Daily Trading Update

Editors @ ETF Commodities
January 29, 2026

1/29/2026 Energy Pre-Market:

Energy Pre-Market

Oil & Gas:
- Pricing
  - WTI +2.4% to $64.72 (Mar)
  - Brent +2.3% to $69.96 (Mar)
  - Natural gas +4.4% to $3.897 (Mar)
  - RBOB +1.3% to $1.917 (Feb)
  - ULSD (1.6%) to $2.622 (Feb)
- Oil: WTI and Brent trade up to their best levels in over four months on a further escalation of tensions with Iran. The Dollar Index is down (0.04%) to 96.24 after a +0.49% move yesterday that took it off multi-year lows. On Iran, Reuters sources say Trump is considering options that include strikes on that nation’s security forces and leaders to inspire protestors to potentially topple Iran’s rulers. Axios reports Israeli officials came to D.C. to share intelligence on possible targets in Iran and that Saudi Arabia officials are headed to Washington to discuss the situation. Citi today said the potential for Iran getting hit has escalated the geopolitical premium of oil prices by potentially $3 to $4/barrel and that further escalation could push Brent to as high as $72 over the next three months. On Ukraine/Russia talks, the Kremlin today said “no comment” on reports the two nations have agreed on a ceasefire regarding energy infrastructure. Oil product inventories in Singapore fell by 2.394M barrels w/w to 45.443M. Brent March, RBOB February, and ULSD February contracts all expire tomorrow afternoon. Brent April trades at $68.84, RBOB March is at $1.932, ULSD is at $2.448.
- Natural gas is up +4.4% to $3.897 with March becoming the front-month. That contract was up +19.1% on the month going into this morning. EIA storage data for week-ended 23-January is due at 10:30 ET with consensus looking for a draw of (231) Bcf which compares to the 5-year average of (208) Bcf. Working gas heading into the update stands at 3.065 Tcf, 177 Bcf or +6.1% above the 5-year average. Preliminary data for Thursday has LNG feedgas flows recovering up to 19 Bcf from their drop below 13 Bcf earlier in the week due to winter storm Fern. Production today also continues its recovery to just under 103.0 Bcfd from a low of around 93 Bcfd over the weekend. This week, there have been a few imported cargoes of LNG to the U.S. in an attempt to capture record high domestic prices. LSEG data had LNG companies sent cargoes to the Elba Island in Georgia and Cove Point in Maryland. TTF is up +2.0% to 39.26 euros per MWh.
E&P/Majors:
- MUR Q4 EPS $0.14 ex-items vs FactSet ($0.05), EBITDAX $352.4M vs FactSet $340.0M, capex $340.8M vs FS $373M. Initial market sentiment overall is negative on the update.
  - Q4 production 181.4 Mboe/d vs FactSet 182.0 Mboe/d.
  - 2025 production guidance midpoint pf 171 Mboed compares to consensus 184.3M.
  - 2025 capex guide midpoint is slightly above street.
  - Increases quarterly dividend by 7.7% to $0.35 from $0.325.
- CNX Q4 adj EBITDAX, production, and adj net income beat.
  - 2026 guidance. Adj EBITDA beat, capex and FCF missed while consensus for total production falls within the provided range.
  - Announce new $2B buyback program.
- OVV and NuVista Energy receive Investment Canada Act approval related to proposed merger.
- BKV discloses Banpu Power Public shareholders approved pending acquisition of one-half of limited liability company interests of BKV-BPP Power.
- MGY increases quarterly dividend by 10.0% to $0.165 from $0.15.
- GTE reports year-end reserves, was downgraded by Roth Capital to neutral.
Services:
- LBRT Q4 adj EBITDA $157.5M vs FactSet $106.9M, revenue $1.04B vs FactSet $881.8M, EPS ($0.05) ex vs FS ($0.17). Announced acceleration of Power Services business to 3 GW by 2029. Management said “Within NAM oil and gas markets, conditions have now stabilized after a protracted period of softening activity”. Initial market sentiment is overall positive on the update.
- NE completes sale of five jackup rigs to Borr Drilling for $360M.
- OIS announced that it has entered into a restated credit agreement which provides for total commitments of $125M.
Refiners:
- VLO Q4 EPS $3.82 ex-items vs FS $3.27, revenue $30.37B vs FS $28.51B, throughputs beat, capex beat.
Pipelines/MLP’s:
- CQP declares quarterly distribution of $0.83/unit.
On Deck:
- Thursday 29-January
  - EIA weekly nat gas storage data 10:30 ET
- Friday 30-January
  - Baker Hughes weekly rig count 13:00 ET
  - EIA Petroleum Supply Monthly
  - EIA Natural Gas Monthly
  - Brent March, RBOB Feb, and ULSD Feb contracts all expire.
  - Earnings pre-market CVX, XOM
  - Brent March, RBOB Feb, and ULSD Feb contracts expire
- Sunday 1-February
  - OPEC-8 meeting to review market conditions
- Monday 2-February
  - SPR update
  - Earnings pre-market HESM
- Tuesday 3-February
  - API stockpile data 16:30 ET
  - Earnings pre-market EPD, MPC, MPLX, RES
  - Earnings post-market NGL, WFRD
- Wednesday 4-February
  - DOE WPSR 10:30 ET
  - Earnings pre-market PSX
  - Earnings post-market CLB, NOV, PTEN
- Thursday 5-February
  - EIA weekly nat gas storage 10:30 ET
  - Earnings pre-market COP, HP
  - Earnings post-market MGY
- Friday 6-February
  - Baker Hughes weekly rig count 13:00 ET
  - Earnings pre-market PAA, PAGP

1/28/2026 Energy Post-Market:

Energy Post-Market

Commodities
- WTI +1.3% to $63.21 (Mar)
- Brent +1.2% to $68.40 (Mar)
- Natural gas +7.3% to $7.460 (Feb)
- RBOB +1.4% to $1.89 (Feb)
- ULSD +0.7% to $2.662 (Feb)
Oil: WTI and Brent added to gains of +3.0% Tuesday, incorporating a slight rebound in the Dollar Index, updates on the Tengiz oilfield in Kazakhstan, ongoing production disruptions from Fern, and the DOE Weekly Petroleum Status Report. It was the highest close for both benchmarks since late-September. At oil’s close the Dollar Index was up +0.49% to 96.525 while the S&P 500 was down (0.21%). As expected, the Fed left interest rates unchanged. Trump this morning said time is running out for Iran to work out a deal on its nuclear program and that the next attack on Iran would be worse than the strikes on nuclear sites. Iran officials responded by saying any strike on Iran, even if limited, would be a declaration of war. Energy Aspects estimates 600K bpd of L48 production is offline today due to weather disruptions with 250K bpd in the Permian. Kazakhstan’s biggest oilfield, Tengiz, is likely to have restored less than half of its normal production by February 7 as it slowly recovers from a fire and power outage, two sources familiar with the matter told Reuters. Total field capacity is 900K bpd. The DOE Weekly Petroleum Status Report posted a crude draw of (2.3M) barrels that was bolstered by net crude imports falling by over (1.7M). Gasoline stockpiles build for an 11th straight week, but only by +224K bpd, while distillate stocks rose +329K. Crude production in the L48 fell an estimated (42K), likely on North Dakota shut-ins related to winter storm Fern. Refinery utilization dropped (2.4%) to 90.9%, led lower by a (4.6%) drop in padd 3. A Bloomberg source familiar with the matter said Saudi Arabia’s 550K bpd Ras Tanura refinery will go offline for 55 days beginning 1-February for scheduled maintenance. That would free up roughly 550K bpd of capacity that could find its way into global markets.
Natural Gas: The February contract closed up +7.3% to $7.460 and expired while March closed down (2.3%) to $3.732. The February contract rose +140.4% over the last seven sessions to its highest close since September-2022. Early-cycle data for today has LNG feedgas flows running at 17.0 Bcfd, up 2.5 Bcf d/d on better volumes across several USGC facilities including Sabine Pass, Plaquemines, Corpus Christi, and Freeport as the impact from winter storm Fern abates. Production is on track to rise for a third day in a row to 97.2 Bcfd according to BTU Analytics. The EIA said coal-fired electricity generation rose +31% this week compared to last week to meet demand driven by winter storm Fern. LSEG estimates demand will average 169.2 Bcfd this week and 155.0 Bcfd next week, the latter is higher compared to Tuesday. We get EIA storage data for week-ended 23-January tomorrow with consensus looking for a draw of (232) Bcf which compares to the 5-year average of (208) Bcf. TTF closed down (2.8%) to 38.55 euros per MWh. European storage as of 26-Jan was at 44.2% of capacity, (24.8%) below the 5-year average.
- NOAA forecasts: The 6-10 day Wednesday afternoon was slightly colder d/d, specifically Northern New England and MI. The 8-14 day was roughly unchanged. Both have above-normal temps for everywhere west of the Mississippi (ex-TX) while most locations east of the river are seen below-normal.
Stocks
- The S&P 500 Energy Index +0.74% vs the S&P 500 (0.01%). The XLE +0.77%. The XOP +1.26% with the vast majority of oil and gas E&P’s closing higher, the latter outperforming. US integrated-majors are all higher, COP +1.5% outperforming. The OSX (2.33%), the OIH (2.11%). Service subgroups all traded lower with capital equipment-manufacturing, pressure pumpers, and marine-subsea names lagging. The S&P 1500 R&M Index +0.78%, led by PARR +3.3%, DINO +1.6%, and PSX +1.5%. The Alerian MLP ETF +0.52%. RBC Capital on Midstream has commodity prices and production curtailments driving most estimate changes. Still likes the nat gas growth story and looks to key themes of Permian gas takeaway capacity constraints, the outlook for Permian crude production, and global LNG supply-demand dynamics. Favored names into earnings are WMB +2.2% on expectations for an increased LT EBITDA growth outlook at its February analyst event, and TRGP +3.1%, driven by anticipated strong 4Q25 results and 2026 guidance.
Trading Highlights:
- Stocks – Gainers
  - +1.6% ~ET~ (Energy Transfer): increased quarterly distribution by 0.6% to $0.335 from $0.333.
  - +1.6% ~KMI~ (Kinder Morgan): Kinder Morgan upgraded to hold from sell at Freedom Broker; target remains $32. Shares are currently trading near fair value with limited upside potential.
  - +0.9% ~PAA~ (Plains All American Pipeline): ~PAGP~ Stifel trimmed Q4 EBITDA estimates by 2% though 2026 EBITDA was roughly unchanged. Maintain buy ratings and $20 targets.
  - +0.2% ~BKR~ (Baker Hughes): Citi raised their 2026 EBITDA estimate by +4.0% to $5.0B and 2027 EBITDA +1.0% to $5.2B following its earnings release.
  - Capital One Securities/E&P’s they want to own or are cautious on going into Q4 prints
    - AR +0.2% – Want to own. Comments on HG acquisition should be a tailwind.
    - EXE +0.8% – Want to own. Expecting solid print all around while expectations don’t seem too high.
    - CNX 0.0% – Cautious. Are not concerned about Q4, but believe 2026 capex consensus need to go nearly 10%.
    - COP +1.5% – Cautious. Oil production estimates look too optimistic.
    - EOG +2.2% – Cautious. Don’t expect any big surprises with Q4, but difficult to see outperformance near-term as long as the investor narrative of deteriorating well productivity in the Delaware Basin persists.
  - Piper Sandler E&P Preview: Oil equities have remained resilient despite expected inventory builds, as macro and geopolitical risks dominate and investors worry a supply-driven entry point may never materialize. Gas equities appear to be pricing a partial retracement of the weather-driven futures spike, with strong 4Q25 results, increased FY26-27 hedging, and 1Q26 Fern volume impacts in focus. EXE +1.2% and CTRA +1.3% remain preferred plays. Estimate E&Ps are pricing in ~$59/bbl WTI and ~$3.55/MMBtu NYMEX gas (vs. $60/$3.30 in mid-December), with flat FY26 spending expected to drive ~2% oil and ~4% gas production growth, broadly consistent with the post-3Q25 outlook. Preferred plays listed below
    - EXE +0.9%
    - CTRA +1.0%
- Stocks – Decliners
  - -5.8% ~NGS~ (Natural Gas Services Group): announced retirement plans of Chairman Emeritus and director Stephen Taylor.
  - -3.6% ~SLB~ (Schlumberger): has been awarded two five-year contracts by Petroleum Development Oman (PDO) to supply wellheads and artificial lift technologies for operations in Block-6.
  - -1.7% ~NE~ (Noble Corp.): Barclays notes new contracts announced this week highlight broad-based demand for deepwater rigs.
  - -0.9% ~SR~ (Spire): Stifel maintained hold, raised target to $87 from $81 and estimates to incorporate the Piedmont Natural Gas Tennessee acquisition.
  - -0.5% ~SM~ (SM Energy): Shareholders approved SM Energy and Civitas merger.
Post-close News:
- CQP declares quarterly distribution of $0.83/unit.
- MUR increases quarterly dividend by 7.7% to $0.35 from $0.325.
On Deck:
- Thursday 29-January
  - EIA weekly nat gas storage data 10:30 ET
  - Earnings pre-market CNX, VLO
- Friday 30-January
  - Baker Hughes weekly rig count 13:00 ET
  - EIA Petroleum Supply Monthly
  - EIA Natural Gas Monthly
  - Brent March, RBOB Feb, and ULSD Feb contracts all expire.
  - Earnings pre-market CVX, XOM
  - Brent March, RBOB Feb, and ULSD Feb contracts expire
- Sunday 1-February
  - OPEC-8 meeting to review market conditions
- Monday 2-February
  - SPR update
  - Earnings pre-market HESM
- Tuesday 3-February
  - API stockpile data 16:30 ET
  - Earnings pre-market EPD, MPC, MPLX, RES
  - Earnings post-market NGL, WFRD
- Wednesday 4-February
  - DOE WPSR 10:30 ET
  - Earnings pre-market PSX
  - Earnings post-market CLB, NOV, PTEN
- Thursday 5-February
  - EIA weekly nat gas storage 10:30 ET
  - Earnings pre-market COP, HP
  - Earnings post-market MGY
- Friday 6-February
  - Baker Hughes weekly rig count 13:00 ET
  - Earnings pre-market PAA, PAG

Related Stories:

Follow-up: Additional details on DOE inventory data
Wednesday, January 28, 2026 (GMT)

Crude stockpiles drew (2.3M) vs API (247K) and consensus +1.75M. Gasoline stockpiles built +224K vs API (415K) and consensus +1.30M. Distillate stockpiles +329K vs API +2.0M and consensus (550K). Cushing (300K) to 24.8M. The crude draw incorporated net imports dropping (1.706M) bpd with exports higher and imports lower, the crude supply adjustment factor +457K bpd to +455K bpd, refinery crude inputs falling (395K) bpd to 16.209M bpd while L48 production fell an estimated (42K) bpd as freeze-offs in North Dakota began later in the week. While small, gasoline stockpiles build for an 11th straight week, incorporating implied demand rising +923K bpd, net imports rising +62K bpd, while production ex-adjustments rose +156K bpd. The distillate build incorporated implied demand rising +544K bpd, net imports rising +381K bpd, and production falling (268K) bpd. Refinery utilization dropped (2.4%) to 90.9%, led lower by a (4.6%) drop in padd 3. Impacts from winter storm Fern will be more pronounced in the next update.
Stockpiles:
- Crude (2.3M) to 423.8M
- Gasoline +224K to 257.2M
- Distillate +329K to 132.9M
- Cushing (300K) to 24.8M
- Jet fuel +700K to 43.0M
- SPR +500K to 415.0M
Refinery utilization (2.4%) to 90.9%.
Refinery crude inputs (395K) bpd to 16.209M bpd
Total gross inputs (437K) bpd to 16.510M bpd
Crude supply adjustment factor +457K bpd to +455K bpd
Total products supplied +503K bpd to 20.675M bpd
- Gasoline +923K bpd 8.757M bpd
- Jet fuel (287K) bpd to 1.373M bpd
- Distillate +544K bpd to 4.069M bpd
- Residual +57K bpd to 386K bpd
- Propane/Propylene (16K) bpd to 1.500M bpd
- Other oils (719K) bpd 4.592M bpd
Production
- US total (36K) bpd to 13.696M bpd
- Lower 48 (42K) bpd to 13.266M bpd
- Alaska +6K bpd to 430K bpd
Imports
- Crude (805K) bpd to 5.642M bpd
- Gasoline (48K) bpd to 364K bpd
- Distillate +38K bpd to 253K bpd
Exports
- Crude +901K bpd to 4.589M bpd
- Gasoline (110K) bpd to 4.589M bpd
- Distillate (343K) bpd to 956K bpd
Crude stockpiles by PADD
- P1 +500K to 7.3M
- P2 (500K) to 108.0M
- P3 (100K) to 237.9M
- P4 (1.1M) to 23.7M
- P5 (1.1M) to 46.8M
Gasoline stockpiles by PADD
- P1 +1.2M to 64.4M
- P2 +1.1M to 60.0M
- P3 (1.3M) to 93.3M
- P4 +200K to 9.0M
- P5 (1.0M) to 30.5M
Distillate stockpiles by PADD
- P1 +700K to 34.5M
- P2 (200K) to 32.0M
- P3 +100K to 50.8M
- P4 (100K) to 4.0M
- P5 (200K) to 11.7M

1/29/2026 Metals & Mining Pre-market:

Metals & Mining Pre Market

Synopsis:
- Daily update: Following yesterday’s flat close, futures signal a higher start this morning with the S&P +0.1% and the Dow +0.1% thus far in the pre-market.
- Gold and silver are trading at fresh record highs today largely driven by the escalating geopolitical tensions and a weakness in the US dollar. Note that gold surpassed the $5,500/ounce level for the first time ever, while silver prices briefly crossed the $120/ounce level for the first time ever.
- Copper prices also reached the $14,000/ton level on the LME for the first time ever amid speculative trading in China, as per Bloomberg.
- The World Gold Council reported that total gold demand, including OTC, exceeded 5,000t for the first time during 2025 which yielded an unprecedented value of $555B (+45% y/y). Elsewhere, global gold ETF holdings grew 801t (second strongest year on record), while bar and coin buying accelerated to reach a 12-year high.
- In terms of equity research, JP Morgan initiated Barrick Mining Corporation at overweight with a target of $68 and also initiated Agnico Eagle Mines at neutral with a target of $248. UBS upgraded Warrior Met Coal to buy from neutral with an increased target of $108 from $100. National Bank Financial downgraded HudBay Minerals to sector perform from outperform with increased target of C$40 from C$28.
- Pre-Market: FCX +5.7%, B +1.9%, NEM +1.3%
Metals Snapshot:
- Gold +4.1% to $5,525.70/oz, Monthly +27.1%, YTD +27.2%
- Silver +4.6% to $119.36/oz, Monthly +68.6%, YTD +68.3%
- Copper +6.9% to $6.32/lb, Monthly +13.8%, YTD +11.4%
- Nickel (0.7%) to $18,200/mt, Monthly +14.8%, YTD +10.4%
- Zinc +2.0% to $3,359/mt, Monthly +9.9%, YTD +9.6%
- Aluminum +2.9% to $3,259/mt, Monthly +11.9%, YTD +9.8%
- GDX +1.1% to $113.39, Monthly +30.6%, YTD +30.8%
- GDXJ +1.1% to $152.05, Monthly +32.2%, YTD +32.2%
- DXY (0.1%) to $96.38, Monthly (1.7%), YTD (2.0%)
- VIX +2.4% to $16.75, Monthly +15.1%, YTD +9.4%
Precious Metals:
- MUX announced that it has entered into a Definitive Agreement on January 28, 2026 in respect to a proposed transaction, whereby McEwen would acquire all of the issued and outstanding shares of Golden Lake Exploration Inc GLM.CN by way of plan of arrangement. Golden Lake’s principal asset is its wholly-owned Jewel Ridge and Jewel Ridge West projects located adjacent to McEwen’s Windfall and Lookout Mountain discoveries, part of the Gold Bar Mine Complex in Nevada.
- GSVR.CN announced consolidated 2026 drilling guidance from the company’s five wholly owned producing underground mines in Mexico. Total planned drilling for 2026 of approximately 75,000m (of which, 30,000m infill) representing a 731% increase from 2025.
- EDV.CN reported its preliminary financial and operating results for Q4/2025 and FY/2025. The company announced quarterly gold production of 298,000 ounces at an AISC of about $1,650/ounce. Elsewhere, the FY/2025 production amounted to 1,209K ounces (+10% y/y). Regarding the FY/2026 outlook, gold production is expected between 1,090K-1,265K ounces.
- GAU.CN reported the latest results from the 2025 Abore drilling program, which was completed in December 2025 at the Asanko Gold Mine in Ghana. Highlight assays included 14.2 g/t Au over 15m and 30.4 g/t Au over 4m. An initial 2026 exploration budget of $17M has been approved by the Galiano BOD.
Base Metals:
- LUN.CN pre-announced certain items impacting the company’s earnings, adjusted EBITDA, adjusted earnings and adjusted EPS for the Q4/2025 period. Revenue in the quarter is expected to be positively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $83M on a pre-tax basis. These adjustments primarily include upward adjustments in relation to prior period copper and gold sales.
- CIA.CN reported Q3/2026 (three months ended December 2025) results highlighted by production of 3.7M wmt of high-grade 66.5% Fe concentrate, record sales of 3.9M dmt, revenues of $472M, net income of $65M, EBITDA of $152M and EPS of $0.12.
- ANTO.LN released its Q4/2025 production report which was highlighted by copper production of 177,000 tonnes (+9.4% q/q) and gold production of 66,300 ounces (+23% q/q). Regarding the FY/2026 outlook, copper production is expected between 650,000-700,000 tonnes and gold production is expected between 215,000-235,000 ounces.
On Deck:
- Thursday 29th

Economic: Eurozone M3 Money Supply y/y (04:00), Eurozone Economic Sentiment Indicator (05:00), US Initial Jobless Claims (08:30), US Continuing Claims (08:30), US Productivity (revised) (08:30), US Unit Labor Costs (revised) (08:30), US Wholesale Inventories (Preliminary) (08:30), US Wholesale Inventories (Preliminary) (08:30), US Wholesale Inventories (Preliminary) (08:30), US Wholesale Inventories (Preliminary) (08:30), US Wholesale Inventories (Preliminary) (08:30), US Wholesale Inventories (Preliminary) (08:30), US Trade Balance (08:30), US Factory Orders (10:00)

- Friday 30th

Economic: Germany Preliminary GDP y/y (02:00), UK Nationwide House Price Index y/y (02:00), Germany Unemployment Rate (03:00), Eurozone Preliminary GDP y/y (05:00), Eurozone Unemployment Rate (05:00), US PPI ex Food, Energy (08:30), US PPI (08:30), US Chicago PMI (09:45), China Non Manufacturing PMI y/y (20:30), China official Manufacturing PMI y/y (20:30)

- Saturday 31st

Economic: Germany Preliminary CPI y/y (02:00)

- Monday 2nd

Economic: Germany Retail Sales y/y (02:00), US PMI Manufacturing Final (09:45), US ISM Manufacturing Index (10:00)

1/28/2026 metals & Mining Post-Market:

Metals & Mining Post Market

Synopsis:
- Daily update: Following yesterday’s mixed close, equities finished flat with the S&P (0.0%) and the Dow +0.0%. Gold finished +6.0% at $5,382.30/oz, while WTI ended +1.5% at $63.35/bbl.
- Today’s focus was on the January FOMC meeting as the Fed kept interest rates unchanged at 3.50-3.75%, as expected. There were two descents, both in favor of a 25-bps rate cut.
- Gold and silver prices rally intensified post-FOMC decision and Fed Chair Powell’s commentary with futures +6.0% and +10.4% respectively. Note that gold prices surpassed the $5,300/ounce level for the first time ever.
- Bloomberg reported that Chinese precious metals investors are becoming increasingly exposed to risks, as speculative demand has pushed local gold and silver prices well above the international benchmarks. The UBS SDIC Silver Futures Fund LOF trading was halted this morning. Its premium over the Shanghai Futures Exchange silver contracts remains elevated at 36%, according to data compiled by Bloomberg.
- In terms of equity research, Roth Capital upgraded Energy Fuels to neutral from sell with an increased target of $15.50 from $13. UBS downgraded Nucor to neutral from buy with an increased target of $183 from $168.
- Goldman Sachs upgraded its H1/2026 LME aluminium price forecast to $3,150/ton (from $2,575/ton previously) citing investor confidence that current high prices will not lead to rapid supply growth. The bank does not expect the aluminium price to remain above $3,000/ton and believes acceleration in supply growth will coincide with a slowdown in global demand growth in 2026.
- The precious metals complex was broadly higher with both the GDX and the GDXJ gaining by +2.6% and +2.0% respectively.
- Notable Gainers: UUUU +14.7%, DNN +9.4%, GFI +9.0%
- Notable Decliners: ALB (5.1%), CRS (5.0%), LAC.CN (4.7%)
Metals Snapshot:
- Gold +6.0% to $5,382.30/oz, Monthly +18.3%, YTD +24.1%
- Silver +10.4% to $116.42/oz, Monthly +51.5%, YTD +65.7%
- Copper +2.1% to $5.98/lb, Monthly +2.5%, YTD +5.3%
- Nickel (1.0%) to $18,335/mt, Monthly +18.8%, YTD +11.2%
- Zinc (1.1%) to $3,293/mt, Monthly +7.6%, YTD +7.5%
- Aluminum (0.8%) to $3,166.50/mt, Monthly +8%, YTD +6.7%
- GDX +2.6% to $112.16, Monthly +22.9%, YTD +30.8%
- GDXJ +2.0% to $150.42, Monthly +23.7%, YTD +32.2%
- DXY +0.2% to $96.36, Monthly (1.7%), YTD (2.0%)
- VIX +0.0% to $16.35, Monthly +20.2%, YTD +9.4%
Notable Gainers
- +4.3% SKE.CN (Skeena Resources): announced the receipt of its British Columbia Mines Act Permit for the Company’s wholly-owned Eskay Creek Gold-Silver Project located in Northwestern British Columbia. The receipt of the MA builds upon B.C.’s first Section 7 Declaration Act agreement, entered into jointly with the Tahltan Central Government.
- +4.1% SLS.CN (Solaris Resources): announced that Ecuador’s state-owned mining company, Empresa Nacional Minera ENAMI EP, has granted Solaris an option to acquire up to a 100% interest in a new portfolio of highly prospective exploration areas (Solaris 2) located immediately adjacent to the Company’s world-class Warintza Project in southeastern Ecuador. This strategic award meaningfully expands Solaris’ footprint around Warintza by approximately 40,000 hectares.
- +3.6% URG (Ur-Energy): provided an update on work being done at the Lost Soldier and North Hadsell Projects, located in the Great Divide Basin, Wyoming. The priorities involve the gathering of critical hydrogeologic data at Lost Soldier to reduce risk and support efficient planning and permitting, and second, to identify new uranium roll-front targets at North Hadsell.
- +3.2% AEM (Agnico Eagle Mines): announced that its wholly-owned subsidiary in Sweden has entered into a share purchase agreement, pursuant to which Goldsky Resources Corp. agreed to purchase the 55% of Gunnarn Mining AB that it did not already own from Agnico Sweden in exchange for cash consideration of $20M, the issuance of 75.5M common shares of Goldsky, and the grant of a 2% net smelter return royalty to Agnico Sweden on the Barsele project.
- +2.4% BYN.CN (Banyan Gold): announced that it has intersected high-grade gold mineralization in the Airstrip deposit and Aurex Hill zone at its AurMac project, located in Yukon, Canada. Highlights include 0.84 g/t Au over 38.9m, 2.82 g/t Au over 11.8m, and 1.10 g/t Au over 6.5m.
- +1.8% AGI (Alamos Gold): reported new results from its 2025 exploration program at the Lynn Lake project in Manitoba, and the Qiqavik Gold project, located in Nunavik, Quebec. Drilling highlights from Lynn Lake include21.70 g/t Au (3.85 g/t Au cut) over 5.25m (Linkwood) while from Qiqavik, 54.44 g/t Au over 2.10m (Avinnaq). At the Avinngaq target, 14 diamond drill holes totaling 4,218 m were completed in 2025.
Notable Decliners
- -7.6% KLD.CN (Kenorland Minerals): announced complete assay results from the 2025 fall diamond drill program at the South Uchi Project, located in the Red Lake District of Ontario. Notably, hole 25PADD030 returned 1.80m at 5.42 g/t Au, including 0.40m at 12.70 g/t Au, confirming continuity of high-grade mineralisation along the structure. A new gold-bearing structural corridor identified north of the Papaonga target.
- -0.6% FRES.LN (Fresnillo): reported its Q4/2025 production results which was highlighted by attributable silver production of 12.2M ounces (-8.0% y/y) along with attributable gold production of 135,192 ounces (-33.7% y/y), among others. Regarding the FY/2026 outlook, attributable silver production is expected between 42-46.5M ounces (vs 45-51M ounces previously) and attributable gold production is expected between 500,000-550,000 ounces (vs 515,000-565,000 ounces previously).
On Deck:
- Thursday 29th

- Friday 30th

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Editors @ ETF Commodities

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