Commodities Daily — Evening Edition
Wednesday, 28 October 2026 — Evening Edition
Relative performance, past week — % change from a week ago Click any name below to hide its line, or click it again to bring it back.
Relative performance, past month — % change from a month ago Click any name below to hide its line, or click it again to bring it back.
Relative performance, year to date — % change from the previous year's close Click any name below to hide its line, or click it again to bring it back.
Relative performance, past 12 months — % change from a year ago Click any name below to hide its line, or click it again to bring it back.
At a glance — 1 week
- Nat Gas +8.57% (3.03)
- Crude Oil +4.93% (101.94)
- Copper +2.13% (6.68)
- Aluminum −0.07% (3,175.50)
- Gold −1.66% (4,081.20)
- Silver −5.89% (54.04)
At a glance — 1 month
- Crude Oil +10.09% (101.94)
- Copper +1.77% (6.68)
- Nat Gas +0.97% (3.03)
- Gold −2.09% (4,081.20)
- Aluminum −6.21% (3,175.50)
- Silver −11.73% (54.04)
At a glance — year to date
- Crude Oil +77.53% (101.94)
- Copper +18.69% (6.68)
- Aluminum +9.26% (3,175.50)
- Gold −5.99% (4,081.20)
- Nat Gas −17.82% (3.03)
- Silver −22.95% (54.04)
At a glance — 12 months
- Crude Oil +69.48% (101.94)
- Copper +30.00% (6.68)
- Silver +14.67% (54.04)
- Aluminum +12.55% (3,175.50)
- Gold +2.46% (4,081.20)
- Nat Gas −9.45% (3.03)
Commodities Daily
Commodity markets traded against a backdrop of a Federal Reserve rate hold, a weaker dollar, and escalating Middle East supply risk. Natural gas posted an outsized double-digit move that current data cannot fully explain, while crude extended gains on fresh geopolitical headlines.
Precious Metals
Gold
−1.66% · closing prices, past week
−2.09% · closing prices, past month
−5.99% · closing prices, year to date
+2.46% · closing prices, past 12 months
Gold traded at $4,081.20, up 0.16% against its previous close. The move came as the dollar weakened following the Federal Reserve's decision to hold interest rates steady, a largely expected outcome that nonetheless supported the metal.
Silver
−5.89% · closing prices, past week
−11.73% · closing prices, past month
−22.95% · closing prices, year to date
+14.67% · closing prices, past 12 months
Silver slipped to $54.04, down 0.47% against its previous close, diverging modestly from gold's gain even as the broader precious metals complex traded on the same dollar and rate backdrop.
Energy
Crude Oil
+4.93% · closing prices, past week
+10.09% · closing prices, past month
+77.53% · closing prices, year to date
+69.48% · closing prices, past 12 months
⚠️ WTI crude climbed to $101.94, up 2.04% against its previous close, as reports emerged that the U.S. had told Gulf countries to prepare for potential Iran strikes after the midterm elections. A separate report of a Houthi attack on a Saudi refinery added to supply disruption fears, and the feed notes WTI testing resistance near $103.50.
Natural Gas
+8.57% · closing prices, past week
+0.97% · closing prices, past month
−17.82% · closing prices, year to date
−9.45% · closing prices, past 12 months
⚠️ Natural gas surged to $3.03, up 12.31% against its previous close — a move well beyond typical daily volatility. The news feed references record U.S. production and a technical "V-shape recovery" into resistance, but nothing in available data confirms a specific catalyst large enough to account for a move of this size. This is worth investigating further as more information becomes available.
Industrial Metals
Copper
+2.13% · closing prices, past week
+1.77% · closing prices, past month
+18.69% · closing prices, year to date
+30.00% · closing prices, past 12 months
Copper edged up to $6.68, gaining 0.91% against its previous close. The commodities feed flags copper testing a 61.8% Fibonacci resistance level with an overbought money flow index, a technical setup that may be relevant for near-term price action.
Aluminum
−0.07% · closing prices, past week
−6.21% · closing prices, past month
+9.26% · closing prices, year to date
+12.55% · closing prices, past 12 months
⚠️ Aluminum fell to $3,175.50, down 3.34% against its previous close, standing out as the session's weakest performer among the six commodities covered here. No specific catalyst for aluminum appears in the available news feed.
Supply, Demand & Inventory Themes
Oil markets remained focused on Middle East supply risk, with reports of a Houthi attack on a Saudi refinery and U.S. warnings to Gulf states to prepare for possible Iran strikes following the midterm elections. UBS reportedly raised its Brent forecast for a second time this month to $110 a barrel by year-end, citing Gulf flows that remain below prewar levels, though this remains a bank forecast rather than a settled outcome. On the supply side, Equinor raised its 2026 oil and gas production growth forecast to around 4% after commodity prices and record Mongstad refinery earnings more than doubled its operating profit. In natural gas, U.S. production is reportedly on track for a second consecutive year of record output even as the futures price posted a sharp gain, a tension that is not resolved by the available data. India's LNG buying was described as hitting record levels alongside record-high prices, underscoring tight global gas supply-demand balances.
Macro Context
The Federal Reserve's decision to hold rates steady, alongside comments from bond investor Jeff Gundlach questioning the pause, weighed on the dollar and provided support for gold. The 10-year Treasury yield crept higher to 5.05% even as the Fed held rates, reflecting trader positioning around the policy decision. EUR/USD traded at 1.1156, its lowest close since 13 May 2025, a milestone that adds context to broader dollar dynamics affecting dollar-denominated commodities.
What to Watch
- 📅 Further developments on the DoorDash-Instacart situation, reportedly possible as early as Thursday 29 October, for any read-through to broader risk sentiment.
- ⚠️ Confirmation or denial of the Houthi attack on a Saudi refinery and any escalation in Gulf tensions that could extend crude's gains.
- Any explanation for natural gas's 12.31% move, which remains unconfirmed by available data.
- Dollar direction following the Fed's rate decision, given its influence on gold, silver and broadly dollar-priced commodities.
- Copper's technical resistance test near the 61.8% Fibonacci level amid an overbought reading.
Commodities Daily — Evening Edition is AI-generated general market commentary for informational purposes only. It is not financial advice and does not constitute a recommendation to buy, hold, or sell any security. Share and index prices are settled closes from the last completed market session, date-matched to the NYSE calendar. Any futures, extended-hours or crypto levels are live quotes at the time of writing. Nothing here is real-time.