DBT Bureau
Pune, 13 Feb 2026
Geojit Investments’ latest report highlights softer precious metals, resilient crude oil prices amid geopolitical tensions, and steady long-term growth expectations for U.S. natural gas production.
- Precious metals edged lower after January’s U.S. employment report came in stronger than anticipated, weakening market hopes for imminent rate cuts by the Federal Reserve. U.S. nonfarm payrolls rose by 130,000 in January, while the unemployment rate slipped to 4.3%.
- Both spot gold and spot silver gave up much of their January gains, with gold trading near USD5070 per troy ounce and silver around USD83 per troy ounce yesterday.
- China’s central bank extended its gold purchases for a 15th consecutive month in January, data from the People’s Bank of China showed. The country’s gold reserves rose to 74.19 million fine troy ounces at the end of January, compared with 74.15 million a month earlier.
- The U.S. unveiled plans to rally its allies into a preferential trade bloc for critical minerals, proposing coordinated price floors as part of broader efforts to reduce China’s dominance over materials vital to advanced manufacturing. The latest list was expanded to include commodities such as silver, copper, and aluminium.
- Crude oil prices edged higher, supported by heightened risk as U.S.–Iran negotiations remained fragile. Additional strength came from signs of a narrowing supply surplus, aided by improving demand trends from India.
- OPEC+ agreed to keep oil production unchanged for March during its latest meeting. OPEC had previously paused the rollback of its voluntary production cuts for January and February in response to weakening crude prices.
- NYMEX natural gas futures languished near three week low amid rising production and forecasts for milder weather over the next two weeks, which are expected to curb heating demand through late February.
- The U.S. Energy Information Administration said U.S. natural gas production is expected to climb to a new record in 2026, while domestic demand is projected to remain steady. The agency forecasts dry gas output to increase from the record 107.6 billion cubic feet per day in 2025 to 110.0 bcfd in 2026 and 111.2 bcfd in 2027. Meanwhile, U.S. gas consumption is projected to hold at 91.6 bcfd in 2026, matching the record set in 2025, before easing slightly to 91.5 bcfd in 2027.
