US heating oil futures climbed back above $2.43 per gallon to a near two month high as winter fuel demand intensified alongside firmer crude feedstock costs that have now extended gains for a fifth consecutive week. Prices were supported by forecasts of a severe Arctic blast across large parts of the United States which lifted heating demand and drove sharp gains across energy markets including natural gas as colder weather raised consumption expectations. Stronger winter usage has underpinned distillate prices even as inventories and refinery output remained constrained which reduced the usual seasonal buffer and tightened near term product availability. At the same time crude benchmarks stayed supported by ongoing geopolitical and supply concerns reinforcing feedstock strength for refined products while a softer US dollar improved affordability for non US buyers and added further support.

Heating Oil Near 2-Month High

Canola increased to 651.40 CAD/T, the highest since December 2025. Over the past 4 weeks, Canola gained 8.75%, and in the last 12 months, it increased 1.88%.

Canola Hits 7-week High

Gasoline increased to 1.86 USD/Gal, the highest since December 2025. Over the past 4 weeks, Gasoline gained 6.14%, and in the last 12 months, it decreased 9.22%.

Gasoline Hits 7-week High

Lumber futures fell toward $590 per thousand board feet, retreating from its three-month high of $614.5 seen January 20th as US housing data weakened and earlier restocking flows faded. Pending home sales plunged 9.3% month on month in December, the sharpest drop since April 2020, signalling softer transaction activity and tempering expectations for near-term construction demand ahead of the spring building season. Physical markets also cooled, with distributors reporting quieter order books even as mills continued running at steady rates to rebuild inventories after earlier tightness, briefly loosening availability. The pullback was reinforced by profit-taking after the January rally, with falling volumes and open interest pointing to position unwinds rather than a fresh wave of bearish selling.

Lumber Retreats from 3-Month High

UK natural gas futures rebounded to 104 pence a therm, the highest since March 2025, as the market tracked tight European supplies and rising demand. The UK remains highly sensitive due to limited storage capacity and heavy reliance on imports, making it vulnerable to regional and global supply pressures. Across Europe, gas withdrawals in January have run at the fastest pace in five years amid unusually cold weather, while LNG imports remain less than half that level. Rapid drawdowns have left stockpiles at about 47.6% full, well below roughly 58.4% a year ago, tightening the supply outlook ahead of another expected cold spell. Prices were further supported as US gas flows were diverted from LNG export facilities to meet strong domestic demand during an Arctic blast, while colder conditions in Asia intensified competition for LNG cargoes.

UK Natural Gas Futures Rise to 10-Month High

US egg prices rose above $0.65 per dozen, rebounding from their lowest levels since 2019 of $0.33 seen January 13th as near term supply and demand conditions tightened. Renewed avian influenza outbreaks forced the culling of millions of laying hens, shrinking flock sizes and reducing wholesale availability, which quickly reversed the prior downtrend in negotiated prices. At the same time, a fresh wave of bird flu in Europe, particularly in the Netherlands’ most egg intensive production region, disrupted cross border flows and pushed international buyers into the open market, reinforcing global supply tightness. Higher and more volatile feed costs have further lifted marginal production expenses, limiting producers’ ability to restore output quickly. On the demand side, an intense Arctic cold snap boosted short term retail consumption through home cooking, baking, and precautionary restocking ahead of winter storms, turning relatively small supply shortfalls into a sharp rebound.

US Egg Prices Rebound from 2019 Lows

Cotton futures have been trading in a narrow range between 64 and 65 cents per pound since late December, with movements influenced by supply and demand dynamics. Recently, Cotton Association of India (CAI) revised upwards the crop estimate for 2025-26 by around 2.5% or 7.5 lakh bales of 170 kg each to 317 lakh bales on higher than estimated production in Maharashtra and Telangana. Meanwhile, the Brazilian Cotton Producers Association (Abrapa).said on January 21 that Brazil’s cotton output is expected to fall by nearly 10% in the 2025/26 season, as planted area and yields decline. The USDA’s January report highlighted tighter supply conditions alongside firmer demand for the 2025/26 season. World production was reduced by some 300,000 bales to 119 million, and world consumption was increased by a similar amount, also totaling 119 million bales. U.S. production was reduced more than expected, falling from 14.3 to 13.9 million bales, based on a smaller crop in the Mid-South.

Cotton Futures Remain in Narrow Range

Silver surged to $100 per ounce for the first time, buoyed by a softer US dollar, persistent geopolitical tensions, and broader economic uncertainty. The greenback came under pressure amid shifting US–Europe geopolitical dynamics surrounding Greenland, alongside growing investor unease that Europe could leverage its sizeable holdings of US assets as a strategic tool. Meanwhile, the Federal Reserve is widely anticipated to leave interest rates unchanged at its meeting next week, reflecting continued signs of economic resilience. However, markets are still pricing in two rate cuts later this year, a view that could gain further traction as President Donald Trump moves closer to selecting the next Fed chair following interviews with potential candidates. Beyond macro forces, silver’s rally has been amplified by a historic short squeeze, robust retail investor demand, and China’s tightening export controls, all of which have intensified supply concerns and added momentum to the move.

Silver Breaks $100

Lithium carbonate futures surged past CNY 170,000 per tonne in January, gaining nearly 30% since the start of the year to a two-year high, as signs of strong demand for power storage coincided with the outlook of capped supply. Chinese authorities lowered export rebates for battery producers from April, driving manufacturers to front-run lithium orders. In the meantime, ambitious bets in power and datacenter infrastructure by the Chinese government was combined with the announcement of higher power storage spending, supporting the outlook for lithium and other battery metals. This was combined with Beijing stating it would double EV charging capacity to 180 gigawatts by 2027, supporting lithium-rich energy storage systems. Meanwhile, authorities stated 27 mining permits were canceled in the lithium hub of Jiangxi, aligned with the earlier suspension of activity in CATL's Jianxiawo lithium mine amid Beijing's anti-involution campaign.

Lithium Surges to Over 2-Year High

Rubber futures rose above 181 US cents per kilogram, hitting the highest since January 16, partly influenced by higher oil prices in international markets, which make synthetic alternatives less attractive. In the meantime, forecasts of heavy rainfall in top producers Thailand and Indonesia until the end of the month pose risks to supply, adding substantial pressure. Meanwhile, easing global geopolitical tensions boosted demand prospects for the natural fiber and other commodities.

Rubber Futures at 1-Week Highs

US heating oil futures climbed back above $2.43 per gallon, to a nearly two-month high tracking higher crude oil feedstock costs which have extended gains for a fifth consecutive week, driven by intensifying geopolitical risk and fresh supply concerns. Oil benchmarks strengthened after President Trump warned of possible military action against Iran, with US warships including an aircraft carrier and guided missile destroyers set to deploy to the Middle East, reviving fears of disruption to regional oil flows. Supply risks were further reinforced by continued outages in Kazakhstan, where production at the giant Tengiz field remains offline, tightening near term export availability. A weaker US dollar added support by improving affordability for non US buyers. Alongside higher feedstock costs, heating oil also drew incremental demand support from forecasts of a severe Arctic blast across large parts of the US, which is expected to lift winter heating consumption.

Heating Oil Rebounds to Near 2-Month High

GSCI increased to 582.75 Index Points, the highest since June 2025. Over the past 4 weeks, GSCI Commodity Index gained 4.42%, and in the last 12 months, it increased 1.38%.

GSCI Hits 30-week High

Arabica coffee futures rose toward $3.55 per pound, rebounding from recent four-week lows of $3.46, influenced by currency movements, supply dynamics and weather conditions affecting crops in major producing countries. In particular, the ongoing Brazilian real’s relative strength tends to discourage export sales by Brazil’s coffee producers. Dealers also noted that the drop in Brazilian grain exports in 2025 continued to weigh on prices. Cecafé reported on January 19 that Brazilian green coffee exports fell 18.4% yoy in December to 2.86 million bags, with Arabica shipments down 10% to 2.6 million bags and Robusta plunging 61% to 222,147 bags. In the meantime, reduced supplies from Colombia added further pressure. Meanwhile, a report from Itaú BBA highlighted that, in the coming months, prices are likely to remain sensitive to erratic weather, characterized by below-average rainfall and intense heat, alongside the geopolitical environment.

Arabica Coffee Futures Up

Wheat futures rose toward $5.20 per bushel, rebounding from monthly lows as near term supply risks intersected with rapid position adjustment. An Arctic blast and record low temperatures across key US winter wheat regions, combined with patchy snow cover in some areas, heightened concerns about frost damage and localized winter kill, while an abnormal cold pattern in Russia raised the risk of output losses if freezing conditions persist. These weather threats encouraged funds to reduce historically large short positions, triggering short covering in Chicago futures and magnifying the price recovery even as broader supply balances remain relatively comfortable. At the same time, ongoing geopolitical negotiations linked to the Black Sea kept attention on potential disruptions to export flows, adding another layer of supply uncertainty. Still, ample global stocks and relatively stable production estimates continue to cap the upside.

Wheat Rebounds from Monthly Highs

Brent crude oil futures rose more than 2% to about $65.8 per barrel on Friday, extending gains for a fifth straight week supported by geopolitical and supply risks. The move followed renewed warnings from US President Donald Trump toward Iran, raising concerns over potential military action that could disrupt oil flows. Trump said the US has an armada heading toward Iran, while US officials confirmed warships including an aircraft carrier and guided missile destroyers will arrive in the Middle East in coming days. Supply worries were reinforced by ongoing outages in Kazakhstan, where output at the giant Tengiz oilfield has yet to resume after a shutdown earlier this week. Also, the dollar slid toward its worst week in seven months, making crude cheaper for non-US buyers amid strained US-Europe relations and unresolved Ukraine peace talks. However, gains remain capped by expectations of oversupply, with the IEA projecting global stockpiles to rise by 3.7 million bpd this year.

Brent Crude Eyes Fifth Straight Weekly Rise

WTI crude oil futures rose more than 2% to about $60.8 per barrel on Friday, extending gains for a fifth straight week supported by geopolitical and supply risks. The move followed renewed warnings from US President Donald Trump toward Iran, raising concerns over potential military action that could disrupt oil flows. Trump said the US has an armada heading toward Iran, while US officials confirmed warships including an aircraft carrier and guided missile destroyers will arrive in the Middle East in coming days. Supply worries were reinforced by ongoing outages in Kazakhstan, where output at the giant Tengiz oilfield has yet to resume after a shutdown earlier this week. Also, the dollar slid toward its worst week in seven months, making crude cheaper for non-US buyers amid strained US-Europe relations and unresolved Ukraine peace talks. However, gains remain capped by expectations of oversupply, with the IEA projecting global stockpiles to rise by 3.7 million bpd this year.

Oil Rises for 5th Week

The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, edged up 0.1% to 1,762 points on Friday, after decreasing by more than 2% in the prior day. The smaller supramax index added 7 points to 1,026 points, supporting the main index. Meanwhile, the capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, was down for a second day, falling 0.2% to 2,583 points; and the panamax index, which usually carries 60,000-70,000 tons of coal or grain, decreased by 0.1% to 1,612 points. The benchmark index posted a weekly gain of 12.4%.

Baltic Dry Index Ticks Up, Books Weekly Gain

US natural gas futures rose above $5.15 per MMBtu on Friday, recovering from an earlier drop of more than 3%, as the market continued to brace for a historic winter storm. Prices are on track for their largest weekly gain on record, up more than 65% since the start of the week, driven by forecasts for widespread below-normal temperatures across most of the country. The severe freeze, especially in southern gas-producing regions, has raised concerns about ice forming in pipelines, which could disrupt production and exports. Storage data showed inventories fell 120 billion cubic feet to 3.065 trillion cubic feet last week, a larger draw than expected but still leaving stockpiles about 6.1% above the five-year average. Analysts expect the next report to show an even larger withdrawal as frigid conditions boost heating demand and increase pressure on available supply.

US Natgas Prices Extend Record Rally

European natural gas futures rose past €39/MWh, the highest since June, and are on track for a weekly increase of over 6%, as elevated withdrawals in January highlighted tight regional supplies. Europe has been relying heavily on gas reserves this winter, with withdrawals running at the fastest pace in five years amid unusually cold weather, averaging around 7.79 terawatt hours per day, while LNG imports have remained below half that level. Rapid drawdowns have left stockpiles near 47.6% full, well under the roughly 58.4% recorded a year ago, tightening the supply outlook ahead of another expected cold spell. Key storage hubs show even lower levels, with Germany at 39.7%, France at 39% and the Netherlands at 33.3%, while Italy (at 62.6%) and Austria (at 51.5%) also draw down reserves. On top of that, US gas flows were diverted from LNG export facilities to meet strong domestic demand during an Arctic blast, and colder weather in Asia intensified competition for LNG cargoes.

TTF Prices Rebound to 7-Month High

Gold eased toward the $4,900 per ounce level on Friday as investors took a breather following a sharp rally that pushed bullion to a record high of $4,966.93. Despite the pullback, gold is on track for its strongest weekly performance since March 2020, supported by fading confidence in US assets, persistent geopolitical tensions, and broader economic uncertainty. EU leaders expressed relief at President Trump’s decision to back away from the tariff threat tied to Greenland, while warning they remain ready to respond if similar pressures re-emerge. Trump, meanwhile, said he had secured total and permanent US access to Greenland through a deal with NATO, though details remain unclear, and Denmark reiterated that its sovereignty over the island is not up for negotiation. On the macro front, PCE inflation, the Federal Reserve’s preferred gauge, came largely in line with expectations in November, reinforcing views that the Fed will keep interest rates unchanged at its meeting next week.

Gold Heads for Best Week Since 2020

US natural gas futures fell more than 3% to $4.82 per MMBtu, pulling back after a record-breaking three-day rally that saw prices surge about 63%, as traders reassessed positioning ahead of a historic winter storm. Prices remained on track for their largest weekly gain on record, up more than 55% based on data going back to 1990. Forecasts for widespread below-normal temperatures across most of the US are expected to sharply lift heating demand and accelerate storage withdrawals. The developing freeze, particularly across southern gas-producing regions, has raised concerns that ice could form inside pipelines, disrupting production and exports. The latest storage report showed inventories fell by 120 billion cubic feet to 3.065 trillion cubic feet, a larger draw than estimates but still below the five year average, leaving stockpiles 6.1% above normal. Analysts expect the next report to show a far larger withdrawal as the cold intensifies.

US Natgas Prices Pull Back, Still Set for Historic Week

Zinc futures rose toward $3,260 per tonne on January 23, marking a second consecutive session of notable gains, as markets weighed mixed signals from the supply side. While Shanghai zinc inventories climbed 3.3% week-on-week, the LME cash zinc contract traded $14 per tonne below the three-month forward, suggesting modest near-term tightness. On the global stage, the ILZSG reported a 7,700-ton deficit in November, though the refined zinc market remained in surplus over the first 11 months of 2025, highlighting short-term pressure amid a longer-term surplus. At the same time, concentrate availability could tighten as several Chinese mines undergo maintenance, including a Southwest operation reducing output by 700 tons of metal content. Meanwhile, additional support came from a weakening greenback, as US President Donald Trump threatened tariffs on European countries that resisted his Greenland takeover plan, but later softened his stance following a framework agreement with NATO.

Zinc Futures Rise on Supply Concerns

Malaysian palm oil futures slipped below MYR 4,200 per tonne on Friday, ending a three-session rally as a firmer ringgit and profit-taking weighed after prices hit a seven-week top in the prior session. Sentiment was further dampened by weaker palm oil contracts on the Dalian exchange and lower soyoil prices in Chicago. Still, the market remains on track for a third weekly gain, up more than 2% so far, supported by expectations of stronger demand ahead of the Lunar New Year and Ramadan in February, alongside tighter near-term supply, with January output projected to fall 15%–17% due to seasonal factors. On the demand side, cargo surveyors reported January 1–20 shipments rising 8.6%–11.4% from the prior month, reinforcing signs of improving exports.  Meanwhile, longer-term supply concerns persist due to stricter oversight of forest exploitation in Indonesia, the top supplier. Looking ahead, the Malaysian Palm Oil Council expects prices to trade in the MYR 4,000–4,300 range in February.

Palm Oil Retreats, Still Poised for Solid Weekly Gains

Copper futures climbed above $5.8 per pound on Friday, rebounding from multi-week lows and tracking gains across the broader metals complex as the dollar weakened. Demand for real assets increased as shifting US-Europe geopolitical dynamics involving Greenland weighed on the greenback, alongside concerns that Europe could weaponize its substantial holdings of US assets. Supply risks also supported prices after a major Chilean copper mine halted production due to a strike, likely offsetting Freeport McMoRan’s progress in restarting operations at Indonesia’s Grasberg mine. On the demand side, strong consumption linked to the global transition toward renewable energy and a surge in shipments to the US ahead of potential tariffs underpinned prices. Meanwhile, Chinese smelters have ramped up exports through deliveries to LME warehouses this year, as higher global prices and ongoing property sector strains in China encouraged outbound shipments.

Copper Rises as Dollar Weakens

Silver jumped nearly 3% toward $99 per ounce on Friday, reaching new record highs as a weakening dollar provided additional support to the rally in precious metals. Investors sought real assets as the dollar suffered from shifting US-Europe geopolitical dynamics over Greenland and growing concerns that Europe could weaponize its substantial US asset holdings. Meanwhile, the US Federal Reserve is widely expected to keep interest rates unchanged next week, supported by signs of a resilient economy, though markets continue to price in two potential rate cuts later this year. President Donald Trump is expected to select the next Fed chair after completing interviews with candidates, with a more dovish appointee likely strengthening expectations for further easing. The rally in silver has also been fueled by a historic short squeeze and strong retail buying, as well as China's tightening export controls.

Silver Hits Fresh All-Time High

Cotton decreased to 63.62 USd/Lbs, the lowest since December 2025. Over the past 4 weeks, Cotton lost 0.75%, and in the last 12 months, it decreased 5.79%.

Cotton Hits 4-week Low

Platinum futures surged past $2,600 an ounce, setting a new all-time high, fueled by tight supply, strong industrial demand, and a broader precious metals rally. Prices have jumped nearly 20% in January alone, supported by gold’s rally as investors seek safe havens amid persistent global trade and political tensions, while softer US economic data and dovish Federal Reserve signals have fueled bets on future rate cuts, weakening the dollar and supporting metals. Meanwhile, South Africa, producing roughly 70% of global output, faces limited mine investment, while recycling remains subdued, keeping structural deficits persistent. Automotive catalysts continue to support usage amid slower electric vehicle adoption, while industrial applications in chemicals, fertilizers, fiber optics, and hydrogen fuel cells are rebounding. Jewelry demand in China, North America, and India adds further support. Analysts project platinum could reach around $2,800 an ounce in 2026.

Platinum Hits New Record

Gold advanced above $4,950 per ounce on Friday, setting a new record and on track for its strongest week since March 2020, supported by lingering geopolitical risks and a weaker dollar. President Trump said he secured permanent US access to Greenland in a deal with NATO, though details remain unclear and Denmark reaffirmed its sovereignty. Trump also canceled planned tariffs on European imports, while the EU said it would suspend threatened countermeasures but seeks clarity on his intentions. On the economic front, both headline and core US PCE rose as expected, indicating that disinflation continues even as activity remains firm. Markets are pricing in two interest-rate cuts by the Federal Reserve later this year. Investors are awaiting Trump’s choice for the next Fed chair after he completed candidate interviews, with a more dovish appointment likely to further boost expectations for additional rate cuts.

Gold Hits New Record Peak

Brent crude oil futures rose above $64 per barrel on Friday, trimming some of the previous session’s losses as markets assessed the global oil market outlook. Key producer Saudi Aramco’s CEO downplayed concerns about a global oil glut, citing strong underlying demand in emerging economies, led by China and the US, with total consumption reaching record levels last year and expected to rise further in 2026. This comes after the International Energy Agency reiterated that global oil supply is likely to exceed demand this year, even after slightly revising its demand growth forecast upward. Oil was further supported by a softer dollar, which boosted the appeal of dollar-denominated commodities. Still, gains remained capped amid lingering concerns over rising supply, alongside the prospect of a ceasefire in Ukraine and softened US threats toward Iran. Over the week, oil prices are on track for a modest gain.

Brent Crude Gains

WTI crude oil futures rose toward $60 per barrel on Friday, trimming some of the previous session’s losses as markets assessed the global oil market outlook. Key producer Saudi Aramco’s CEO downplayed concerns about a global oil glut, citing strong underlying demand in emerging economies, led by China and the US, with total consumption reaching record levels last year and expected to rise further in 2026. This comes after the International Energy Agency reiterated that global oil supply is likely to exceed demand this year, even after slightly revising its demand growth forecast upward. Oil was further supported by a softer dollar, which boosted the appeal of dollar-denominated commodities. Still, gains remained capped amid lingering concerns over rising supply, alongside the prospect of a ceasefire in Ukraine and softened US threats toward Iran. Over the week, oil prices are on track for a modest gain.

Crude Oil Gains

Palladium increased 5.02% to 1977 USD/t.oz

Palladium is up by 5.02%

Palladium increased to 1980.00 USD/t.oz, the highest since December 2025. Over the past 4 weeks, Palladium gained 0.56%, and in the last 12 months, it increased 97.6%.

Palladium Hits 4-week High

Platinum increased 6.98% to 2669.4 USD/t.oz

Platinum is up by 6.98%

Milk decreased to 14.71 USD/CWT, the lowest since August 2023. Over the past 4 weeks, Milk lost 6.72%, and in the last 12 months, it decreased 27.42%.

Milk Hits 29-month Low

Cheese decreased to 1.40 USD/Lbs, the lowest since June 2020. Over the past 4 weeks, Cheese lost 7.38%, and in the last 12 months, it decreased 21.45%.

Cheese Hits 5-1/2-year Low

Gasoline futures for delivery at the New York Harbor fell toward $1.8 per gallon from the eight-week high of $1.85 on January 21st, tracking the drop in crude oil benchmarks as the outlook of oversupply retook the spotlight. Data from the EIA reflected a 6 million barrel build in US gasoline stockpiles on the week ending January 16th, extending the 9 million increase from the previous week to mark ten consecutive periods of builds above the consensus. In the meantime, Reliance Industries completed the purchase of a batch of crude oil for its refineries to consolidate the flows from Russia to India despite sanction from the US, increasing alternative crude sources to other buyers. Meanwhile, the International Energy Agency reiterated that global oil supply is expected to significantly exceed demand this year, even after a slight upward revision to its demand growth forecast.

Gasoline Drops from 8-Week High

Brent crude oil futures extended their losses to the $59 per barrel mark on Thursday amid mounting evidence of an oversupplied market. The International Energy Agency reiterated that global oil supply is expected to significantly exceed demand this year, even after a slight upward revision to its demand growth forecast. Also, data from the EIA indicated that 3.6 million barrels of crude oil were added to national inventories on the week ending January 16th, above expectations of a 1 million barrel build. In the meantime, Kazakh export constraints were closer to ending as repairs in loading facilities on the Black Sea approached their completion. On top of that, Reliance Industries took further purchases of Russian crude to their refineries, limiting their risk that US sanctions would hamper supply into the major crude importer. The prospect of a ceasefire between Russia and Ukraine also aided the supply outlook following reports that a trilateral meeting with the US may take place.

Brent Crude Erases Rebound

WTI crude oil futures extended their losses to the $59 per barrel mark on Thursday amid mounting evidence of an oversupplied market.  The International Energy Agency reiterated that global oil supply is expected to significantly exceed demand this year, even after a slight upward revision to its demand growth forecast. Also, data from the EIA indicated that 3.6 million barrels of crude oil were added to national inventories on the week ending January 16th, above expectations of a 1 million barrel build. In the meantime, Kazakh export constraints were closer to ending as repairs in loading facilities on the Black Sea approached their completion. On top of that, Reliance Industries took further purchases of Russian crude to their refineries, limiting their risk that US sanctions would hamper supply into the major crude importer. The prospect of a ceasefire between Russia and Ukraine also aided the supply outlook following reports that a trilateral meeting with the US may take place.

Crude Oil Declines Further on Strong Inventory

Gold increased to an all-time high of 4889.00 USD/t.oz. Over the past 4 weeks, Gold gained 8.86%, and in the last 12 months, it increased 77.22%.

Gold Hits All-time High

US heating oil futures slipped below $2.39 per gallon, reversing part of an earlier rally as prices tracked weaker crude oil feedstocks lower and markets digested the latest EIA report. A larger than expected build in US crude inventories alongside a reported rise in distillate stocks undercut the near term supply narrative, while softer crude prices reduced cost support for refined products and capped upside. However, heating oil remains underpinned by tightening seasonal demand, as forecasts for an intense Arctic blast continue to lift winter heating demand and raise the likelihood of fuel switching from natural gas where infrastructure allows. At the same time, easing refinery runs and lower distillate output have narrowed the seasonal buffer, increasing sensitivity to supply disruptions such as the force majeure at Kazakhstan’s Tengiz field, which has removed export cargoes from the market and limited downside despite the pullback.

Heating Oil Drops After EIA

Silver increased to an all-time high of 95.92 USD/t.oz. Over the past 4 weeks, Silver gained 34.04%, and in the last 12 months, it increased 214.4%.

Silver Hits All-time High

Silver rebounded past $95.5 per ounce to fresh records on Thursday, as investors reassessed resilient US growth alongside signs that inflation pressures remain contained. While the upward revision to Q3 GDP growth to 4.4% reinforced the view that the economy remains strong and reduced the urgency for near term policy easing, recent inflation data signaled steady disinflation rather than renewed overheating, helping stabilize expectations around future policy restraint. That balance limited downside pressure from growth resilience and allowed silver to recover, even as easing geopolitical rhetoric around Greenland tempered immediate safe haven demand. President Donald Trump stepped back from tariff threats and ruled out the use of force, though uncertainty lingered as Denmark rejected negotiations and European lawmakers paused approval of the EU US trade agreement. Silver continues to benefit from persistent physical tightness, with a fourth consecutive year of global supply deficits.

Silver Pushes New Highs

Gold rebounded to a record $4,870 per ounce on Thursday as markets recalibrated the balance between resilient US data and easing geopolitical risks. While revised GDP and firm household spending confirmed the economy remains on solid footing, limiting the case for imminent policy easing, inflation data reinforced the view of gradual rather than reaccelerating price pressures. Headline and core PCE both rose 0.2% on the month, in line with expectations, signaling that disinflation progress has not stalled even as activity stays firm. This combination helped stabilize expectations around future policy restraint rather than renewed tightening, allowing gold to regain footing. At the same time, President Donald Trump’s retreat from tariff threats tied to Greenland and his rejection of military action reduced immediate tail risks without fully dispelling uncertainty, as Denmark and European lawmakers maintained a cautious stance.

Gold Rebounds to Record Highs

Solar Energy Index increased to 53.92 USD, the highest since December 2023. Over the past 4 weeks, Solar Energy Index gained 6.9%, and in the last 12 months, it increased 62%.

Solar Energy Index Hits 24-month High

German natural gas futures rose to above €39/MWh, the highest since June 23, as rapid storage withdrawals in recent weeks tightened the supply outlook. Fuel inventories have been drawn down quickly, raising concerns over the region’s fragile supply balance ahead of another expected cold spell across Europe in the coming days. Continental European gas storage has fallen to about 48.4% full, well below roughly 59.3% at the same time last year, while German storage is even lower at around 40.5%. Also, US gas flows were diverted from LNG export facilities to meet strong domestic demand during an Arctic blast, while colder weather in Asia intensified competition for LNG cargoes. However, geopolitical risk premiums eased after President Donald Trump said he would refrain from imposing tariffs on European countries opposing his plans to take control of Greenland. Trump added that a framework for a future deal had been discussed following a meeting with NATO Secretary General Mark Rutte.

German Natural Gas Futures Hover at 7-Month High

UK natural gas futures fell toward 100 pence a therm, retreating from the ten-month high of 103.7 pence reached on January 21, as prices tracked declines in the European benchmark following an easing of supply disruption fears. The pullback came as geopolitical risk premiums faded after President Donald Trump said he would refrain from imposing tariffs on European countries opposing his plans to take control of Greenland, reducing concerns over an escalation in US EU trade tensions. Trump said a framework for a future deal had been discussed after a meeting with NATO Secretary General Mark Rutte, though no details were provided. Despite the decline, the UK gas market remains highly sensitive due to its limited storage capacity and heavy reliance on imports. Underlying fundamentals remain tight across the region, with continental European gas storage at about 48.4% full, well below roughly 59.3% at the same time last year, which could limit further downside in prices.

UK Natural Gas Prices Follow TTF Lower

Palladium futures hovered above $1,900 an ounce, recovering from recent losses as investor worries over the Federal Reserve’s independence offset easing geopolitical tensions after President Donald Trump withdrew planned tariffs on eight European nations. Trump also unveiled a framework for transatlantic cooperation and ruled out military action in Greenland. He added that he is close to selecting a new Fed chair and favors keeping White House economic adviser Kevin Hassett on the Fed Board, fueling concerns over central bank autonomy. Palladium remains near its highest levels since 2022, supported by strong industrial demand. China’s December industrial production rose 5.2% year-on-year, exceeding forecasts and underscoring the resilience of global manufacturing, which continues to underpin metal demand.

Palladium Rebounds as Fed Concerns Offset Geopolitical Relief

Soybeans increased to 1071.00 USd/Bu, the highest since December 2025. Over the past 4 weeks, Soybeans gained 1.79%, and in the last 12 months, it increased 0.45%.

Soybeans Hits 5-week High

The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, halted a four-day winning streak on Thursday, dropping 2.3% to 1,761 points, amid lower demand for larger vessels. The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, slipped 5.2% to 2,589 points, after four consecutive sessions of advances. On the other hand, the panamax index, which usually carries 60,000-70,000 tons of coal or grain, rose 0.5% to 1,614 points; and the supramax index increased 23 points to its highest since January 5 at 1,019 points.

Baltic Dry Index Snaps 4-Day Rally

Silver hovered around $93.5 per ounce on Thursday, paring recent gains after failing to sustain a rebound toward record highs, as the latest US GDP data underscored an economy that remains resilient and reduced the need for urgent policy easing. The upward revision to Q3 growth to 4.4% reinforced expectations that restrictive conditions may persist, increasing the opportunity cost of holding non yielding assets and capping near term upside for silver. Earlier, geopolitical risks eased modestly after President Donald Trump stepped back from tariff threats linked to Greenland and ruled out the use of force, although uncertainty lingered as Denmark rejected negotiations and European lawmakers paused approval of the EU US trade agreement. Despite these headwinds, silver continues to draw support from persistent physical tightness, with the market facing a fourth consecutive year of global supply deficits.

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