Correction, 9/24/2026. Sentences in this report paired a direction word with a figure of the opposite sign -- describing a decline as a gain, or a gain as a drop. The figures were correct and match the tables below; the wording was not, and has been fixed. No figure has changed.
Correction, 9/21/2026. The percentage moves in this report were measured from each session's opening price to its close, not from the previous session's close, which is how a daily change is normally stated. The figures in the text are those open-to-close moves. The tables now label them as such and add each name's daily change against the prior close. Measured against the prior close, 2 of the 19 names in the tables moved in the opposite direction from the one given in the text: ICLN (printed -1.74%, daily change +0.04%); BP (printed -0.50%, daily change +0.65%). Closing prices are unaffected and were correct as published.
Energy markets delivered a session of stark contrasts Thursday, with exploration and production equities defying weakness across the integrated oil majors and clean energy names struggling to find footing amid continued sector rotation pressures.
Oil & Gas: A Tale of Two Strategies
ExxonMobil (XOM) commanded attention as the session's standout performer, surging +1.28% to lead the energy complex higher. The exploration-focused SPDR S&P Oil & Gas Exploration (XOP) delivered a solid advance of +0.69%, demonstrating continued appetite for upstream exposure even as the energy sector's largest components faced selling pressure.
That enthusiasm stood in sharp relief against weakness among the integrated majors. ExxonMobil (XOM) advanced 1.28% to settle at $152.53, while Chevron (CVX) rose 0.43% to $189.71. European counterparts mirrored the retreat, with Shell plc (SHEL) dropping -0.97% and BP plc (BP) sliding -0.50%. The divergence between exploration names and integrated producers suggests investors are repositioning toward pure-play production exposure while taking profits on downstream-heavy business models.
ConocoPhillips (COP) bucked the major producer trend somewhat, posting +1.24%, while Occidental Petroleum (OXY) moved +0.20%. The broader Energy Select Sector SPDR (XLE) ended the session +0.81% at $58.71, reflecting the weight of weakness among mega-cap constituents despite pockets of strength elsewhere in the energy value chain.
Metals: Precious Shine as Industrial Base Metals Weaken
Precious metals found renewed buying interest Thursday, with gold advancing to $4,456.87, down 0.41%, while silver declined 2.15% to reach $73.19. The strength in monetary metals suggested defensive positioning may be creeping back into commodity allocations amid broader equity market uncertainty.
The mining equity space proved less enthusiastic. Newmont (NEM) declined -0.48%, and Barrick Mining (B) fell -1.58%, indicating that gold equity investors remained cautious despite the underlying commodity's advance. Agnico Eagle Mines (AEM) provided a bright spot, declining 2.42%, though the gains failed to ignite broader enthusiasm across the senior producer complex.
Base metals and associated equities faced headwinds. Freeport-McMoRan (FCX) retreated -1.41% to $70.64, while Southern Copper (SCCO) declined -0.84%. The weakness in copper-exposed names reflects ongoing concerns about global industrial demand trajectories and Chinese economic activity, even as supply fundamentals remain relatively constructive.
Critical materials equities painted a decidedly negative picture. MP Materials (MP) slumped -2.60%, reflecting continued volatility in rare earth market sentiment, while Cameco (CCJ) fell -4.19% as uranium equities gave back recent gains. The session's worst performer, Global X Uranium ETF (URA), plunged -4.35%, underscoring the pronounced risk-off tone in speculative energy transition plays.
