Oil & Gas in Focus as Markets Reopen

Markets reopen this morning with investors digesting weekend US military action in Venezuela and the removal of former President Maduro, as attention begins to shift toward positioning for 2026.

Political instability is lifting precious metals to start the week. Gold is climbing 2.1% and Silver is rallying 5.5%, with strength extending into broader commodities as Crude Oil trades up 0.7% and Copper gains 3.7%. In contrast, Natural Gas is under pressure, falling 5.5% on forecasts calling for warmer temperatures across key consuming regions over the coming days.

A New Year’s rally appears to be taking shape in global equity markets. Japan’s Nikkei jumped 3.0% overnight, while European markets are firmer with the DAX up 0.5% and the FTSE higher by 0.2%. US index futures are trading flat to up 0.7%, with the NASDAQ showing relative strength.

In currency markets, the Yen is benefitting from a safe haven trade, rising 0.1%. A stronger US Dollar is weighing on other major currencies, with both the Euro and Canadian Dollar down 0.35%.

Looking ahead, US ISM Manufacturing PMI (Street 48.3) is due at 10:00 am EST. PMI releases will continue through the week, alongside key employment data, including US ADP payrolls on Wednesday and US Nonfarm Payrolls and Canada Employment on Friday.

Morning Minutes will not be issued tomorrow and will return Wednesday, January 7, 2026.

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