Energy
Oil & Gas – Pricing Snapshot (Pre-Market Feb 25)
| Commodity | Price | Daily Move |
|---|---|---|
| WTI (Apr) | $66.18 | +0.8% |
| Brent (Apr) | $71.39 | +0.9% |
| Natural Gas (Mar) | $2.965 | +1.7% |
| RBOB Gasoline (Mar) | $1.996 | +1.2% |
| ULSD (Mar) | $2.675 | -0.4% |
Oil prices are rebounding modestly in pre-market trading after Tuesday’s pullback, as investors weigh geopolitical headlines and today’s DOE inventory report. Focus remains on U.S.–Iran nuclear talks in Geneva, with diplomacy emphasized but geopolitical risk still elevated. Meanwhile, Kazakhstan’s Tengiz field production is running below plan, and Russian export flows face disruption following reported infrastructure damage.
Inventory data from the API showed a sizable crude build (+11.4M barrels) alongside draws in gasoline and distillates. Markets now look to the official DOE report for confirmation. Tanker rates have surged sharply, with VLCC rates reportedly hitting $200,000 per day, reflecting tighter shipping availability.
Natural gas is higher this morning after a volatile session Tuesday that pushed prices to five-month lows. Weather forecasts continue to call for above-normal temperatures into early March, weighing on demand expectations. LNG export flows remain strong, with U.S. exports recently exceeding 26% of dry gas production.
Energy equities were mixed Tuesday. The S&P 500 Energy sector slightly underperformed the broader market. Refiners outperformed, while select services names rallied strongly on earnings. Offshore and marine service providers continue to show technical strength, with industry indices reaching multi-year highs.
Key catalysts ahead include today’s DOE petroleum report, Thursday’s EIA gas storage data, Friday’s rig count, and Sunday’s OPEC-8 production policy meeting.
Metals & Mining
Metals Snapshot (Pre-Market Feb 25)
| Commodity | Price | Daily Move | YTD |
|---|---|---|---|
| Gold | $5,201.10/oz | +0.5% | +19.8% |
| Silver | $90.23/oz | +3.2% | +27.8% |
| Copper | $5.95/lb | +0.4% | +4.8% |
| Nickel | $17,585/mt | +1.3% | +6.7% |
| Zinc | $3,351/mt | +0.8% | +9.4% |
| Aluminum | $3,077/mt | +0.2% | +3.7% |
| DXY | 97.92 | +0.1% | -0.4% |
| VIX | 19.11 | -2.2% | +30.8% |
Futures are pointing modestly higher this morning, building on Tuesday’s equity rebound. Precious metals are firm again, with gold extending its strong 2026 rally—now up nearly 20% year-to-date—supported by rate cut expectations, tariff uncertainty, and ongoing geopolitical tensions.
Silver is outperforming in early trading, while copper remains steady as investors monitor Chinese steel production cuts aimed at improving air quality ahead of parliamentary meetings. Zimbabwe’s suspension of raw mineral exports is also adding a layer of supply-side uncertainty.
In uranium, sentiment remains constructive after a Final Investment Decision was announced for a new Canadian ISR project, with production targeted for 2028. Analysts continue to project structural uranium deficits later this decade.
On the base metals side, global zinc markets posted a modest deficit in 2025, while U.S. steel imports declined 13% year-over-year—highlighting softer domestic demand conditions.
Mining equities continue to show strength year-to-date, with gold ETF proxies up roughly 29% YTD. Volatility remains elevated compared to last year, but risk appetite has improved following Tuesday’s drop in the VIX.
Investors will be watching upcoming U.S. economic data—including jobless claims and PPI—as well as global inflation prints for further signals on rate policy and industrial demand trends.
