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, 1 of the 19 names in the tables moved in the opposite direction from the one given in the text: B (printed -5.24%, daily change +0.00%). Closing prices are unaffected and were correct as published.
Energy markets opened the week on a decidedly mixed note, with meaningful divergence between subsectors signaling investor uncertainty about near-term commodity price trajectories and the durability of recent production trends. Chevron (CVX) led the session higher with a decline of 0.93%, while Global X Uranium ETF (URA) anchored the declining side at -8.09%, underscoring the lack of cohesive directional conviction across the complex.
Oil & Gas: Majors Under Pressure
The integrated oil majors faced selling pressure to start the week, with ExxonMobil (XOM) closing at $149.92, down -1.37%, while Chevron (CVX) traded at $187.31, falling -0.93%. The weakness extended to international names, as Shell plc (SHEL) declined -1.39% to $85.40 and BP plc (BP) slipped -1.96% to finish at $42.97. The coordinated selloff among the majors suggests profit-taking may be underway following recent strength, though concerns about demand destruction in key Asian markets continue to circulate among trading desks.
The exploration and production segment told a different story. SPDR S&P Oil & Gas Exploration (XOP) settled at $165.99, posting a change of -2.63%, demonstrating relative resilience compared to the broader Energy Select Sector SPDR (XLE), which closed at $57.67, moving -1.70%. ConocoPhillips (COP) finished the session at $117.14, changing -1.97%, while Occidental Petroleum (OXY) traded to $56.93, marking a move of -3.18%. The divergence between integrated majors and pure-play producers points to nuanced positioning as investors weigh capital discipline against production growth expectations.
Metals & Mining: Precious Metals Anchor Weakness
The mining complex struggled broadly as both industrial and precious metals came under pressure. Gold settled at $4,343.17, advancing 0.36%, while silver traded to $68.17, rising 0.55%. The weakness in monetary metals reflected renewed dollar strength and diminishing safe-haven demand as equity volatility subsided.
Copper producers bore the brunt of industrial metal concerns, with Freeport-McMoRan (FCX) closing at $63.37, down -6.10%, and Southern Copper (SCCO) finishing at $172.97, off -7.44%. The selling pressure in copper equities comes despite broadly supportive long-term fundamentals for electrification and grid infrastructure buildout, suggesting near-term oversupply concerns may be gaining traction.
Gold miners tracked bullion prices lower, though the equity declines were more pronounced. Newmont (NEM) fell to $99.71, declining -4.94%, while Barrick Mining (B) settled at $39.46, down -5.24%. Agnico Eagle Mines (AEM) closed at $163.66, posting a change of -5.15%. The underperformance relative to the underlying metal indicates rising cost pressures or profit-taking after recent outperformance may be weighing on sentiment.
