HSL Prime Research Commodity Daily aReport: 15 October 2026

Global Market Round Up

Precious metals recovered on Thursday after heavy losses in the previous session, with spot gold trading above $4,150 an ounce. The rebound was supported by a decline in crude oil prices, which ended a five-session rally, along with a pullback in the U.S. dollar and Treasury yields, easing pressure on bullion.

The dollar slipped from an 18-month high despite hotter-than-expected U.S. inflation, as cautious comments from Federal Reserve officials and lower Treasury yields prompted traders to scale back expectations of an October rate hike. However, concerns over a more hawkish Fed stance continued to weigh on sentiment after the U.S. Consumer Price Index rose 3.7% in September, above market expectations of 3.6%, driven largely by higher energy costs.

Gold’s immediate focus is on the $4,200–$4,219 zone. A sustained move above $4,219 would strengthen the recovery, while a renewed rise in Treasury yields and the U.S. dollar could push prices back towards the $4,100 area.

WTI crude oil futures fell towards $94 a barrel on Thursday, ending a five-session winning streak as profit-taking and technical correction emerged after the recent rally. Investors also assessed reports that the U.S. may ease sanctions on shadow-fleet vessels transporting oil and petroleum products from Russia, Iran and Venezuela, potentially helping reduce elevated global freight costs.

However, supply concerns remained elevated after a container ship sank in the Strait of Hormuz following a reported projectile strike, while Iran-backed Houthi forces continued missile and drone attacks across Saudi Arabia.

Meanwhile, API data showed U.S. crude inventories fell by 11.12 million barrels in the week ended October 9, sharply exceeding expectations for a 1.9-million-barrel increase and marking the largest drawdown since late January. Market focus now turns to the official EIA inventory report for confirmation of the drawdown.

Natural gas futures gave back most of the previous session’s gains as production recovered, while market focus shifted to the EIA weekly storage report. The market expects a 75 Bcf injection, below the five-year average, which would narrow the storage surplus to 53 Bcf from 68 Bcf in the previous week.