Energy
Commodity Pricing
| Commodity | Price | Daily Move | Contract |
|---|---|---|---|
| WTI Crude | $88.83 | -7.3% | Apr |
| Brent Crude | $91.77 | -7.3% | May |
| Natural Gas | $3.114 | -0.3% | Apr |
| RBOB Gasoline | $2.715 | -3.3% | Apr |
| ULSD Diesel | $3.554 | -0.9% | Apr |
Oil prices are pulling back in early trading after a volatile start to the week that saw crude spike dramatically before easing. On Sunday night, markets briefly surged as much as 30% after escalating Middle East disruptions forced significant production shut-ins across several Gulf producers. Estimates suggest between 6 and 7 million barrels per day of regional output has been curtailed as tanker traffic through the Strait of Hormuz remains severely constrained. However, prices retreated Monday and into Tuesday as policymakers began discussing possible countermeasures, including a coordinated release from strategic petroleum reserves by G7 nations.
Geopolitics continues to dominate oil market sentiment. Reports indicate Saudi Arabia, Iraq, the UAE, and Kuwait have all reduced output, while drone attacks have targeted key infrastructure including the UAE’s Ruwais refining complex. Energy officials warn that continued disruptions to shipping routes could have severe consequences for global oil markets. At the same time, diplomatic developments have injected some optimism into markets after comments suggesting the Iran conflict could end sooner than expected. Meanwhile, global demand remains firm, with Saudi Aramco forecasting oil demand growth of roughly 1.1 million barrels per day in 2026. Outside the Middle East, China’s crude imports jumped nearly 16% year-over-year during the first two months of the year as the country continued to build inventories.
Natural gas prices are relatively stable following recent declines, as mild weather and improving LNG export flows offset colder temperature forecasts in some regions. Storage expectations call for a modest weekly draw that remains below historical averages, reflecting softer seasonal demand. Internationally, European natural gas prices have moved sharply lower while Chinese imports are slightly down year over year. Investors will be watching the Energy Information Administration’s Short-Term Energy Outlook later today, along with weekly inventory data later in the week, for updated supply and demand projections.
E&P / Majors
Exploration and production companies saw a mix of operational updates and corporate developments. Amplify Energy reported fourth-quarter adjusted EBITDA slightly above expectations but revenue came in below forecasts, while production was modestly lower than analysts anticipated. ExxonMobil’s board unanimously recommended redomiciling the company from New Jersey to Texas, a move that reflects the growing shift of energy headquarters toward major energy hubs. Elsewhere, Diversified Energy announced a secondary share offering by a large shareholder and GeoPark confirmed it will not increase its bid for Colombian assets being sold by Frontera Energy.
Oilfield Services
Activity across the services segment remained steady. Leadership at Cactus disclosed small insider share sales following recent stock strength. In a notable development, Atlas Energy Solutions announced a long-term framework agreement with Caterpillar covering up to 1.4 gigawatts of incremental power generation equipment scheduled for delivery between 2027 and 2029, highlighting growing demand for power infrastructure tied to energy and industrial development.
Pipelines / MLPs
Midstream companies were relatively quiet but still saw a few capital market developments. Viper Energy filed an automatic mixed shelf registration that allows it to issue securities in the future, while Kimbell Royalty Partners announced a $100 million unit repurchase program, signaling management confidence and continued shareholder return initiatives.
On Deck
Investors will be closely watching several key energy reports over the coming days that could influence commodity markets and sector sentiment.
| Date | Event |
|---|---|
| Mar 10 | EIA Short-Term Energy Outlook; API Petroleum Data |
| Mar 11 | OPEC Monthly Oil Market Report; DOE Petroleum Status Report |
| Mar 12 | IEA Oil Market Report; EIA Natural Gas Storage |
| Mar 13 | Baker Hughes Weekly Rig Count |
Metals & Mining
Metals Snapshot
| Commodity | Price | Daily Move | Monthly | YTD |
|---|---|---|---|---|
| Gold | $5,188.70/oz | +1.7% | +3.1% | +19.5% |
| Silver | $88.56/oz | +4.8% | +10.1% | +25.3% |
| Copper | $5.91/lb | +1.1% | 0.0% | +4.0% |
| Nickel | $17,475/mt | +0.3% | +1.8% | +4.9% |
| Zinc | $3,362.80/mt | +1.1% | -0.7% | +8.4% |
| Aluminum | $3,339/mt | -1.3% | +11.2% | +14.8% |
| GDX | $103.37 | +0.9% | -0.5% | +19.4% |
| GDXJ | $138.27 | +0.8% | +0.7% | +20.6% |
| DXY Dollar Index | $98.67 | -0.5% | +1.9% | +0.3% |
| VIX | $24.79 | -2.8% | +39.4% | +65.9% |
Metals markets are trading mostly higher as investors balance geopolitical risk, currency movements, and shifting expectations around inflation and interest rates. Gold is gaining support from a weaker U.S. dollar and easing inflation concerns following signals that geopolitical tensions in the Middle East may begin to de-escalate. Precious metals have been one of the strongest performing asset classes so far this year, with both gold and silver posting substantial year-to-date gains as investors continue to seek diversification and protection against macro uncertainty.
Base metals are showing mixed performance. Copper continues to trend modestly higher on expectations of steady industrial demand, while aluminum has pulled back from a four-year high after supply concerns tied to Middle East disruptions began to ease. Meanwhile, China remains a major driver for commodity markets. The country’s exports of rare earth minerals rose 23% year-over-year during the first two months of 2026, highlighting continued global demand for materials tied to advanced manufacturing, electronics, and clean energy technologies.
Precious Metals
Exploration activity in the gold sector remains active. Banyan Gold reported additional drilling results at its AurMac project in Canada’s Yukon region, highlighting several intercepts containing high-grade gold mineralization. Meanwhile, Jaguar Mining received final regulatory approval to begin operations at the Turmalina Mine in Brazil, clearing the last hurdle before ramping production at its broader MTL mining complex.
Base Metals
Corporate activity also continues across the base metals space. Uranium Energy reported quarterly results showing strong realized prices due to its unhedged strategy, while continuing to expand production capacity at several projects. Lundin Mining also announced acquisitions that increase its ownership in a Chilean copper project and boost its expected 2026 attributable copper production.
On Deck
| Date | Event |
|---|---|
| Mar 10 | US NFIB Small Business Index; US Existing Home Sales |
| Mar 11 | US CPI Inflation Data |
| Mar 12 | US Jobless Claims; Housing Starts; EIA Natural Gas Inventories |
Economic data later this week, particularly the U.S. inflation report, could influence both the direction of the U.S. dollar and investor appetite for commodities and mining equities.
