Commodity Markets Recap – May 13, 2026
Commodity markets remained active as investors balanced persistent inflation concerns, heightened geopolitical tensions, and shifting expectations for global economic growth. Metals markets continued to benefit from strong demand trends and supply constraints, while energy markets stayed elevated amid ongoing uncertainty surrounding Iran, the Strait of Hormuz, and global crude inventories. Investors also focused on upcoming U.S. Producer Price Index (PPI) data and additional updates from the IEA and OPEC regarding supply and demand forecasts.
Oil & Gas
Energy markets held near recent highs after a sharp rally earlier in the week. Crude prices remained elevated as geopolitical tensions in the Middle East continued to dominate sentiment. Markets remain focused on stalled U.S.-Iran negotiations and the ongoing disruption risks surrounding tanker traffic through the Strait of Hormuz. Concerns over tightening global supply were reinforced by reports from the International Energy Agency projecting lower global production and refinery throughput for 2026, while inventories continue to decline.
WTI crude traded just above $102 per barrel after gaining more than 4% in the previous session, while Brent crude remained near $108 per barrel. Analysts continue to monitor potential supply disruptions from both the Middle East and Russia, where additional attacks on energy infrastructure have impacted refinery operations. Meanwhile, the latest API inventory data showed another drawdown in crude inventories, adding further support to oil prices.
Natural gas prices moved modestly lower despite warmer weather forecasts across much of the United States. Production levels remain relatively constrained, while LNG export flows continue to face temporary maintenance-related disruptions. Investors are now awaiting this week’s EIA storage report for additional direction.
Energy Markets Snapshot
| Commodity | Price | Daily Move |
|---|---|---|
| WTI Crude (June) | $102.09/bbl | -0.1% |
| Brent Crude (July) | $107.96/bbl | +0.1% |
| Natural Gas (June) | $2.827/MMBtu | -0.6% |
| RBOB Gasoline | $3.693/gal | -0.1% |
| ULSD Diesel | $4.132/gal | -0.7% |
Energy equities generally outperformed the broader market during the previous session as higher oil prices boosted investor sentiment. Integrated oil producers and oilfield service companies led gains, while some refiners lagged due to margin concerns. Among notable corporate developments, Venture Global reported strong earnings and raised guidance tied to improving LNG pricing trends, while Matador Resources received an analyst upgrade following strong operational performance.
Investors will closely monitor upcoming DOE petroleum inventory data, OPEC’s Monthly Oil Market Report, and weekly rig count figures later this week for additional insight into supply conditions and production trends.
Metals & Mining
Metals markets delivered mixed but generally constructive trading activity as inflation data, interest rate expectations, and global supply concerns remained key drivers. Gold prices rebounded modestly after recent weakness as investors reassessed the likelihood of future Federal Reserve rate cuts following stronger-than-expected core inflation readings.
Copper remained one of the strongest-performing commodities, continuing its rally after reaching fresh all-time intraday highs during Tuesday’s session. Tight global supplies, rising processing costs, and concerns surrounding African production disruptions continued to support bullish sentiment across industrial metals markets. Market participants are also watching Chinese demand trends closely as elevated prices begin to test consumption levels.
India’s decision to raise import tariffs on gold and silver to 15% added another layer of complexity to precious metals demand, particularly across one of the world’s largest physical bullion markets.
Metals Snapshot
| Commodity | Price | Daily Move | YTD Return |
|---|---|---|---|
| Gold | $4,709.60/oz | +0.49% | +8.49% |
| Silver | $88.15/oz | +2.98% | +24.85% |
| Copper | $6.6605/lb | +1.98% | +17.22% |
| Aluminum | $3,639.50/mt | -0.42% | Flat |
| Nickel | $18,725/mt | -1.21% | Flat |
| Zinc | $3,498/mt | +1.63% | Flat |
Mining & Precious Metals Highlights
Gold mining companies remained active on both the operational and merger-and-acquisition fronts. Equinox Gold announced plans to acquire Orla Mining in an all-stock transaction that would create a North American gold producer with an implied market value of approximately $18.5 billion and expected annual production of roughly 1.1 million ounces of gold.
Franco-Nevada reported record quarterly revenue and EBITDA results, supported by higher gold prices and increased production volumes. The company also highlighted positive developments at the Cobre Panama operation following authorization from Panama’s government to process and export stockpiled ore.
Exploration activity across the sector continued to produce encouraging drill results, particularly among junior miners focused on gold and copper development projects in Canada, Brazil, and Argentina. Strong assay results from several companies reinforced investor optimism surrounding long-term supply shortages for both precious and industrial metals.
Closing Thoughts
Commodity markets continue to reflect a combination of geopolitical uncertainty, inflation pressures, and tightening supply dynamics across both energy and industrial metals. Oil prices remain highly sensitive to developments in the Middle East and global inventory trends, while copper and precious metals continue to benefit from structural supply concerns and resilient investor demand.
Looking ahead, markets will focus on upcoming U.S. economic data, including PPI and retail sales, along with fresh guidance from OPEC, the IEA, and the EIA. Investors should expect continued volatility across commodity markets as inflation expectations, central bank policy, and geopolitical developments remain closely intertwined.
