Jan 30, 2026 M&M pre-Market:
Metals & Mining Pre Market
- Synopsis:
- Daily update: Following yesterday’s mixed close, futures signal a lower start this morning with the S&P (0.4%) and the Dow (0.4%) thus far in the pre-market.
- Gold and silver prices are trading significantly lower today as investors assess President Trump’s nomination of former Fed Governor Kevin Warsh as the new Federal Reserve chair. Note that gold is still set for its biggest monthly gain since 1999 after attaining multiple record highs during the month.
- Reuters reported that gold premiums in India rose to a more than decade-high amid strong investment demand ahead of a potential duty hike, while premiums in China also jumped due to a pickup in investment and jewellery demand.
- Elsewhere, Bloomberg reported that the US is looking to reach consensus with allies on a pricing mechanism to help ensure price stability for rare earth mineral refiners and extractors during meetings with multiple foreign ministers in Washington next week.
- Pre-Market: FCX (4.9%), NEM (6.2%), B (6.7%)
- Metals Snapshot:
- Gold (4.0%) to $5,432.20/oz, Monthly +17.2%, YTD +18.4%
- Silver (11.0%) to $116.52/oz, Monthly +30.7%, YTD +44.2%
- Copper (2.1%) to $6.25/lb, Monthly +5.1%, YTD +6.9%
- Nickel +3.0% to $18,200/mt, Monthly +13.8%, YTD +13.7%
- Zinc +3.8% to $3,359/mt, Monthly +12.5%, YTD +13.8%
- Aluminum +2.0% to $3,259/mt, Monthly +12.9%, YTD +12.0%
- GDX (6.7%) to $100.73, Monthly +24.3%, YTD +25.9%
- GDXJ (7.4%) to $133.04, Monthly +24.8%, YTD +26.3%
- DXY +0.2% to $96.22, Monthly (1.8%), YTD (1.9%)
- VIX +5.7% to $17.85, Monthly +17.8%, YTD +12.9%
- Precious Metals:
- SSRM announced the completion of a Technical Report for the Hod Maden project, located in northeast Turkey. Using a gold price of $3,167 per ounce along with a copper price of $4.42 per lb, assuming average annual production of 189,000 AuEq and an AISC of $590 per gold ounce sold, an after-tax NPV5% of $1.657B was calculated, along with an after-tax IRR of 39%.
- AUXX.CN reported the fourth and final batch of assay results from its Main Zone grade control drill program, with eleven shallow holes targeting the marginal to core shears within the Main Zone at the Moss Gold Project in Northwest Ontario. Highlight assay results included 73.8m of 1.30 g/t Au from 7.0m in MMD-25-235 and 61.25m of 1.53 g/t Au from 2.75m in MMD-25-253.
- CG.CN suspended operations at its Langeloth Metallurgical Facility located near Pittsburgh following an explosion on the evening of January 29, 2026 ET which was a result of an uncontrolled mixture of chemicals leading to an uncontained chemical reaction adjacent to the acid plant. No fatalities were reported.
- AGI.CN reported new results from its underground exploration program at the Young-Davidson mine, located in Ontario, Canada. Underground exploration drilling from both the mid and lower mine extended higher-grade gold mineralization within multiple zones in the hanging wall of the Young-Davidson deposit. Highlights include 16.36 g/t Au over 17.90m, 9.15 g/t Au over 22.00m, and 10.67 g/t Au over 16.50m.
- OR.CN announced that it has acquired an additional 1.0% net smelter return (NSR) royalty covering the Namdini gold mine, located in Ghana. The company closed the transaction with Savannah Mining Limited, acquiring Savannah’s remaining 50% interest in the 2.0% NSR royalty for a total consideration of up to $103.5M.
- On Deck:
- Friday 30th
Economic: Germany Preliminary GDP 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: UK Nationwide House Price Index y/y (02:00), Germany Retail Sales y/y (02:00), US PMI Manufacturing Final (09:45), US ISM Manufacturing Index (10:00)
- Tuesday 3rd
Economic: US JOLTS (10:00)
Jan 29, 2026 M&M post-market:
Metals & Mining Post Market
- Synopsis:
- Daily update: Following yesterday’s flat close, equities finished mixed with the S&P (0.1%) and the Dow +0.1%. Gold finished +1.5% at $5,432.20/oz, while WTI ended +3.4% at $65.36/bbl.
- The volatile trading in gold and silver was in focus as their prices pulled back after reaching fresh record highs earlier this morning. Note that gold surpassed the $5,500/ounce level for the first time ever, while silver prices 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.
- UBS raised its gold price forecast to $6,200/ounce for the first three quarters of 2026 (up from its previous estimate of $5,000/ounce). The bank also sees gold prices moderating to $5,900/ounce by the end of 2026 after the US mid-terms.
- Reuters reported that Tungsten prices have soared to record highs in January driven by multiple factors including tightening inventory, Chinese export controls and industrial demand.
- The precious metals complex was broadly lower with both the GDX and the GDXJ declining by (3.7%) and (4.5%) respectively.
- Notable Gainers: SCCO +4.9%, ERO.CN +4.7%, STLD +4.3%
- Notable Decliners: OLA.CN (13.5%), TMQ (12.6%), METC (11.6%)
- Metals Snapshot:
- Gold +1.5% to $5,432.20/oz, Monthly +24.8%, YTD +24.8%
- Silver +2.0% to $116.52/oz, Monthly +64.4%, YTD +64.1%
- Copper +5.6% to $6.25/lb, Monthly +12.4%, YTD +10.1%
- 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 (3.7%) to $107.86, Monthly +25.8%, YTD +25.9%
- GDXJ (4.5%) to $143.68, Monthly +26.2%, YTD +26.3%
- DXY (0.2%) to $96.22, Monthly (1.9%), YTD (2.1%)
- VIX +3.2% to $16.88, Monthly +15.1%, YTD +9.4%
- Notable Gainers
- +2.7% LUN.CN (Lundin Mining): 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.
- +2.1% ANTO.LN (Antofagasta): 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.
- Notable Decliners
- -5.5% CIA.CN (Champion Iron): 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.
- -4.8% MUX (McEwen Inc.): 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.
- -4.5% EDV.CN (Endeavour Mining): 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.
- -2.2% GSVR.CN (Guanajuato Silver): 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.
- -1.6% GAU.CN (Galiano Gold): 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.
- On Deck:
- 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)
Jan 30, 2026 Energy Pre-market:
Energy Pre-Market
- Oil & Gas:
- Pricing
- WTI (0.5%) to $65.08 (Mar)
- Brent (0.4%) to $70.41 (Mar)
- Natural gas (2.0%) to $3.833 (Mar)
- RBOB (0.8%) to $1.904 (Feb)
- ULSD +1.1% to $2.613 (Feb)
- Oil: Crude benchmarks are down (0.5%), pulling back from >4-month closing highs Thursday after Trump indicated a willingness to talk to Iranian leaders. The Dollar Index is up +0.29% to 96.42. President Trump yesterday said he planned to speak to Iranian leaders, but didn’t provide a timeline on those talks. Most of the upside for WTI and Brent this week has come on the U.S. positioning military assets in the Middle East for possible strikes against Iranian positions and Iran announcing it will hold military exercises with live fire this weekend. Iranian President Pezeshkian today said they welcomed dialogue and does not seek war. Energy Aspects put offline U.S. production due to freezing weather at 500K bpd on Thursday, down roughly (100K) bpd d/d. North Dakota officials yesterday said just about all its shut-in production had been restored (which had been estimated at 80K to 110K bpd). The U.S. on Thursday lifted some sanctions on Venezuela’s oil industry and issued a general license authorizing companies to transport and sell Venezuelan crude. Moscow has agreed to halt strikes on Kiev until 1-February after a Trump request due to extreme cold. Zelenskyy this morning said a final agreement on a peace plan could only be reached at a leaders meeting and that a compromise on territory so far has not been reached. Five delegates told Reuters OPEC-8 will likely maintain its current production policy and leave output quotas for March unchanged when the meet virtually this Sunday. Three delegates said the group was unlikely to make any decisions on policy beyond March. The last business day of the month brings us the EIA Petroleum Supply Monthly while the EIA-914 report looks to have been delayed until 6-February. Brent March, RBOB February, and ULSD February contracts all expire this afternoon. Brent April trades at $69.36, RBOB March trades at $1.930 while ULSD March is at $2.500.
- U.S. Treasury opens VZ crude trading up: The Treasury Department on Thursday issued a general license authorizing companies to transport and sell Venezuelan crude while the country’s oil sector remains under U.S. sanction. The general license issued allows for the “lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan origin oil, including the refining of such oil” by companies under certain conditions. Politico .
- Natural gas is down (2.0%) to $3.833 after a gain of +5.0% Thursday that incorporated recovering production/LNG feedgas flows and a bullish storage draw for week-ended 23-January of (242) Bcf. Updated forecasts overnight for the coming two weeks were slightly warmer. The EIA Natural Gas Monthly has been pushed out to a release date of 6-February. TTF is down (5.9%) today but tracks towards its largest monthly gain in over two years. Kpler data puts China January LNG imports at 6.94 million tons, up +15.0% y/y which would be the third straight monthly increase on an annual basis.
- Cheniere to introduce gas to CC: The company has received approval from the US FERC to introduce fuel gas to the fifth train of the Corpus Christi Stage 3 expansion project in Texas as part of the commissioning phase
- Pricing
- E&P/Majors:
- CVX reported Q4 results with total production 4045 MBoe/d vs StreetAccount 3992 Mboe/d, adj earnings $3.03B vs SA $2.80B, capex $5.26B vs SA $5.31B, FCF $5.50B vs SA $4.14B.
- Q1 production guided lower by 185K to 225K boepd sequentially on turnarounds and downtime.
- Q1 downstream earnings could decline $275M to $325M q/q on turnarounds.
- 2026 production growth +7% to +10%.
- XOM reported Q4 results with EPS $1.71 ex-items vs FS $1.70, revenue $80.04B vs FactSet $80.63B, capex $8.13B vs FS $7.30B, production 4988 Mboed vs SA 4840 Mboed.
- Q1 production guided lower by 100K to 200K boed on timing, downtime, lack of favorable entitlements.
- 2026 capex guide midpoint $28.0B vs FS $27.81B.
- Buybacks: Bought back $20B in stock in 2025 and plans a similar amount this year.
- EQT expects to report a total gain on derivatives in Q4 of $114M.
- CVX reported Q4 results with total production 4045 MBoe/d vs StreetAccount 3992 Mboe/d, adj earnings $3.03B vs SA $2.80B, capex $5.26B vs SA $5.31B, FCF $5.50B vs SA $4.14B.
- Services:
- SDRL announces West Saturn contract extension.
- AROC increases quarterly dividend by 4.8% to $0.22 from $0.21.
- Refiners:
- MPC workers rejected a contract offer the company and now face a 12:01 AM deadline on Sunday to work out an agreement.
- On Deck:
- Friday 30-January
- Baker Hughes weekly rig count 13:00 ET
- EIA Petroleum Supply Monthly
- Brent March, RBOB Feb, and ULSD Feb contracts all 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
- Friday 30-January
Jan 29, 2026 Energy Post-Market
Energy Post-Market
- Commodities
- WTI +3.5% to $65.42 (Mar) 69.70
- Brent +3.4% to $70.71 (Mar) 69.20
- Natural gas +5.0% to $3.918 (Mar)
- RBOB +1.5% to $1.920 (Feb)
- ULSD (3.0%) to $2.59 (Feb)
- Oil: WTI and Brent add another +3.4% today to new 4-month closing highs due to another day of escalating tensions between the U.S. and Iran. At oil’s close the Dollar Index was up +0.44%, the S&P 500 was down (21%), while both WTI and Brent were just below the technically overbought RSI level of 70 after pushing firmly into overbought territory in A.M. trading. Reports this morning have Iran conducting live-fire military activity this coming weekend which could constrain shipping in the Strait of Hormuz. Al Jazeera said the Iranian navy will be conducting military exercises with China and Russia in the Sea of Oman and the Indian Ocean in the coming days. Reuters reports Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple the clerical rulers. U.S. crude production continues to recover from winter storm Fern with North Dakota officials today saying nearly all output in that state was back online. On Venezuela, Vortexa said the U.S. has cleared 12 crude liftings totaling 7 million barrels of VZ crude for import into the United States while 9 empty licensed tankers with 8M barrels of capacity look to be on their way to Venezuela. Bloomberg data has India’s Reliance Industries, the nation’s largest refiner, cutting Russian crude imports in February down to 150K bpd from an average of around 500K bpd prior to fall sanctions. The last business day of the month tomorrow brings us the EIA Petroleum Supply Monthly while the EIA-914 report looks to have been delayed until 6-February. Also tomorrow, Brent March, RBOB February, and ULSD February contracts all expire.
- Natural Gas closed up +5.0% to $3.918 as March becomes the front-month contract, incorporating recovering production, recovering LNG feedgas flows, and EIA weekly storage data. The EIA for week-ended 23-January reported a storage draw of (242) vs consensus (231) Bcf and the 5-year of (208) Bcf. Working gas fell to 2.823 Tcf, 143 Bcf or +5.3% above the 5-year average vs 177 Bcf or +6.1% above the week-prior. With 11 weeks down and 9 to go, draws season-to-date stand at 1.137 Tcf vs the 5-year average of 1.108 Tcf. Early estimates for storage week-ending tomorrow has a draw approaching the record of (359) Bcf set back in 2018. Preliminary data for Thursday has LNG feedgas flows recovering up to 18.6 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. Updated forecasts overnight put demand next week over +2.0 Bcfd higher compared to yesterday. TTF closed up +3.8% to 39.97 euros per MWh. European storage as of 27-Jan was at 43.5% of capacity, (25.3%) below the 5-year average.
- Stocks
- The S&P 500 Energy Index +1.08% vs the S&P 500 (0.13%). The XLE +0.92%. The XOP +1.36% with the vast majority of oil and all gas E&P’s higher. US integrated-majors are all up, XOM +2.1% outperforming. The OSX +1.04%, the OIH +1.78%. Service subgroups all trade higher with pressure pumpers firmly outperforming on LBRT’s Q4 update and Power Services guidance. The S&P 1500 Refining & Marketing Index +0.92%, led by MPC +2.2%, PSX +1.4% and CVI +1.3% while VLO (0.9%) lagged after reporting Q4 results. The Alerian MLP ETF +0.62%.
- Trading Highlights:
- Stocks – Gainers
- +16.2% ~LBRT~ (Liberty Energy, Inc.): reported Q4 results after the close Wednesday with initial market sentiment overall positive on the update. Positives highlighted include a very strong beat for Q4 EBITDA/revenue/EPS on much better completions activity, company guidance of 2026 completions activity, the announced acceleration of Power Services business to 3 GW by 2029 vs prior guide of 1 GW by 2027. Negatives include 1Q26 guidance of sequential revenue/adj EBITDA declines (both still look to come in above consensus) on pricing and weather.
- +9.5% ~GTE~ (Gran Tierra Energy): reported preliminary results while Roth Research downgraded to neutral due to significant risks associated with high debt levels and socio-political risks, they look for a lower share price of improved outlook before buying.
- +2.4% ~CNX~ (CNX Resources): reported Q4 results with initial market sentiment overall slightly positive on the update. Positives highlighted include better-than-expected production/FCF/EBITDA/pricing, strong Q4 buybacks of $100M (double some expectations), the $2B buyback authorization. Negatives include a slight Q4 capex miss, 2026 capex guidance coming in slightly above some expectations (weighted in 1H26).
- +1.2% ~MGY~ (Magnolia Oil & Gas): announced as +10% increase to its quarterly dividend. Capital One Securities expects the company to report a straight forward earnings report with few surprises.
- +1.0% ~CTRA~ (Coterra Energy): and DVN are said to be in advanced talks to merge with an announcement possible in a couple of days. Original story on possible merger was out on 15-Jan.
- Stocks – Decliners
- -1.2% ~MUR~ (Murphy Oil): reported Q4 results after the close Wednesday with initial market sentiment overall negative on the update. Positives highlighted included a strong Q4 EBITDA/EPS beat on better gas realization and lower LOE, a capex beat, and the +7.7% quarterly dividend increase. Negatives included Q4 cash flow results, 2026 production and capex guidance both missing consensus expectations, 1Q25 oil guidance miss. Some of the production miss is due to timing and royalty issues. No TIL’s in 4Q25.
- -0.9% ~VLO~ (Valero Energy): reported Q4 results with initial market sentiment overall positive on the update. Positives highlighted included Q4 EPS/revenue/throughput/capex beats, refining margin capture, Renewable Diesel operating income results, better-than-expected buybacks of $1.1B on stronger FCF. Company said its engaged with authorized sellers of VZ oil.
- Stocks – Gainers
- Post-close News:
- AROC increases quarterly dividend by 4.8% to $0.22 from $0.21.
- EQT expects to report a total gain on derivatives in Q4 of $114M.
- On Deck:
- 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
- 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
- Friday 30-January
