[MARKET ANALYSIS] Gold and Silver rose to fresh record highs above USD 5,000/oz and USD 108/oz, respectively, while nat gas futures surged by double digit percentages amid US storm and power cut

WTI/Brent: WTI Mar'25 +0.1% / Brent Apr'26 +0.1%

• Oil futures are rangebound and take a breather following Friday's rally, with price action contained following reports of constructive trilateral talks between the US, Ukraine and Russia, while Libya signed a deal with TotalEnergies (TTE FP) and ConocoPhillips (COP) to more than double the production capacity of their Waha Oil venture. Conversely, natural gas futures surged around 16%, owing to the US winter storm, which had cut power to more than 230,000 customers as far west as Texas and prompted thousands of flight cancellations.

Gold: +1.7%

• Climbed to a fresh record high after breaching the USD 5,000/oz level for the first time in history, amid a weaker dollar and a rally in silver, which surged to above USD 108/oz.

Copper: +0.2%

• Remains afloat and holds on to last Friday's spoils but with further upside capped amid the mostly downbeat risk tone in Asia.