Commodities (Crude Oil & Copper) & Macro Outlook

Polymarket launched its perpetual futures product, called Perps, on September 3, expanding the prediction market platform from yes-or-no election and sports bets into leveraged derivatives. The offering started with 10 markets covering Bitcoin, Ethereum, Solana, HYPE, gold, silver, WTI oil, the S&P

According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending September 1, WTI crude oil speculators increased net long positions by 15,816 contracts to 118,894 contracts. In the same period, natural gas speculators across NYMEX and ICE added net short positions of 11,098 con

According to the U.S. Commodity Futures Trading Commission (CFTC), speculators increased net short positions in CBOT U.S. Treasury futures by 12,258 contracts for the week ended September 1, bringing the total to 199,501 contracts.

According to the U.S. Commodity Futures Trading Commission (CFTC), speculators increased their net long positions in NYMEX WTI crude oil by 15,046 contracts during the week ending September 1, bringing the total to 119,619 contracts—the highest level in 12

According to U.S. Treasury Secretary Scott Benson, oil prices could plummet to $40 per barrel once the Iran conflict concludes, potentially bringing bond yields down from recent multi-year highs. Speaking in a Friday interview with Steve Bannon, Benson stated, "Once we get through this Iran conflict

According to Trump's statement at the White House on Friday, the U.S. has taken control of the Strait of Hormuz and sunk multiple vessels, with Trump claiming the U.S. has essentially taken over Iran. He warned that if the situation deteriorates, the U.S. will strike hard, and said the country may s

According to Reuters on September 4, Citadel is in talks to acquire U.S. oil production assets, according to five people familiar with the matter. The hedge fund is contacting multiple private equity firms that hold oil and gas exploration and production companies. Citadel also bid for WildFire

U.S. President Donald Trump stated that the United States is extracting large quantities of oil and controls the Strait of Hormuz, according to remarks made on September 4.

NYMEX and WTI futures closed mixed today (September 4). WTI October crude oil settled at $91.48 per barrel, while NYMEX October natural gas closed at $2.9750 per million BTU. October gasoline futures ended at $3.2146 per

According to Shanghai Futures Exchange data, crude oil futures (SC2610) closed up 1.11% at 690.70 yuan per barrel overnight on September 4. In the same session, Shanghai gold futures fell 1.32%, while Shanghai silver futures

According to ICE, in the week of September 1, speculators' net long positions in Brent crude oil futures increased by 37,837 contracts to reach 261,435 contracts, marking a 14-week high.

According to the Intercontinental Exchange, gasoline speculators increased their holdings by 769 contracts during the week ended September 1, with net long positions reaching 90,068 contracts.

The U.S. total rig count held steady at 588 for the week ending September 4, unchanged from the prior week.

The U.S. natural gas rig count declined to 130 for the week ending Sept. 4, down from 132 in the prior week.

LME cobalt futures fell 2,070 USD this week, closing at 46,430 USD per ton, down over 17.51% week-to-date. In contrast, LME copper rose 82 USD to 14,416 USD per ton, gaining 0.85% on the week, while nickel climbed 60 USD to 16,846 USD per ton.

LME copper futures closed up $82 to $14,416 per ton on September 4. Nickel rallied $60 to $16,846 per ton, while aluminum declined $18 to $3,294 per ton. Zinc gained $34 to $3,946 per ton, lead rose $4 to $1,908 per ton, tin fell $86 to $54,866 per ton, and cobalt dropped $2,070 to $46,430 per ton.

The U.S. oil drilling count for the week ending September 4 will be released in approximately 10 minutes.

On September 4, 2026, from 12:00 to 16:00 (UTC), BTC traded within a narrow range over four hours, ultimately closing up 0.02%, with a price range of 81,134.8–81,268.4 USDT and an amplitude of 0.16%. Over the past 24 hours, BTC fell from a high of around $82,278 to approximately $78,885, down 2.03%, as the market entered a brief consolidation after the NFP data release but continued to trend lower overall. The main driver of this move was the U.S. August NFP data, which far exceeded expectations

According to ICE data, on Friday, September 4, European natural gas futures posted strong weekly gains. TTF benchmark Dutch natural gas futures rose 1.29% to 72.418 EUR/MWh, gaining 9.24% for the week, with an intraday high of 75.339 EUR/MWh earlier in the week. ICE UK natural gas futures

According to Jin10, Mediterranean tanker rates declined sharply as of September 4, with rates for a 140,000-ton crude carrier from the Black Sea to the Mediterranean falling to Worldscale (WS) 280, down from WS570 in mid-August. Cross-Mediterranean routes also fell approximately 100 Worldscale