The Natural Gas Price has exploded higher this week, trading at $5.23 USD as of Friday, January 23, 2026. This represents a staggering 66.02% gain over the last seven days, marking one of the most volatile weeks on record for the energy commodity. The parabolic move has pushed year-to-date gains to 41.47%, completely reversing the bearish sentiment that dominated late 2025. Markets are currently reacting to a perfect storm of freezing temperatures and supply constraints, with the 30-day movement now sitting at a robust 22.10%.

Natural Gas Price Market Drivers

The primary catalyst for this week’s historic rally is an unprecedented Arctic blast currently gripping 230 million people across the United States. Weather models confirm that temperatures have plummeted well below freezing in key consumption hubs, driving heating demand to record levels. This demand shock has collided with a significant supply disruption; the extreme cold has triggered widespread “freeze-offs”—where ice blocks the flow of gas from wells—in critical production basins including the Permian and Appalachia.

Furthermore, the rally was exacerbated by a massive short squeeze. Hedge funds, which had positioned for a mild winter, were forced to aggressively cover their bearish bets as prices breached the psychological $4.00 and $5.00 levels. Analysts warn that if the cold persists, natural gas storage inventories could swing to a 10% deficit relative to the five-year average by March, radically altering the fundamental outlook for the remainder of 2026.

Technical Outlook

Technically, Natural Gas has entered a parabolic phase, smashing through resistance levels that had held for over a year. The break above $5.00 is significant, signaling a potential trend reversal on the weekly charts. However, with the Relative Strength Index (RSI) now at extreme overbought levels, volatility is expected to remain high. Traders should watch for support near the $4.50 breakout zone if weather forecasts moderate, while continued freeze-offs could see bulls target the $6.00 handle next.

The uranium price continued its bullish momentum this week, climbing to 85.67 USD per pound. This represents a 2.19% gain over the last seven days and extends the metal’s year-to-date growth to 5.09%. Trading near 18-month highs, the nuclear fuel market is reacting to a convergence of tightening global supply regulations and surging demand forecasts from the technology sector.

Uranium Price Market Drivers

Two primary factors have driven the recent price action: escalating "resource nationalism" in Kazakhstan and expanding U.S. demand initiatives.

Kazakhstan Supply Constraints: The most significant catalyst this week was the fallout from Kazakhstan’s newly amended Subsoil Use Code. Laramide Resources announced its exit from a major greenfield exploration project in the Chu-Sarysu Basin on January 20, citing new laws that mandate a minimum 75% stake for the state-owned Kazatomprom in new ventures. This policy shift effectively tightens foreign access to the world’s largest uranium reserves, stoking fears of a long-term structural supply deficit as Western developers face higher barriers to entry.

Data Center Demand & Strategic Buying: Simultaneously, demand signals from North America remain robust. The U.S. Department of Energy recently awarded $2.7 billion in contracts to domestic enrichers to secure HALEU supplies, aiming to offset reliance on Russian fuel. Furthermore, the Sprott Physical Uranium Trust reportedly added 100,000 pounds of yellowcake to its holdings this month. These moves are underpinned by projections that AI data centers could double their electricity consumption by 2030, necessitating a rapid expansion of reliable baseload nuclear power.

Technical Outlook

Technically, uranium has broken through key resistance at $82.00 and is consolidating above the $85.00 psychological level. The immediate trend remains bullish, supported by the 8.27% gain over the last 30 days. Traders will be watching for a sustained close above $86.00 to open the path toward $90.00. Conversely, if profit-taking occurs, the previous breakout zone at $82.00 should serve as strong support.

The Lithium price continued its explosive start to 2026, surging to 170,999.81 CNY per tonne on Friday. The battery metal has posted a remarkable 7.55% gain over the last seven days alone, extending a massive 71.86% rally over the past month. Year-to-date, lithium prices are up 44.38%, marking a definitive reversal from the surpluses that plagued the market in previous years.

Market Drivers

Two primary factors are fueling the current rally: a surge in utility-scale energy storage demand and sudden supply constraints in China’s mining hubs.

• Energy Storage Demand Spike: While EV sales remain steady, the demand for lithium iron phosphate (LFP) batteries in energy storage systems (ESS) has outperformed expectations. Analysts forecast a 55% growth in ESS installations for 2026, driven by Beijing’s mandate to double EV charging capacity and grid storage infrastructure by 2027.
• Jiangxi Supply Crunch: On the supply side, Chinese authorities recently canceled 27 mining permits in the lithium hub of Jiangxi as part of an environmental crackdown. This follows the suspension of operations at CATL’s Jianxiawo mine, effectively removing significant monthly tonnage from the market just as downstream battery makers rush to restock ahead of reduced export rebates.

Technical Outlook

Technically, the Lithium price has decisively broken through the psychological resistance level of 150,000 CNY. The steep vertical ascent suggests intense buying pressure, likely exacerbated by short covering from traders who were positioned for a surplus. With the price now firmly establishing support above 160,000 CNY, market participants are eyeing the 200,000 CNY level as the next major target. However, the Relative Strength Index (RSI) indicates the metal is in overbought territory, suggesting potential volatility in the short term as the market digests these rapid gains.

The Aluminum Price is currently trading at $3,159.93 USD, marking a slight decline of -0.12% over the past seven days. Despite this minor weekly consolidation, the light metal remains in a strong uptrend, boasting a 7.16% gain over the last 30 days and a 5.70% increase year-to-date. Prices are hovering near three-year highs as the market digests recent regulatory shifts in China against a backdrop of persistent global supply constraints.

Market Drivers

The recent pause in the aluminum rally can be attributed primarily to regulatory intervention in China. Authorities in Beijing have implemented tighter restrictions on high-frequency trading (HFT) to curb excessive speculation in commodity markets. This regulatory clampdown has temporarily dampened buying momentum, leading to the flat performance seen this week (-0.12%) as liquidity providers adjust to the new rules.

However, the downside remains limited by robust fundamental drivers. Supply chain disruptions continue to plague the sector, with temporary smelter suspensions reported in key producing regions including Iceland and Mozambique. Furthermore, China—the world's largest producer—is struggling to expand capacity significantly beyond its government-mandated 45-million-ton cap. These structural supply deficits are creating a high price floor, preventing any significant correction despite the cooling speculative sentiment.

Technical Outlook

Technically, the Aluminum Price is in a consolidation phase after its explosive start to 2026. The metal is currently flagging just below the $3,200 resistance level. The 7-day movement of -0.12% suggests a healthy breather rather than a trend reversal. Traders should watch the $3,130 support level; holding above this zone keeps the bullish structure intact. A breakout above $3,180 could open the door for a retest of the all-time highs, supported by the strong 30-day momentum of over 7%.

WTI crude oil prices have climbed to $61.07 USD per barrel, marking a significant 2.97% gain over the past week. This upward move extends a five-week winning streak for the US benchmark, which is now up 6.36% year-to-date. As geopolitical tensions resurface and physical supply constraints tighten, the market is staging a recovery from recent lows.

Market Drivers: Geopolitics and Supply Disruptions

The primary catalyst behind the recent surge is the escalation of geopolitical rhetoric. US President Donald Trump recently issued renewed warnings toward Iran, stating that a US armada is heading to the region. This development has reignited fears of potential military action that could disrupt oil flows from the Middle East, prompting traders to price in a higher risk premium.

Adding to the bullish momentum are tangible supply constraints in Central Asia. Reports confirm ongoing outages in Kazakhstan, where production at the giant Tengiz oilfield has been halted due to technical issues. This unexpected removal of barrels from the market has helped offset some of the bearish sentiment surrounding global oversupply.

Furthermore, the US Dollar has slid toward its worst weekly performance in seven months. A weaker greenback makes dollar-denominated commodities like crude oil more affordable for foreign buyers, providing additional support to the price action.

Technical Outlook

Despite the strong weekly performance, the technical picture suggests caution. While the Relative Strength Index (RSI) sits in neutral territory around 55, suggesting room for further upside, the market faces significant structural headwinds. The International Energy Agency (IEA) continues to project a global inventory build of 3.7 million barrels per day this year, which could cap gains.

Traders are eyeing the $65.00 level as a critical resistance zone. Previously a floor for prices between 2021 and 2024, this level may now act as a ceiling. If WTI fails to break through, prices could retest support near $58.00; however, a sustained geopolitical escalation could invalidate these bearish technical caps.

The Brent Price extended its winning streak for a fifth consecutive week, trading at 65.90 USD per barrel on Friday, January 23, 2026. This represents a 3.25% increase over the last seven days and contributes to a robust 8.22% gain year-to-date. The benchmark crude contract has found fresh support amid renewed geopolitical instability in the Middle East and physical supply constraints in Central Asia, helping it recover from earlier bearish pressure caused by oversupply forecasts.

Brent Price Market Drivers

The primary catalyst for this week’s bullish movement is the escalation of geopolitical rhetoric. President Trump’s recent warning regarding an "armada" heading toward Iran has reintroduced a significant risk premium to the market. Traders are reacting to fears that potential military action could disrupt oil flows from the Persian Gulf, a critical artery for global energy supply. This geopolitical friction has overshadowed earlier concerns about a global supply glut.

Compounding the supply-side anxiety is an ongoing outage at Kazakhstan’s giant Tengiz oilfield. The disruption has tightened immediate physical availability, forcing buyers to seek alternatives and supporting near-term prices. Additionally, a softening U.S. dollar—which slid toward its worst week in months—has made dollar-denominated crude cheaper for international buyers, further buoying demand.

Technical Outlook

Despite the recent rally, the technical ceiling for the Brent Price remains firm. While the momentum is positive, gains may be capped by the International Energy Agency’s (IEA) projections of a 3.7 million bpd stockpile build in 2026. Traders will be watching the $66.50 resistance level closely; a break above this could signal a shift in the longer-term trend, while failure to hold the $65 support could see prices retreat back toward the low $60s as fundamental oversupply concerns resurface.

Gold prices continued their historic ascent on Friday, surging to trade at $4,979.53 USD per ounce. The precious metal has delivered a stunning performance, gaining 8.19% over the last seven days and registering a remarkable 15.31% increase year-to-date. As investors flock to safe-haven assets amidst growing global economic uncertainty, gold is rapidly approaching the psychological resistance level of $5,000.

Market Drivers

The explosive move in the Gold Price this week can be attributed to three primary drivers:

• Escalating Trade Tensions: Markets have been rattled by renewed fears of global trade wars following recent reports of expanding tariffs. Investors are hedging against potential supply chain disruptions and the inflationary pressures that trade barriers often trigger, driving capital into physical assets.
• Aggressive Fed Rate Cut Expectations: Recent economic data suggesting a softening U.S. labor market has fueled speculation that the Federal Reserve may implement deeper interest rate cuts earlier than anticipated. Lower rates reduce the opportunity cost of holding non-yielding bullion and weigh heavily on the U.S. Dollar, boosting gold’s appeal.
• Geopolitical Safe-Haven Demand: Continued geopolitical instability and sovereign debt concerns have accelerated the trend of central bank diversification. Institutional buying remains a critical floor for prices, amplifying the rally as retail sentiment follows suit.

Technical Outlook

Technically, gold is in uncharted territory, with the steep 8.19% weekly candle confirming strong bullish momentum. The immediate focus is now on the $5,000 psychological barrier. A breakout above this level could trigger a fresh wave of algorithmic buying. However, with the Relative Strength Index (RSI) entering overbought territory, traders should remain cautious of a potential short-term consolidation or pullback to support levels near $4,800 before the next leg higher.

The Silver Price has shattered historical records, surging past the psychological $100 mark to trade at $101.80 USD. In a week defined by extreme volatility and aggressive buying, the white metal has climbed 11.00%, capping a staggering 42.23% year-to-date rally. This historic breakout is being driven by a perfect storm of supply chain shocks and insatiable industrial demand, fundamentally reshaping the global precious metals market.

Market Drivers: Export Bans and Green Energy Demand

Two primary catalysts are fueling this unprecedented rally. First, China’s new export restrictions have severely tightened global supply. Effective January 1, 2026, Beijing implemented a strict licensing system for silver exports, authorizing only 44 companies to ship the metal. This policy has created an immediate bottleneck, reducing the flow of silver into Western markets just as inventories at the COMEX were already critically low.

Second, industrial consumption has reached a fever pitch. The solar photovoltaic (PV) sector is on track to install a record 665 GW of capacity this year, consuming over 125 million ounces of silver annually. Simultaneously, the rapid expansion of AI data centers has created a new, non-negotiable source of demand for silver’s superior conductivity in high-performance electronics. With the market entering its fifth consecutive year of structural deficit, buyers are scrambling to secure physical metal, driving premiums to record highs.

Technical Outlook: Blue Sky Territory

Technically, the Silver Price has entered “blue sky” territory after decisively clearing resistance at $100. Momentum indicators are currently flashing overbought conditions, but the sheer volume of buying suggests this is a structural repricing rather than a speculative bubble. Analysts suggest that if support holds above $98, the next immediate target could be $120. However, traders should remain cautious of short-term volatility given the speed of the recent ascent.

The Cobalt Price is currently trading at $28.15 USD per pound, holding steady with a 0.00% movement over the last seven days. Despite the quiet week, the market remains bullish year-to-date, posting a robust 6.63% gain since the start of 2026. After a volatile opening to the year, prices have entered a consolidation phase as buyers assess the sustainability of the recent rally prompted by supply-side constraints.

Market Drivers: DRC Quotas and Supply Tightness

The primary driver underpinning the current valuation is the continued impact of strict export quotas implemented by the Democratic Republic of Congo (DRC). Following the government’s intervention to cap exports and replace the previous ban with a quota system, global supply chains have tightened significantly. This structural shift has successfully drained excess inventories that plagued the market in previous years, transitioning the sector from oversupply to a delicate balance.

However, the 0.00% movement this week reflects a temporary standoff between buyers and sellers. Industrial consumers, particularly in the EV battery sector, are seemingly hesitant to chase prices higher after the sharp 6.63% YTD surge. Market reports indicate that trading activity slowed this week as major consumers utilized existing stockpiles rather than purchasing at spot rates. This pause allows the market to digest the new pricing reality of roughly $62,000 per tonne, with the DRC’s strategic supply management acting as a firm floor against significant downsides.

Technical Outlook

Technically, the Cobalt Price has established strong support around the $28.00 level. The flat performance this week suggests a consolidation pattern rather than a reversal. Given the YTD momentum and the fundamental supply deficit projected for later this quarter, the outlook remains cautiously optimistic. A breakout above $28.50 could signal the next leg higher, while a dip below $27.50 might trigger short-term profit-taking before the longer-term uptrend resumes.

The Copper Price is trading at $5.95 USD per pound today, marking a -0.71% decline over the last seven days. After a blistering start to 2026 that saw the red metal hit fresh all-time highs above $6.11, the market has entered a consolidation phase. Despite the weekly dip, copper remains up 7.25% over the last 30 days and 4.78% year-to-date, reflecting continued structural strength despite short-term headwinds.

Market Drivers: Why is Copper Down?

The recent pullback in the Copper Price can be attributed to a cooling of geopolitical risks and shifting supply dynamics that have prompted profit-taking among speculative investors.

• Geopolitical Risk Premium Fades: A primary driver of the recent sell-off was the de-escalation of tensions regarding Greenland. Markets breathed a sigh of relief after reports confirmed that the U.S. administration ruled out aggressive measures and retracted threats of tariffs on allied nations opposed to the acquisition. This removed a significant “fear premium” that had inflated commodity prices earlier in the month, leading to a rotation out of hard assets.
• Rising Inventories: Easing supply constraints have also weighed on prices. LME copper stocks have risen to their highest levels since May 2025, with significant inflows reported in U.S. warehouses. This inventory build has alleviated immediate concerns of a supply squeeze, narrowing the arbitrage window between Comex and LME contracts and signaling that physical availability is temporarily improving.
• Profit Taking Following Record Highs: After surging nearly 40% year-over-year and hitting record peaks in mid-January, the metal was due for a technical correction. Analysts note that the rapid ascent invited profit-taking, particularly as physical buyers in China showed hesitation at these elevated price levels.

Technical Outlook

Technically, copper is testing support near the $5.80-$5.90 region. While the long-term trend remains bullish driven by AI and green energy demand, the short-term momentum indicators suggest a cooling period. A break below $5.80 could open the door for a deeper retracement toward $5.60, while a reclaim of the psychological $6.00 level is needed to reignite the rally toward new highs.