Energy Pre-Market — February 10, 2026
Oil & Gas:
Crude prices are modestly higher this morning, extending yesterday’s gains. WTI crude is up +0.2% to $64.51, and Brent is +0.4% to $69.33. The move comes after a +1.3% rise Monday, supported by geopolitical tension in the Middle East as the U.S. warned commercial vessels to avoid Iranian waters. This concern offset news that production at Kazakhstan’s Tengiz oilfield has recovered to 550,000 bpd.
Natural gas is softer, down 0.5% to $3.124, following Monday’s 8.3% drop as forecasts turned warmer. The consensus for this week’s storage report calls for a historically large draw of (261) Bcf, which would still trail last week’s record (360) Bcf withdrawal. European gas (TTF) is down 3.3% to €32.43/MWh.
The broader energy market remains balanced, with major crude benchmarks showing no clear evidence of oversupply. Industry commentary highlights continued underinvestment in both oil and metals, suggesting the potential for upside in the medium term.
Services:
Energy services are mixed pre-market after yesterday’s sector strength. One driller was downgraded to “hold” on valuation, while another amended its credit terms ahead of upcoming earnings releases.
Refiners:
Refining stocks are under modest pressure after reports of a fire at a ~86,000 bpd facility in Oklahoma that resulted in several injuries.
Upcoming Catalysts:
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Today: EIA Short-Term Energy Outlook (12:00 ET); API inventory data (16:30 ET)
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Wednesday: OPEC Report; DOE Petroleum Status (10:30 ET)
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Thursday: IEA Oil Market Report; Weekly Nat. Gas Storage (10:30 ET)
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Friday: Baker Hughes Rig Count (13:00 ET)
Energy Post-Market — February 9, 2026
Energy stocks kicked off the week higher with the S&P Energy Index +0.84%, comfortably ahead of the broader S&P 500 (+0.14%). Oil prices climbed as WTI settled +1.3% at $64.36 and Brent +1.4% at $69.04, supported by rising geopolitical risk. Product prices also firmed, with gasoline +1.7% to $1.986 and diesel +0.1% to $2.416.
Natural gas closed down 8.3% to $3.138, pressured by mild temperature forecasts. U.S. LNG flows remain elevated near 18.5 Bcf/day, while dry gas output held just below record levels. European gas fell 6.0% to €33.55/MWh as storage sits 37.1% full, still below the 5-year average.
Across equities, exploration & production and integrated energy names advanced, while gas-focused operators lagged. Refiners were mixed following cold-weather impacts on regional facilities. Offshore drillers led services higher on fresh M&A activity, while midstream names remained largely range-bound.
Metals & Mining Pre-Market — February 10, 2026
Market Overview:
Futures point to a mixed open with the S&P 500 flat and the Dow (0.1%), following record highs Monday. Gold and silver are easing modestly ahead of key U.S. economic data later this week.
Metals Snapshot:
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Gold (0.3%) to $5,065.60/oz — Monthly +12.6%, YTD +16.7%
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Silver (0.7%) to $81.69/oz — Monthly +3.0%, YTD +15.7%
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Copper (0.9%) to $5.91/lb — Monthly +0.1%, YTD +4.0%
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Nickel +1.5% to $17,050/mt, Zinc +1.1% to $3,325.50/mt, Aluminum +1.3% to $3,083.50/mt
Gold continues to see strong flows, with India’s gold ETF inflows overtaking equity fund inflows in January amid heightened geopolitical uncertainty.
Company Updates:
Several miners reported strong quarterly production or updated resource estimates across gold, silver, and base metals. Zinc production guidance remains positive, while new copper drill results from South America highlighted high-grade intersections supporting bullish supply-demand dynamics.
Upcoming Data:
Today’s U.S. focus includes the NFIB Small Business Index and Retail Sales (08:30 ET), followed by key labor and inflation data later in the week.
Metals & Mining Post-Market — February 9, 2026
The metals complex surged to start the week, powered by strength in precious metals. Gold settled +2.2% at $5,099.50/oz, silver +8.4% to $83.47/oz, and copper +1.5% to $5.97/lb. Global central bank buying, including continued accumulation from China, remains a key driver.
Broader metals equities rallied with leading gold-miner indices gaining +5.6% to +6.5%, bringing year-to-date performance above +20%. The U.S. dollar softened (0.8%) to 96.86, while volatility eased slightly.
Analysts remain constructive on silver and copper longer term, citing tight supply and rising industrial demand. However, some caution persists around potential short-term silver volatility.
Upcoming macro catalysts — including U.S. CPI, Payrolls, and China’s inflation data — will likely influence metals sentiment for the rest of the week.
