Commodities Wrap 27 August: Brent gains 2.22 percent and cocoa 6.89 percent as 12 of 16 commodity contracts rise
Brent crude rose 2.22 percent to 89.79 dollars a barrel in quotes captured at 18:46 GMT on 27 August, while 12 of the 16 commodity contracts in this wrap traded higher than their previous closes, on our calculation. The dollar index was effectively flat at 99.166 against 99.165, so on our reading a currency move does not on its own account for the day’s breadth.
Crude leads a clean sweep in energy
Every energy contract in the table gained. Brent’s 2.22 percent rise outpaced West Texas Intermediate at 1.75 percent, widening the Brent to WTI spread to 6.12 dollars a barrel from 5.61 dollars on the previous closes, a widening of 51 cents or 9.09 percent on our calculation. The two benchmarks are quoted against different delivery terms, and on our reading a widening gap is a move in the relative pricing of the two rather than a change in either level alone.
Refined products moved with the barrel rather than against it. RBOB gasoline rose 2.08 percent to 3.3893 dollars a gallon, which on our calculation puts the gasoline crack against WTI at 58.68 dollars a barrel, up from 57.21 dollars, a widening of 1.47 dollars or 2.56 percent on the unrounded legs. The two legs are quoted in different delivery months, September for gasoline and October for crude, so the spread is indicative rather than a tradeable one. Natural gas added 1.09 percent, the narrowest gain in the table.
| Energy | Level | Change |
|---|---|---|
| Brent Crude, ICE (Oct’26), dollars a barrel | $89.79 | +2.22% |
| RBOB Gasoline, NYMEX (Sep’26), dollars a gallon | $3.3893 | +2.08% |
| WTI Crude, NYMEX (Oct’26), dollars a barrel | $83.67 | +1.75% |
| Natural Gas, NYMEX (Sep’26), dollars a million Btu | $2.873 | +1.09% |
Most active contract quotes captured at 18:46 GMT on 27 August 2026, after the settlement window. These are quoted levels, not exchange settlements. Changes are measured against each contract’s previous close, which is the prior session’s settlement, so they are settlement to snapshot rather than settlement to settlement. Contract months are printed because vendors roll to the next active month at different times. Source: CNBC.
Silver outpaces gold and the precious metals ratio narrows
4 of the 5 metals rose. Silver added 1.48 percent to 69.03 dollars an ounce while gold rose 0.08 percent, a gap of 1.39 percentage points in a single session on our calculation, computed on the unrounded changes. That pulls the gold to silver ratio down to 67.47 from 68.40, a narrowing of 0.94 points on our calculation, again on the unrounded levels.
Palladium led the group at 1.78 percent, and platinum added 0.15 percent. Copper was the only decliner, easing 0.27 percent. Its most active contract has rolled from September to December 2026 since our 26 August wrap, so the level is not comparable with the 6.604 dollars a pound published there on the September contract.
| Metal | Level | Change |
|---|---|---|
| Palladium, NYMEX (Dec’26), dollars an ounce | $1,364.50 | +1.78% |
| Silver, COMEX (Sep’26), dollars an ounce | $69.03 | +1.48% |
| Platinum, NYMEX (Oct’26), dollars an ounce | $1,847.20 | +0.15% |
| Gold, COMEX (Dec’26), dollars an ounce | $4,657.20 | +0.08% |
| Copper, COMEX (Dec’26), dollars a pound | $6.6835 | -0.27% |
Most active contract quotes captured at 18:46 GMT on 27 August 2026, after the settlement window. These are quoted levels, not exchange settlements. Changes are measured against each contract’s previous close, which is the prior session’s settlement, so they are settlement to snapshot rather than settlement to settlement. Copper’s most active contract has rolled from September to December 2026, so its level is not comparable with the September contract carried in our 26 August wrap. Source: CNBC.
Cocoa jumps while coffee falls in a split agricultural session
The agricultural complex showed the day’s widest dispersion, on our calculation. Cocoa rose 6.89 percent to 6,233.00 dollars a metric ton and coffee fell 3.34 percent to 311.40 cents a pound, a spread of 10.23 percentage points between the strongest and weakest contract, with both traded on the same exchange. That compares with 2.05 percentage points across the metals and 1.13 across energy, on the same calculation.
Cotton at 3.59 percent and sugar at 3.58 percent were within 0.01 percentage points of each other on our calculation. Wheat rose 1.30 percent to 758.00 cents a bushel, while corn fell 0.93 percent and soybeans 0.20 percent, leaving 3 of the 4 softs higher and 2 of the 3 grain and oilseed contracts lower.
| Commodity | Level | Change |
|---|---|---|
| Cocoa, ICE (Dec’26), dollars a metric ton | $6,233.00 | +6.89% |
| Cotton, ICE (Dec’26), cents a pound | 92.34 | +3.59% |
| Sugar, ICE (Oct’26), cents a pound | 18.22 | +3.58% |
| Wheat, CBOT (Dec’26), cents a bushel | 758.00 | +1.30% |
| Soybeans, CBOT (Nov’26), cents a bushel | 1,263.50 | -0.20% |
| Corn, CBOT (Dec’26), cents a bushel | 531.50 | -0.93% |
| Coffee, ICE (Dec’26), cents a pound | 311.40 | -3.34% |
Most active contract quotes captured at 18:46 GMT on 27 August 2026, after the settlement window. These are quoted levels, not exchange settlements. Changes are measured against each contract’s previous close, which is the prior session’s settlement, so they are settlement to snapshot rather than settlement to settlement. Levels are in the unit named in each row. The Chicago Board of Trade grain settlement window closes at 18:15 GMT. Source: CNBC.
Treasury yields, the dollar and crypto
The most recent Treasury par yield curve carries a modest lift across most maturities. The 2 year rose 2 basis points to 4.19 percent and the 10 year 2 basis points to 4.66 percent between 25 and 26 August, while the 3 month and 6 month bills each eased 1 basis point and the 1 month and 1 year each added 1. On our calculation the 2 year to 10 year segment was unchanged in shape at 47 basis points across both dates, even as those two bills moved the other way.
Crypto strengthened while market volatility eased. Bitcoin rose 1.93 percent to 79,968.01 dollars and ether 0.99 percent, while the CBOE Volatility Index fell 3.35 percent to 14.70. The major currency pairs barely moved, with the euro at 1.1647 dollars and the pound at 1.3585 dollars, both lower by less than 0.1 percent.
| Maturity | 26 Aug 2026 | 25 Aug 2026 | Change |
|---|---|---|---|
| 1 Month | 3.80% | 3.79% | +1 bp |
| 3 Month | 3.85% | 3.86% | -1 bp |
| 6 Month | 3.94% | 3.95% | -1 bp |
| 1 Year | 4.02% | 4.01% | +1 bp |
| 2 Year | 4.19% | 4.17% | +2 bp |
| 10 Year | 4.66% | 4.64% | +2 bp |
| 30 Year | 5.18% | 5.17% | +1 bp |
United States Department of the Treasury, official daily par yield curve. The curve is derived from indicative bid side quotations obtained by the Federal Reserve Bank of New York. Changes are on our calculation.
| Instrument | Level | Change |
|---|---|---|
| Bitcoin, dollars | $79,968.01 | +1.93% |
| Ether, dollars | $2,497.32 | +0.99% |
| Dollar/yen | 159.43 | +0.09% |
| US Dollar Index, ICE | 99.166 | 0.00% |
| Euro/dollar | 1.1647 | -0.02% |
| Pound/dollar | 1.3585 | -0.06% |
| CBOE Volatility Index (VIX) | 14.70 | -3.35% |
Intraday quotes captured at 18:46 GMT on 27 August 2026. Changes are computed from each level and its previous close. Source: CNBC.
Why it matters: On our reading, the day’s signal is breadth alongside dispersion rather than any single price. With the dollar index effectively flat, a currency move is an incomplete explanation for an advance in 12 of 16 contracts. Energy was the only group in this wrap in which every contract rose, and Brent outran WTI by 0.47 percentage points on our calculation, which is what widened the spread between them rather than any move in a single barrel. Agriculture went the other way, and its 10.23 percentage point gap between the best and worst contract is about five times the dispersion across the metals and about nine times that across the energy contracts in this wrap, on the same calculation. That distinction matters to a buyer of commodity inputs, because a single description of commodity strength covers a board on which some costs are rising together while others move in opposite directions at once.
Outlook: The gasoline crack is where the next move shows whether the energy advance is being led by crude or by products, on our reading, since it widens whenever gasoline outpaces the barrel and narrows when it does not. In metals, the gold to silver ratio at 67.47 is the level any further move in the pair will be measured from. In agriculture, the two ends of the board moved 10.23 percentage points apart in one session on our calculation, and whether that gap closes or holds is what decides how much a single description of agricultural prices is worth over the coming sessions.
Sources: CNBC, quotes captured at 18:46 GMT on 27 August 2026 after the settlement window; United States Department of the Treasury, official daily par yield curve.
