Oil Futures Open Sharply Higher; Precious Metals and Base Metals Slide

The split is the story: an energy-led risk premium is being priced in while precious and industrial metals sell off together, which is not a simple dollar or growth signal. Platinum, palladium and silver falling harder than copper suggests the metals leg is at least partly about positioning unwinding rather than demand alone. Whether the energy bid holds and whether metals stabilize once the initial move passes is the open question.