Commodity futures open: fuel oil down over 12%, crude down over 8%; silver up over 5%

The split between energy and metals is the story here: fuel oil, LPG and crude are being repriced sharply lower while silver, gold and nickel move higher, a divergence that points to a broad risk reassessment rather than a single-contract story. The size of the moves — double-digit declines in refined products and a strong silver gain — suggests positioning stress across the complex, which matters most for traders carrying leveraged exposure to either side. Whether this energy-to-metals gap persists or mean-reverts is the open question worth watching.