Commodities: “High trading volume in oil and gas ETCs”

From USD 70 to nearly USD 120 and then back toward USD 90—the swings in oil prices are extremely sharp. Oil and gas ETCs are being actively traded. In contrast, the market for gold and silver has calmed down somewhat following the surge that lasted until January.

April 9, 2026. FRANKFURT (Deutsche Börse). The war in Iran continues to dominate market activity. It remains uncertain whether the ceasefire announced late Tuesday night will hold. Following the news, the price of oil fell sharply yesterday, Wednesday, from USD 110 to around USD 90 per barrel of Brent crude. On Thursday morning, the price had risen back to USD 97. Before the war, the price was USD 70; afterward, it peaked at nearly USD 120.

Further developments now depend on whether the ceasefire leads to a lasting peace. Tomorrow, Friday, representatives from the U.S. and Iran will meet in Pakistan. “If an agreement is reached, the oil price could quickly fall toward USD 70 to USD 80,” explains Maximilian Wienke of the online broker eToro. If the negotiations fail, however, the USD 100 mark would come back into focus.

Oil and Gas ETCs: Also available with leverage

“Volatility in oil and gas has led to relatively high trading volumes, with both buying and selling,” reports Mobeen Tahir of WisdomTree, looking back at the past four weeks. Liquefied natural gas (LNG) stands out as the commodity most affected, due to the damage to the Ras Laffan complex in Qatar. “Even if the situation eases quickly, LNG markets are likely to remain tight for several more years.”

There is plenty of activity in ETC trading. “Everything related to oil and gas is seeing strong trading volumes,” explains Frank Wöllnitz of ICF Bank. The WisdomTree Brent and WTI trackers (JE00B78CGV99, GB00B15KXV33) are being actively traded, as are leveraged products such as the WisdomTree Natural Gas 3x Daily Leveraged (XS2819843900) and the WisdomTree WTI Crude Oil 2x Daily Leveraged (JE00BDD9Q840). At Lang & Schwarz, oil and gas are the number one topic, as Michael Norizin reports. Trading-savvy clients are buying and selling leveraged oil and gas price trackers, particularly the triple-leveraged products.

Gold and silver ETCs: Outflows on a massive scale

Things have calmed down somewhat for gold and silver following the rapid price surge through January. The price of gold currently stands at USD 4,712 per troy ounce, down from an all-time high of USD 5,570. Silver is trading at USD 73, down from an all-time high of nearly USD 122.

WisdomTree reports significant outflows from precious metal ETCs in March. “The markets have reassessed interest rate trends after the Federal Reserve adopted a more hawkish tone,” explains Mobeen Tahir. Additionally, gold was sold during periods of general market anxiety to meet margin calls or cover unexpected costs. Historically, this pattern is not unusual. “In times of geopolitical tension, there is often an initial decline in the price of gold before a more sustained rally sets in,” he notes.

On Xetra, precious metal ETCs continue to account for by far the largest share of ETC trading volume. Xetra-Gold (DE000A0S9GB0) and other gold price trackers, such as those from iShares (IE00B4ND3602) or Invesco (IE00B579F325), are currently trading briskly. However, there is also significant activity in the WisdomTree Silver 3x Daily Leveraged (<IE00B7XD2195>). ICF Bank and Lang & Schwarz are also seeing heavy trading in the silver ETC, which tracks the silver price with 3x leverage. Xetra-Gold’s (DE000A0S9GB0) gold holdings are moving sideways at a high level: currently just under 171 tons, compared to just under 173 tons at the end of 2025 and 167 tons at the end of 2024.

Iran War Also Affects Industrial Metals

Trends in industrial metals are diverging. Some have become more expensive due to the closure of the Strait of Hormuz and looming supply bottlenecks. For others, prices have fallen due to the weaker economic outlook. According to WisdomTree, flows into industrial metal ETCs have recently been slightly positive.

According to Tahir, aluminum is affected by both direct physical damage and indirect constraints. “Several smelters in the Gulf have reported damage, while others have scaled back production due to disruptions in gas supply and logistics.” The price of copper, on the other hand, has fallen significantly due to geopolitical tensions and high energy costs. The WisdomTree Aluminum (GB00B15KXN58) is the fund of choice for aluminum, while the WisdomTree Copper (GB00B15KXQ89) is the fund of choice for copper.