[MARKET UPDATE] Firmer trade across commodities but with upside capped by a lack of fresh macro updates

The commodity market is showing firmer trade, although upside potential is constrained by a lack of fresh macro updates.

Newsquawk StaffPublished 23 Jan 2026, 02:27 UTCOn the live feed at 02:07 UTC — 1 more headline followed before this page went public

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[MARKET UPDATE] Firmer trade across commodities but with upside capped by a lack of fresh macro updates

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Crude futures consolidate following the prior session's pressure, triggered by an unwind in geopolitical risk premia amid positive commentary on the US-Greenland and Russia-Ukraine front. WTI resides in a USD 59.52-59.81/bbl range with Brent in a USD 64.29-64.53/bbl parameter.
US natural gas futures have pulled back slightly in consolidation following the recent surge triggered by freezing conditions across the US, in turn underpinning heating demand and raising some concerns of potential supply disruptions.
Spot gold continues its march towards USD 5,000/t with the yellow metal print a peak of USD 4,967.52/oz at the time of writing, whilst spot silver touched USD 99/oz to the upside to a fresh ATH. The gains come despite the cooler geopolitical updates, with participants likely seeing weakness as a potential entry point in what is seemingly a continuous rally.
Base metal futures are firmer across the board and coat-tailing on the positive sentiment across APAC, with 3M LME copper inching closer towards USD 13,000/t in a current USD 12,848.00-12,937.00/t range.

Context

Crude futures are consolidating within recent ranges as geopolitical risk eases, while natural gas has retreated from its surge due to cold weather. Notably, spot gold and silver are achieving record highs amid a general bullish sentiment, driven by perceived buying opportunities despite geopolitical cooling.

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