In the commodities asset class in July 2026, Brent and WTI crude oil, gasoline and heating oil, distillate crack spreads, Arabica coffee, and Ethereum posted double-digit percentage gains. NYMEX U.S. natural gas futures were the only commodity to post a double-digit percentage decline. The DJIA was slightly higher, while the S&P 500, NASDAQ Composite, and Russell 2000 indices were lower. The long bond futures declined. The September dollar index futures fell by 1.16%. The long bond futures fell by 3.60%. A lower dollar index and the higher interest rates were a mixed signal for commodity prices. Long-term interest rates moved higher, even though the Fed left the Fed Funds Rate unchanged at the July FOMC meeting.
