Energy Markets
Oil & Refined Products
Crude prices extended gains, with WTI up 0.3% to $63.38 and Brent up 0.1% to $67.39 in early trading after both benchmarks rose more than 1.6% in the prior session. Strength was driven by heightened geopolitical risk tied to U.S.–Iran tensions in the Arabian Sea, alongside supply disruptions from U.S. freeze-offs that temporarily shut in as much as 2.0 million bpd of Lower-48 production. Industry inventory data showed a 11.1 million barrel crude draw, partially offset by a 4.7 million barrel gasoline build, extending an 11-week gasoline inventory build streak. Distillates fell 4.8 million barrels, while Cushing inventories declined 1.4 million barrels. Product markets were firmer with RBOB up 0.3% to $1.904 and ULSD up 0.8% to $2.430. Internationally, Middle East storage hubs reported an 8% weekly draw, while commentary from global energy forums highlighted tightening spare capacity, rising natural decline rates, and the need for sustained upstream investment.
Natural Gas
Natural gas prices rose 1.3% to $3.356, building on a 2.3% rally the prior session, despite near-term forecasts turning warmer. Support came from expectations for a colder end to February and still-recovering production following Arctic disruptions. Preliminary output estimates were near 106.0 Bcf/d, roughly 1.0 Bcf/d lower day-over-day. European benchmark prices gained 1.3% to €33.19/MWh. Demand expectations remain elevated near term, though easing week-ahead. Delayed monthly supply and demand data later this week could further shape sentiment.
Equities & Industry Activity
Energy equities materially outperformed the broader market, with the sector gaining over 3% versus a decline in the broader index. Refining and marketing names led, rising more than 5%, supported by strong earnings beats, higher throughputs, and increased buyback activity. Oilfield services also advanced, aided by contract awards and earnings that exceeded expectations, though pressure pumping lagged. Midstream results were mixed but generally supportive, with reaffirmed multi-year guidance and modest acquisition activity.
Metals & Mining Markets
Precious Metals
Precious metals staged a powerful rebound following last week’s historic correction. Gold jumped 2.9% pre-market to $5,077/oz, following a 7.2% surge in the prior session, its largest daily gain since 2008. Silver rose 7.6% to $89.61/oz, after climbing 10.8% previously. Monthly and year-to-date gains remain substantial, with gold up ~17% YTD and silver up ~27% YTD. The rally was supported by a stabilizing U.S. dollar, ongoing central-bank accumulation, renewed investment demand, and persistent geopolitical and policy uncertainty.
Base Metals
Base metals were mixed. Copper slipped 1.1% to $6.02/lb pre-market, though it remains up nearly 6% YTD, supported by strategic stockpiling initiatives and supply-security concerns in major consuming regions. Nickel gained 3.8% to $17,175/mt, while aluminum rose 2.0% to $3,103/mt. Zinc declined modestly. Policy discussions around critical minerals partnerships and expanded strategic reserves added a supportive medium-term backdrop.
Mining Equities
Mining equities were volatile but broadly higher alongside metals prices. Precious-metal miners significantly outperformed, extending double-digit monthly gains. Investor focus remains on exploration success, reserve expansion, and permitting progress, while coal markets faced renewed supply uncertainty following proposed production cuts in Southeast Asia.
Looking Ahead
Near-term focus across both sectors will center on official U.S. petroleum and natural gas inventory data, global supply outlook reports, central-bank policy signals, and key macro releases including employment and inflation data. Geopolitical developments remain a key swing factor for both energy and precious metals pricing.
