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Oil Up, Almost Everything Else Down: Week in Review, Oct. 19–23, 2026

Writer: Anthony M.
Anthony M.
Oct 23
3 min read

Updated: Oct 24

Crude oil was the market that climbed this week. Stocks slipped, and gold fell below $4,000. Here is the scoreboard, then the chain that connected the moves. All figures compare Friday 10-23 closes with Friday 10-16 closes, from TradingView, checked against CME Group settlement prices and AP closing figures.

The scoreboard

  • Brent crude (front month): $116.72, +6.24% for the week

  • WTI crude, December (MCL): $103.27, +4.29% for the week

  • Dow: 52,215.16, +0.41%

  • S&P 500 (MES): 7,623.68, −0.47%

  • Nasdaq Composite (MNQ*): 25,955.34, −0.71%

  • Gold futures, December (MGC): $4,007.90, −4.14% (−$173.20)

  • Spot gold (XAU/USD): $3,995.81, −4.07% (−$169.61)

*MNQ tracks the Nasdaq-100, not the Composite, so its weekly move differs a little. Gold futures and spot gold are different prices: futures settle on the COMEX exchange for December delivery, while spot is the price for immediate delivery.

What moved oil

On Friday, Houthi attacks across Saudi Arabia, including on energy infrastructure, pushed crude higher. December WTI closed at $103.27, up $3.80 (+3.82%) on the day. Brent closed at $116.72, up 3.14%, its highest close since April 29, according to The Nation.

A note on contracts: the November WTI contract expired this week, so the front month rolled to December. Some news reports compare November's price last Friday with December's price this Friday, which is why you may see a smaller weekly gain quoted. If you trade MCL, the December contract is the one that matters.

Why stocks slipped

The S&P 500 posted its second losing week in a row. On Friday, nearly three of every four stocks in the index fell, according to AP, while gains in a few big tech names softened the drop. The Dow lost 1.23% on Friday but still finished the week up 0.41%.

Why gold fell when headlines were bad

Many people expect gold to rise when there is trouble. This week it went the other way, and the reason is a chain:

  • Higher oil raises the risk that inflation stays high.

  • Higher inflation risk pushes traders to bet the Fed keeps rates high, or raises them.

  • Gold pays no interest, so higher expected rates make it less attractive to hold.

December gold futures closed at $4,007.90, down $52.50 (−1.29%) on Friday and down 4.14% for the week. Spot gold closed at $3,995.81, down 0.71% on Friday and 4.07% for the week. By midday Friday, CNBC reported gold was on track for its worst week since June.

What these moves mean in micro contracts

  • MCL is 100 barrels, so $1 = $100 per contract. Friday's $3.80 move was $380; the week's $4.25 was $425.

  • MGC is 10 ounces, so $1 = $10 per contract. Friday's $52.50 drop was $525; the week's $173.20 drop was $1,732.

  • MES is $5 per index point. MNQ is $2 per point.

Those numbers are why position size matters more than being right about direction.

Next week

The Federal Reserve meets Tuesday and Wednesday, 10-27 and 10-28. The Sunday Prep No. 2 lands this Sunday with levels and scenarios for MGC, MNQ, MES and MCL.

Study the contracts behind this post: MNQ · MES · MGC · MCL. Tools and calendars are on our Resources page.


For educational purposes only. Martech Holdings Incorporated LLC does not provide individualized investment advice, trade signals or recommendations. Futures trading involves substantial risk, and you can lose more than your initial margin. Past results do not guarantee future results. Read our Risk Disclaimer and Privacy Policy.


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