Comex Gold Settles 0.63% Higher at $3240.30 — Data Talk

Front Month Comex Silver for May delivery gained 48.00 cents per troy ounce, or 1.48% to $32.868 today

• Largest one day dollar and percentage gain since Tuesday, May 6, 2025
• Up two of the past three sessions
• Highest settlement value since Tuesday, May 6, 2025
• Off 5.81% from its 52-week high of $34.897 hit Thursday, March 27, 2025
• Up 22.50% from its 52-week low of $26.83 hit Wednesday, Aug. 7, 2024
• Rose 15.39% from 52 weeks ago
• Off 5.81% from its 2025 settlement high of $34.897 hit Thursday, March 27, 2025
• Up 12.89% from its 2025 settlement low of $29.116 hit Friday, April 4, 2025
• Off 32.51% from its record high of $48.70 hit Thursday, Jan. 17, 1980
• Month-to-date it is up 1.04%
• Year-to-date it is up $3.928 or 13.57%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data, FactSet

Front Month Comex Copper for May delivery gained 10.30 cents per pound, or 2.25%(rounded) to $4.6815 today

• Largest one day dollar and percentage gain since Tuesday, April 22, 2025
• Up two of the past three sessions
• Highest settlement value since Tuesday, May 6, 2025
• Off 10.25% from its 52-week high of $5.216 hit Wednesday, March 26, 2025
• Up 18.90% from its 52-week low of $3.9375 hit Wednesday, Aug. 7, 2024
• Down 5.49% from 52 weeks ago
• Off 10.25% from its 2025 settlement high of $5.216 hit Wednesday, March 26, 2025
• Up 17.37% from its 2025 settlement low of $3.9885 hit Thursday, Jan. 2, 2025
• Off 10.25% from its record high of $5.216 hit Wednesday, March 26, 2025
• Month-to-date it is up 2.66%
• Year-to-date it is up 69.55 cents or 17.45%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data, FactSet

The following is a range of analysts' estimates of ethanol production and ethanol inventories for the week ended May 9. Production units are in thousands of barrels per day, while inventories are listed in thousands of barrels. Parentheses indicate a negative number. The report is scheduled to be released at 10:30 a.m. ET Wednesday by the EIA.

 
                     Estimates        Actuals 
                       May 9       May 2  Apr 25 
PRODUCTION (t/bl)   1,000-1,020    1,020   1,040 
STOCKS (t/bl)      24,691-25,391  25,191  25,389 
 

Energy stocks advanced Tuesday afternoon with the NYSE Energy Sector Index rising 2% and the Energy Select Sector SPDR Fund (XLE) adding 1.8%.

The Philadelphia Oil Service Sector Index climbed 1.4%, and the Dow Jones US Utilities Index was little changed.

West Texas Intermediate crude oil rose 2.9% to $63.77 a barrel, and global benchmark Brent advanced 2.7% to $66.69 a barrel. Henry Hub natural gas futures fell 0.4% to $3.63 per 1 million BTU.

In corporate news, Aramco Chief Executive Officer Amin Nasser said the Saudi Arabian state-owned oil company will sign memoranda of understanding with NextDecade and Sempra to supply around 6.2 million tons of liquid natural gas to Aramco, Reuters reported. NextDecade shares jumped 10%, and Sempra added 0.9%.

Institutional Shareholder Services recommended that Phillips 66 investors support the four board nominees backed by Elliott Investment Management. Phillips 66 said it "strongly" disagrees with the recommendation. Phillips 66 shares climbed 5.6%.

First Solar shares surged 20% after Wolfe Research upgraded the stock to outperform from peer perform with a $221 price target.

Aemetis said its biogas unit signed a $27 million agreement with Centuri to build biogas cleanup systems for 15 dairy digesters. Aemetis shares jumped 7% and Centuri rose 5.9%.

By Anthony Harrup

U.S. crude oil inventories likely fell for a third consecutive week with refineries continuing to raise their capacity use, according to a survey by The Wall Street Journal.

Commercial crude stocks are seen falling by 1.8 million barrels to 436.6 million barrels in the week ended May 9, according to the average estimate of nine analysts and traders. Eight expect a decline and one predicts a build, with expectations ranging from a drop of 2.9 million barrels to an increase of 700,000 barrels.

Gasoline inventories are expected to have fallen by 1.4 million barrels to 224.3 million barrels, with estimates ranging from a drawdown of 3.6 million barrels to a build of 500,000 barrels.

Stocks of distillate fuels, mostly diesel, are expected to have slipped by 100,000 barrels to 106.6 million barrels. Forecasts range from a 2 million barrel drop to an increase of 1.5 million barrels.

Refinery capacity use is seen rising by 0.6 of a percentage point to 89.6% in a fourth weekly increase, according to the survey. Forecasts range from a 1 percentage point rise to a decline of 0.8 of a percentage point. Two analysts didn't make a forecast for refinery runs.

The U.S. Energy Information Administration is scheduled to release the inventory data on Wednesday at 10:30 a.m. EDT.

 
                                    Crude  Gasoline  Distillates Refinery Use 
   Again Capital                    -2.9      -1.6      -1.0       0.8 
   Confluence Investment Management -1.0       0.5       0.5       0.8 
   Rystad Energy                    -2.5      -0.9      -0.3      -0.8 
   Excel Futures                    -2.4      -1.0       0.9       0.5 
   Spartan Capital Securities       -2.9      -3.6       1.5       n/f 
   Mizuho                           -1.0       0.5       1.0       0.6 
   Price Futures Group              -2.0      -2.0      -2.0       1.0 
   Ritterbusch and Associates        0.7      -1.6      -0.7       1.0 
   Tradition Energy                 -2.0      -3.0      -1.0       n/f 
 
   AVERAGE                          -1.8      -1.4      -0.1       0.6 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

n/f = no forecast

unch = unchanged

Write to Anthony Harrup at anthony.harrup@wsj.com

Brent crude oil futures rose to $66.7 per barrel on Tuesday, a fourth straight gain to test the highest level in over one month, amid fresh sanction threats against Iran and an improved outlook on global trade flows.

In a speech before Saudi officials, US President Trump reiterated the threat of sanctions against Iranian oil should they not agree to their nuclear deal.

In turn, concerns of widespread economic pain eased after the US and China agreed to momentarily lower tariffs against each other.

However, uncertainty remains over what will happen once the 90-day truce expires.

The rebound in futures took place despite Saudi Arabia's push to raise oil production and penalize members failing to meet output targets.

OPEC's total output has risen more than expected since April, with production in May likely up by 411,000 barrels per day.

Oil is still down 10% since early April, when reciprocal US tariffs raised fears about weaker global growth and reduced fuel demand.