinclair also exceeded earnings expectations. ONEOK raised its 2026 adjusted EBITDA and net income guidance, citing stronger Permian volumes.
Metals
Gold and silver futures retreated in the October 28 pre-market session as inflation concerns and expectations for restrictive monetary policy continued to influence sentiment. The Federal Reserve was widely expected to hold rates steady, while Australian inflation data increased expectations of a November rate hike by the Reserve Bank of Australia.
Metals Pricing
Gold (0.34)% to $4060.9/oz, Monthly (6.02)%, YTD (6.45)%:
Silver (1.18)% to $53.87/oz, Monthly (16.87)%, YTD (23.7)%:
Copper (0.09)% to $6.6465/lb, Monthly (1.77)%, YTD +16.97%:
Aluminum +1% to $3078/mt, Monthly +0%, YTD +0%:
Nickel (0.61)% to $15440/mt, Monthly +0%, YTD +0%:
Zinc +0.69% to $3927/mt, Monthly +0%, YTD +0%:
VanEck Gold Miners ETF +0% to $83.19, Monthly (10.42)%, YTD (3.01)%:
VanEck Junior Gold Miners ETF +0% to $103.43, Monthly (14.6)%, YTD (9.1)%:
US Dollar +0.05% to $102.373, Monthly +1.39%, YTD +4.12%:
CBOE Volatility Index (0.01)% to $18.95, Monthly +8.26%, YTD +14.62%:Mining exploration updates included GoldMining’s planned 6,000-meter infill drilling program at São Jorge in Brazil, additional gold-copper intercepts at P2 Gold’s Gabbs project in Nevada, and further drilling results from Banyan Gold, Newcore Gold and Scottie Resources. The updates highlighted continuing exploration activity despite weaker pre-market precious metals prices.
