ALUSDAluminum Futures

Gold advances at the European open as oil retreats despite disrupted U.S. Gulf supplies

Commodities leadership shifts to gold at the European open, while crude and heating oil retreat despite ongoing supply risks. Gold advances to 4220.10, gaining +1.52%, making it the clearest shift from the previous close, when its rise was limited. News of falling U.S. Treasury yields and increased geopolitical risks supports the metal, while the report that gold ETF holdings reached a record level in September reinforces the investment-demand picture. However, this rise does not mean speculative positioning is expanding at the same time; the 2026-09-29 report showed net long positions of +218632 contracts, with a weekly change of -7221. The opening tone is bullish for gold, while the current price strength should be viewed separately from the decline in positions in the older report. West Texas crude falls to 90.91, down -0.63%, while heating oil declines -1.24%, shifting the European open away from oil and fuels, which led gains at the previous close. The shutdown of 1.28 million barrels per day of Gulf of Mexico production due to the hurricane remains a supportive factor for crude, but it did not prevent the price from falling in the session. In fuels, China’s resumption of refined-product exports adds a counterweight to shortage concerns, while rising European diesel refining margins point to continued pressure on regional supplies. The current picture is bearish for crude and heating oil, despite persistent supply risks.