Commodity ETFs were broadly higher on the day, led by strength in natural gas, industrial metals, and mining-focused funds. The standout performer was the natural gas complex, where the ProShares Ultra Bloomberg Natural Gas ETF (BOIL) surged 12.8%, while the United States Natural Gas Fund (UNG) gained 6.4%, reflecting the sharp rally in natural gas prices driven by warmer weather forecasts and supportive storage data. More traditional oil-focused funds were mixed, with the United States Oil Fund (USO) slipping 0.2% despite solid underlying crude fundamentals, while energy service ETFs such as XES declined 1.7%. Within the commodity equity space, base metal and mining ETFs outperformed, with the SPDR S&P Metals & Mining ETF (XME) rising 2.9% and the Global X Copper Miners ETF (COPX) advancing 2.7%, benefiting from continued strength in copper prices. Precious metals funds also posted healthy gains as gold and silver prices moved higher, with silver miner ETFs among the strongest performers. Overall, commodity sentiment remained constructive, as gains across metals and natural gas more than offset weakness in select oil-service and inverse commodity products.
From a flow perspective, investors continued to rotate within the commodity space. Oil and gas exploration ETF XOP attracted approximately $41 million of outflows on the day despite maintaining over $1 billion of net inflows year-to-date, while USO experienced roughly $52 million of redemptions. Leveraged natural gas ETF BOIL saw significant outflows of approximately $243 million, suggesting some profit-taking following its sharp advance. On the inverse side, the ProShares UltraShort Bloomberg Crude Oil ETF (SCO) experienced nearly $882 million of outflows, reflecting reduced demand for bearish crude oil positioning. Meanwhile, commodity mining exposure remained relatively well supported, with COPX attracting nearly $14 million of inflows and the VanEck Rare Earth and Strategic Metals ETF (REMX) adding almost $10 million. Category performance was strongest among precious metal miners (+1.8% average return), base metal miners (+2.2%), industrial metals (+1.2%), and precious metals (+1.2%), while energy-sector ETFs slightly lagged as investors weighed improving supply prospects in global oil markets.
20260529_ETF_Commod_Daily_Returns_Flows
Energy markets are trading softer this morning as crude prices extend this week’s decline amid growing optimism around a potential U.S.-Iran agreement. WTI crude is down 1.7% to $87.38/bbl and Brent is off 1.8% to $92.00/bbl, putting both benchmarks on track for their largest weekly losses since early April. Markets continue to weigh reports of progress in negotiations that could restore shipping through the Strait of Hormuz and potentially increase Iranian supply, although significant disagreements remain. Offsetting some bearish pressure, Kazakhstan’s Tengiz oilfield is experiencing a temporary production outage and Russian fuel infrastructure continues to face disruptions from Ukrainian drone attacks. Natural gas is outperforming, rising 1.0% to $3.316/MMBtu as warmer U.S. weather forecasts, strong LNG demand, and expectations for only modest storage builds support prices near three-month highs. Market participants will focus today on the EIA Petroleum Supply Monthly, EIA Natural Gas Monthly, and Baker Hughes rig count, while Brent July, RBOB June, and ULSD June contracts expire.
In metals, gold is rebounding modestly, up 0.6% to approximately $4,561/oz, supported by geopolitical uncertainty and a softer risk backdrop, although the metal remains on track for a third consecutive monthly decline as persistent inflation concerns continue to dampen expectations for Federal Reserve rate cuts. Copper is down 0.5% to $6.39/lb after a strong month that has seen prices gain nearly 7%, while iron ore remains under pressure as rising coking coal costs squeeze steel producer margins. Market attention remains focused on Chinese commodity demand trends, with upcoming manufacturing PMI data expected to provide further insight into industrial activity. Mining equities are mixed pre-market, with strength in gold producers partially offset by weakness in copper names. Recent analyst commentary suggests near-term support for metallurgical coal prices due to Chinese supply disruptions, though prices are expected to normalize later in the year as additional production capacity returns.
Looking back at Thursday’s session, oil markets were volatile as traders reacted to conflicting headlines surrounding U.S.-Iran ceasefire discussions. Despite a fifth consecutive weekly crude inventory draw reported by the EIA, signs of potential diplomatic progress pressured prices from their intraday highs. U.S. crude inventories fell 3.3 million barrels, gasoline inventories declined for a fifteenth consecutive week, and Cushing stocks dropped to just 23 million barrels, approaching operationally sensitive levels. Natural gas was the standout performer, rallying 6.1% on bullish storage data and warmer weather forecasts. Meanwhile, gold finished up 1.1% and copper gained 1.3%, helping drive another strong session for precious metals equities as broader U.S. equity markets reached fresh record highs.
May 29, 2026:
Energy Pre-Market
- Oil & Gas:
- Pricing
- WTI (1.7%) to $87.38 (July)
- Brent (1.8%) to $92.00 (July)
- Natural gas +1.0% to $3.316 (July)
- RBOB (1.3%) to $3.145 (June)
- ULSD (1.0%) to $3.582 (June)
- Oil: WTI and Brent trade lower following moves of +0.3% and (0.6%) respectively Thursday. The Brent July contract expires after the close while August is trading at $91.05. Both crude benchmarks are tracking towards their largest weekly declines since early-April on increased optimism that a deal between the U.S. and Iran is getting closer. Reports Thursday indicate negotiators for the two sides came up with a framework that would extend the ceasefire and allow shipping through the strait to resume while more granular details of a deal are worked out. VP Vance said the U.S. and Iran are still negotiating over a couple of language points. “We’re not there yet, but we’re very close”. Iran’s parliament head today said Tehran has no plans to transfer enriched uranium outside the country and insists on controlling the Strait. An accident at the Tenzig oilfield on 26-May caused production to decline to 5,000 to 10,000 tons (36K to 75K bpd) from the usual 125,000 tons (920K bpd). Restoration is said to take a week with production being gradually restored according to people familiar with the matter. The decision has been made to postpone maintenance at the Kashagan oilfield in Kazakhstan until 2027 (striking the iron while its hot). Ukraine drone attacks overnight hit Russia’s Volgograd region, causing a fire at fuel storage facilities. India continues to find alternative sources of oil, acquiring 5 million barrels from West Africa. Reports Wednesday had seven VLCC taking Venezuelan crude to India. Saudi Aramco July OSP’s are due 5-June. A Reuters survey of industry sources expects the price of Arab Light to Asia to decline to a $7.50-$12.50/bbl premium vs Oman-Dubai, a $3-$8/bbl decline from June. The last business day of the month brings us updated EIA data for March while Brent July, RBOB June, and ULSD June contracts all expire. The EIA projects March total demand to average 20.528M bpd and oil production to average 13.727M bpd.
- TransMountain Open Season: Trans Mountain Corp. plans a second open season this summer for energy firms to secure long-term capacity on the sole oil pipeline running from Alberta to the British Columbia coast, the company’s chief executive says. The first open season is happening now. Bloomberg .
- Natural gas is up +1.0% to $3.316, its best levels in close to 3 months. HH is testing its 200 DMA, a level it hasn’t closed above since 2-February. Preliminary estimate for EIA storage data week-ending today has a build of +105 to +120 which compares to the 5-year average of +101 Bcf and +92 Bcf last week. Updated NOAA 6-10 and 8-14 day forecasts Thursday afternoon leaned warmer. The last business day of the month tomorrow brings us the EIA Natural Gas Monthly with updated production, consumption, and trade data for March. TTF is roughly unchanged so far this morning.
- Pricing
- E&P:
- SOC A U.S. District Court on Thursday denied the California Department of Parks and Recreation’s bid to stop oil producer Sable Offshore Corp from moving oil on a long-disputed pipeline linked to the Santa Ynez offshore platform. Reuters .
- Services:
- TTI board approves final investment decision for Arkansas bromine production facility
- ERII announces appointment of Alex Buehler as interim president and CEO, effective immediately.
- PUMP was initiated with a buy at Odeon Capital Group.
- Pipelines/LNG/MLP’s:
- NGL FY adjusted EBITDA $660.2M vs FactSet $660.1M, revenue $3.16B vs FactSet $3.15B, EPS from cont ops ($3.50.
- 2027: Adj EBITDA $715-725M vs FactSet $742.7M, $45M maintenance capex, $200M growth capex.
- US Capital Advisors rating changes
- KNTK upgraded to buy from overweight, target to $61 from $51
- WES upgraded to buy from overweight, target to $54 from $49
- VG upgraded to hold from underweight, target to $13 from $750.
- PAA downgraded to overweight from buy, target $26
- PAGP downgraded to overweight from buy, target $26
- TRGP downgraded to overweight from buy, target to $297 from $261
- RBC Capital initiations
- KRP outperform, target $20
- VNOM outperform, target $58
- BSM sector perform, target $16
- NGL FY adjusted EBITDA $660.2M vs FactSet $660.1M, revenue $3.16B vs FactSet $3.15B, EPS from cont ops ($3.50.
- On Deck:
- Friday 29-May
-
-
- EIA Petroleum Supply Monthly
- EIA Natural Gas Monthly
- BKR Rig Count 13:00 ET
- Brent July, RBOB June, and ULSD June contracts all expire
-
-
- Monday 1-June
- SPR update
- Tuesday 2-June
- API data
- RBC Capital Global Energy, Power & Infrastructure Conference
- Wednesday 3-June
- DOE Weekly Petroleum Status Report 10:30 ET
- RBC Capital Global Energy, Power & Infrastructure Conference
- Thursday 4-June
- EIA weekly natural gas storage 10:30 ET
- Friday 5-June
- BKR weekly rig count 13:00 ET
- Saudi Aramco OSP’s
- Sunday 7-June
- OPEC-7 meeting
- Monday 1-June
Metals & Mining Pre Market
- Synopsis:
- Daily update: Following yesterday’s higher close in which the S&P reached new record highs, futures signal a higher start again this morning with the S&P +0.1% and the Dow +0.3% thus far in the pre-market.
- Gold prices are trading higher today but remain on track to post third consecutive monthly decline largely due to ongoing concerns surrounding the inflationary risks and declining rate cut expectations.
- Iron ore prices are on track for a monthly loss as market is assessing the impact on steel margins from a surge in coking coal prices following a fatal steelmaking-coal mine accident in China’s Shanxi province, as per Bloomberg.
- Jefferies expect met coal prices to increase in the short-term due to the Chinese supply disruptions. The firm believes prices should normalize in the $200-240/tonne range over the medium/longer term as major mine restarts including Moranbah North and Grosvenor, while projects from Warrior and Peabody ramp to full capacity.
- Pre-Market: B +0.9%, NEM +0.6%, FCX (0.7%)
- Metals Snapshot:
- Gold +0.63% to $4561.1/oz, Monthly (1.03)%, YTD +5.07%:
- Silver (0.11)% to $75.83/oz, Monthly +3.57%, YTD +7.4%:
- Copper (0.54)% to $6.391/lb, Monthly +6.98%, YTD +12.48%:
- Aluminum (0.08)% to $3735/mt, Monthly +0%, YTD +0%:
- Nickel (0.11)% to $18735/mt, Monthly +0%, YTD +0%:
- Zinc (0.85)% to $3486/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF +0.4% to $87.55, Monthly (1.54)%, YTD +1.64%:
- VanEck Junior Gold Miners ETF +0.8% to $115.78, Monthly (1.63)%, YTD +0.92%:
- US Dollar +0.03% to $99.05, Monthly +0.42%, YTD +0.74%:
- CBOE Volatility Index (0.64)% to $17.86, Monthly (9.43)%, YTD +8.03%:
- Precious Metals:
- SOMA.CN announced that a drill rig has been mobilized to the Escondida Project in Antioquia, Colombia. The maiden drill program on the Escondida Vein and will determine the extent and tenor of gold mineralization beyond the current footprint of the mine. The Phase 1 drill program comprises 21 drill holes for a total of 2,790m of drilling.
- AGX.CN reported results for the Q1/2026 period highlighted by net operating revenues of $13.4M and EBITDA of $6.1M. During the quarter, ore mined totaled 40,946 tonnes as progress towards a run rate of 1,000 tpd is expected by Q3/2026. Cost performance during the quarter reflected an ongoing investment phase aligned with the company’s growth trajectory. Cash costs were $151.71 per tonne processed ($37.84 per AgEq ounce) while the AISC was $213.43 per tonne ($53.24 per AgEq ounce).
- GQC.CN reported assay results from five metallurgical drill holes completed at the company’s wholly-owned Romero Gold-Copper project, located in San Juan Province, Dominican Republic. The assay results confirmed multiple high-grade gold-copper intervals within the Romero deposit. Highlights include 45.01 g/t Au, 14.31 g/t Ag and 2.44% Cu over 38.6m and 17.61 g/t Au, 6.07 g/t Ag and 1.40% Cu over 27.55m.
- LUNR.CN announced that it has completed the acquisition of a life-of-mine silver stream on the Fruta del Norte mine (located in Ecuador) in exchange for the issuance of 50.5M common shares of the company to Lundin Gold LUN.CN. The company also announced that it has received conditional approval to list its common shares on the TSX and graduate from the TSXV.
- On Deck:
- Friday 29th
Economic: Germany Unemployment Rate (04:00), Germany Preliminary CPI y/y (08:00), US Wholesale Inventories (Preliminary) (08:30), US Chicago PMI (09:45)
-
- Saturday 30th
Economic: China Non Manufacturing PMI y/y (21:30), China official Manufacturing PMI y/y (21:30)
May 28, 2026:
Energy Post-Market
- Commodities
- WTI +0.3% to $88.90 (July)
- Brent (0.6%) to $93.71 (July)
- Natural gas +6.1% to $3.285 (July)
- RBOB +1.6% to $3.185 (June)
- ULSD +0.6% to $3.619 (June)
- Oil: WTI and Brent were up +0.3% and down (0.6%) at the bell. Brent July expires tomorrow while the August contract closed at $92.70. Dated Brent today fell to a 2.5 month low of $96.90/barrel. At oil’s close the Dollar Index was down (0.23%) while the S&P 500 was up +0.58%. Early strength came on news the IRGC overnight said they targeted a U.S. airbase after claiming the U.S. struck a position near one of its airbases in southern Iran. The U.S. later confirmed it struck an Iranian drone operation that threatened a U.S. Navy vessel and commercial ship in the Strait. You also had the Kuwait military saying it intercepted several missile and drone threats. WTI and Brent bottomed just below $88 and $93 respectively after Axios reported U.S. and Iranian negotiators have reached an agreement on a 60-day MOU to extend the ceasefire and launch negotiations on Iran’s nuclear program. Crude came off the lows as that MOU has yet to get approval from either Trump (who is said to be thinking about it) or Iran’s supreme leader Khamenei. Iran later denied the story. The DOE Weekly Petroleum status report posted a crude draw of (3.33M), a gasoline draw of (2.57M), a distillate draw of (2.11M), a Cushing draw of (2.8M), while jet fuel stocks build +700K. The 5th straight crude draw incorporated roughly unchanged L48 production, the crude supply adjustment factor rising +1.055M bpd to +224K bpd, refinery crude inputs up +652K bpd, and net crude imports rising +360K bpd with a drop in exports outsizing the decline in imports. It was the 15th straight gasoline draw and the 5th straight week jet fuel production held above 2.0M bpd. Cushing stockpile have drawn five straight weeks, moving within 3.0M barrels of operationally critical levels. Refinery utilization ramped by +2.9% to 94.5%. Crude, gasoline, and distillate stockpiles are now (2.2%), (5.6%), and (10.9%) below their respective 5-year averages. Full summary attached. The last business day of the month tomorrow brings us updated EIA data for March while Brent July, RBOB June, and ULSD June contracts all expire.
- Exxon comments on depleting inventories: SVP Neil Champan at the Sanford Bernstein conference today, discussing declining commercial crude/product stockpiles said “We’re approaching unheard of inventory levels. You can debate whether that’s going to hit really low levels in two or three weeks. Once you get to that point, then you’ll see prices shoot up.” He said dated Brent could hit $150 to $160/barrel.
- Natural Gas closed up +6.1% to $3.285, its best levels in 11 weeks, incorporating weekly storage data, warmer forecasts overnight for the coming two weeks, and some technical buying after pushing up above $3.15. The 12-month strip was up over +4.0% on the session to $3.45. HH RSI at the close was around 67.5. The EIA for week-ended 22-May reported a storage build of +92 Bcf vs consensus +96 Bcf and the 5-year average of +97 Bcf. Working gas rose to 2.483 Tcf, 144 Bcf or +6.2% above the 5-year average vs 149 Bcf or +6.6% above the week-prior. nine weeks in, builds season-to-date stand at +668 Bcf vs the 5-year +524 Bcf. Early-cycle data puts LNG feedgas flows today at 18.08, fractionally higher than final numbers for Wednesday with slight increases in Corpus Christi and Golden Pass volumes offset by slightly weaker Sabine Pass and Calcasieu Pass flows. Production today is tracking towards 107.8 Bcfd. The last business day of the month tomorrow brings us the EIA Natural Gas Monthly with updated data for March. TTF was up +1.0% late in the session Thursday. European storage as of 26-May was at 38.8% of capacity, (26.0%) below the 5-year average.
- Stocks
- The S&P 500 Energy Index (0.13%) vs the S&P 500 +0.58%. The XLE (0.11%). The XOP +0.98% with most oil and all gas E&P’s closing higher, a large majority of both up less than 1.0%. US integrated-majors are led by OXY +0.9% while XOM (0.6%) lagged. The OSX (1.42%), the OIH (1.14%). Service subgroups had offshore drillers slightly higher, the rest lower with proppants and pressure pumpers underperforming. The S&P 1500 R&M Index +1.52%, led by CVI +5.0%, PBF +2.6%, and VLO +1.9%. The Alerian MLP ETF (0.47%).
- Trading Highlights:
- Stocks – Gainers
- +2.4% ~BKR~ (Baker Hughes): announces two significant contract extensions with Equinor
- +2.0% ~CRC~ (California Resources): RBC Capital hosted investor meetings with the CEO and IR head. Discussions centered on the company’s ability to successfully navigate California’s politics and policies. Shares reflect just PDP value, providing significant upside from power, oil & gas growth, CCS, and real estate. Outperform rated.
- +2.0% ~DEC~ (Diversified Energy): was initiated with a buy at Gerdes Energy . Elevated leverage is substantially mitigated as 72% of the company’s debt capitalization is securitized/non-recourse and two-thirds of oil/gas commodity price exposure is hedged through 2030.
- +0.7% ~VAL~ (Valaris): holder Oak Hill Advisors files to sell 1.49M shares.
- +0.2% ~EOG~ (EOG Resources): A solid Q1 report combined with managements reallocation towards oilier assets push TPH&co’s oil estimates higher for the remainder of the year. For 2026, they have production at 550.3 Mboed vs street 549.3 while capex is at $6.58B vs street $6.54B and the guided range of $6.3B-$6.7B.
- +0.1% ~CQP~ (Cheniere Energy Partners): entered into a lump sum, turnkey, engineering, procurement and construction contract with Bechtel Energy, Inc. for the first phase of the SPL (Sabine Pass LNG) Expansion Project. Contract is valued at $4.9B.
- Stocks – Decliners
- -23.9% ~PNRG~ (PrimeEnergy Resources): was downgraded to sell at Freedom Brokers, reflecting weaker revenue and earnings due to persistent Permian Basin nat gas takeaway constraints.
- -5.2% ~FLOC~ (Flowco Holdings): was initiated with a neutral at Citi. They are bullish on the company’s long-term growth prospects, but following a 45% appreciation ytd, they are looking for a better entry point.
- -2.5% ~SLB~ (Schlumberger): announces expands collaboration with Var Energi.
- Stocks – Gainers
- On Deck:
- Friday 29-May
-
-
- EIA Petroleum Supply Monthly
- EIA Natural Gas Monthly
- BKR Rig Count 13:00 ET
- Brent July, RBOB June, and ULSD June contracts all expire
-
-
- Monday 1-June
- SPR update
- Tuesday 2-June
- API data
- RBC Capital Global Energy, Power & Infrastructure Conference
- Wednesday 3-June
- DOE Weekly Petroleum Status Report 10:30 ET
- RBC Capital Global Energy, Power & Infrastructure Conference
- Thursday 4-June
- EIA weekly natural gas storage 10:30 ET
- Friday 5-June
- BKR weekly rig count 13:00 ET
- Sunday 7-June
- OPEC-7 meeting
- Monday 1-June
Related Stories:
Follow-up: Additional details on DOE inventory data
Thursday, May 28, 2026 (GMT)
- Crude stockpiles drew (3.33M) vs API (2.8M) and consensus (5.0M). Gasoline stockpiles drew (2.57M) vs API (3.199M) and consensus (3.0M). Distillate stockpiles drew (2.11M) vs API +1.1M and consensus (2.0M). Cushing drew (2.8M) vs API (2.875M). The crude draw incorporated roughly unchanged L48 production, the crude supply adjustment factor rising +1.055M bpd to +224K bpd, refinery crude inputs up +652K bpd, and net crude imports rising +360K bpd with a drop in exports outsizing the decline in imports. It was the 5th straight crude draw. The 15th straight gasoline stockpile draw incorporated implied demand rising +489K bpd, production ex-adjustments unchanged, and net imports up +17K bpd. The distillate draw incorporated implied demand up +396K bpd, production up +76K bpd, and net imports down (34K) bpd. Jet fuel production held above 2.0M bpd for a record 5th straight week. Cushing declines have been accelerating, taking stockpiles closer to operationally critical levels.
- **** This update and one additional before the EIA will change how data in the Weekly Petroleum Status Report is presented.
- Stockpiles:
- Crude (3.33M) to 441.7M
- Gasoline (2.57M) to 211.6M
- Distillate (2.11M) to 100.8M
- Cushing (2.8M) to 23.0M
- SPR (9.1M) to 365.1M
- Jet fuel +700K to 44.9M
- Refinery utilization +2.9% to 94.5%
- Refinery crude inputs +652K bpd to 16.971M bpd
- Total gross inputs +529K bpd to 17.171M bpd
- Crude supply adjustment factor +1.055M bpd to +224K bpd
- Total products supplied +493K bpd to 20.943M bpd
- Gasoline +489K bpd to 9.256M bpd
- Jet fuel (87K) bpd to 1.693M bpd
- Distillate +396K bpd to 3.948M bpd
- Residual (173K) bpd to 256K bpd
- Propane/Propylene (498K) bpd to 510K bpd
- Other oils +367K bpd to 5.280M bpd
- Production
- US total +13K bpd to 13.715M bpd
- Lower 48 +2K bpd to 13.293M bpd
- Alaska +11K bpd to 422K bpd
- Imports
- Crude (804K) bpd to 5.212M bpd
- Gasoline +8K bpd to 555K bpd
- Distillate (46K) bpd to 127K bpd
- Exports
- Crude (1.164M) bpd to 4.440M bpd
- Gasoline (25K) bpd to 800K bpd
- Distillate (12K) bpd to 1.561M bpd
- Crude stockpiles by PADD
- P1 +900K to 8.6M
- P2 (4.7M) to 103.8M
- P3 unch at 259.2M
- P4 (400K) to 25.4M
- P5 +900K to 44.7M
- Gasoline stockpiles by PADD
- P1 (1.9M) to 53.2M
- P2 (1.3M) to 43.7M
- P3 +1.5M to 81.1M
- P4 unch at 6.7M
- P5 +900K to 44.7M
- Distillate stockpiles by PADD
- P1 (300K) to 23.7M
- P2 (200K) to 23.6M
- P3 (1.3M) to 40.3M
- P4 (400K) to 3.2M
- P5 unch at 10.0M
StreetAccount Sector Summary – Metals & Mining Post Market
- Synopsis:
- Daily update: Following yesterday’s higher close, equities finished higher again with the S&P +0.6% at a fresh record high and the Dow +0.0%. Gold finished +1.1% at $4,529.70/oz, while WTI ended +0.8% at $89.36/bbl.
- Gold prices recovered from morning weakness as reports suggested negotiators have reached a deal to extend the Iran ceasefire.
- Elsewhere, investors also remained focused on the ongoing inflationary concerns after April core PCE came in line with the expectations at +3.3% y/y, which represents the highest level since November 2023.
- HSBC analysts believe further upside for silver is limited as the metal remains overvalued, while Macquarie analysts see meaningful downside risk for silver if the macro situation deteriorates further, as per CNBC.
- In terms of equity research, UBS initiated coverage of Lundin Gold with a buy rating and a price target of C$103. Reuters reported that China’s net gold imports via Hong Kong surged by 81.2% m/m to 86.715 metric tons in April, which represents a thirteenth straight monthly increase.
- The precious metals complex was overall higher with both the GDX and the GDXJ gaining by +2.0%.
- Notable Gainers: HCC +7.8%, AMR +6.4%, HBM +6.2%
- Notable Decliners: CIA.CN (4.0%), PRU.CN (3.4%), ALB (0.6%)
- Metals Snapshot:
- Gold +1.08% to $4529.7/oz, Monthly (1.7)%, YTD +4.33%:
- Silver +1.27% to $75.845/oz, Monthly +1.09%, YTD +7.42%:
- Copper +1.27% to $6.4205/lb, Monthly +6.64%, YTD +13%:
- Aluminum (0.56)% to $3738/mt, Monthly +0%, YTD +0%:
- Nickel +1.05% to $18755/mt, Monthly +0%, YTD +0%:
- Zinc (1.43)% to $3516/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF +2.04% to $87.18, Monthly (5.84)%, YTD +1.64%:
- VanEck Junior Gold Miners ETF +2.02% to $114.83, Monthly (5.47)%, YTD +0.92%:
- US Dollar (0.21)% to $98.995, Monthly +0.51%, YTD +0.68%:
- CBOE Volatility Index (2.44)% to $17.95, Monthly (10.47)%, YTD +8.57%:
- Notable Gainers
- +7.0% FISH.CN (Sailfish Royalty): announced its operating and financial results for the Q1/2026 period. During the quarter, royalty revenue of $999,378 was earned given 8,924 silver ounces earned. Earnings per share amounted to $0.0 for the quarter. Subsequent to March 31, the company received and sold 548.463 ounces of gold for $2.60M pertaining to the Gold Purchase Agreement with Mako Mining Corp.
- +6.2% HBM (HudBay Minerals): announced that the Toronto Stock Exchange has approved its notice of intention to commence a NCIB. Pursuant to the NCIB, Hudbay is authorized to acquire up to a maximum of nearly 19.864M Shares, representing 5% of its issued and outstanding Shares as of May 21, 2026, for cancellation over a 12-month period. Hudbay may begin to purchase Shares on June 1, 2026 and the NCIB will terminate on May 31, 2027.
- +5.4% GWM.CN (Galway Metals): announced preliminary results from its 2026 district-scale airborne geophysical program at the Company’s wholly-owned Clarence Stream Gold Project located in southwest New Brunswick. Preliminary airborne geophysics support the interpretation that the South and Southwest deposits may occur along opposing limbs of a regional-scale fold structure. Initial drilling of the South-Limb Target Trend has commenced, with core logging and sampling underway and assays pending.
- +3.0% CCJ (Cameco): announced on May 27 after the market close that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. Cameco’s FY/2026 consolidated production outlook remains unchanged.
- +2.4% AGI.CN (Alamos Gold): announced that its BOD has declared a quarterly dividend of $0.04 per common share. Additionally, the company repurchased 753,600 shares at a cost of $30.0M, or $39.84 per share, under its NCIB thus far in May 2026. Including the upcoming dividend, the Company has returned $63.6M to shareholders thus far in 2026 through dividends and share buybacks.
- +2.1% WGO.CN (White Gold): announced the commencement of its fully funded 2026 exploration program on its district scale land package in the emerging White Gold District, located in Yukon, Canada. The primary objectives include resource growth and expansion within, adjacent and in close proximity to the company’s known gold resources comprised of the Golden Saddle, Arc, Ryan’s Surprise, and VG deposits. Elsewhere, the company is also advancing its maiden preliminary economic assessment on the White Gold project, which is expected to be delivered in the near term.
- Notable Decliners
- -4.0% CIA.CN (Champion Iron): reported its Q4/2026 results (three-month period ended March 31, 2026) which were highlighted by iron ore concentrate production of 3.4M wmt (+8% y/y), while quarterly iron ore concentrate sales amounted to 3.5M dmt (-1% y/y). Elsewhere, total material mineral and hauled amounted to 20.9M wmt (+3% y/y). Regarding the DRPF project, the initial saleable production is anticipated to occur by the end of June 2026.
- On Deck:
- Friday 29th
Economic: UK Nationwide House Price Index y/y (02:00), Germany Unemployment Rate (04:00), Germany Preliminary CPI y/y (08:00), US Wholesale Inventories (Preliminary) (08:30), US Chicago PMI (09:45)
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- Saturday 30th
Economic: China Non Manufacturing PMI y/y (21:30), China official Manufacturing PMI y/y (21:30)
