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For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Thursday's numbers.

Oil

• Brent rose 0.97% to $62.84
• WTI gained 1.09% to $58.99
• Both benchmarks rebounded after hitting multi-year lows earlier in the week
• Short-covering and technical buying supported prices
• Brent on track for worst year since 2020, down over 20% year-to-date
• Oversupply concerns dominate
• OPEC+ production increases and weak Chinese demand weighing on sentiment
• Geopolitical risks provide limited support

Natural Gas

• Rose 2.12% to $4.34/MMBtu
• Winter weather forecasts driving demand expectations
• Colder temperatures across key consumption regions supporting prices
• LNG export flows remain near record levels
• US production at 107.74 bcf/day
• Storage levels slightly above five-year average but drawing faster than normal
• Front-month contract testing $4.50 resistance
• EIA winter strip forecast holding at $4.30

Equity Markets

• Markets closed for Boxing Day
• Last trading session Christmas Eve saw record closes
• Dow at 48,731
• S&P at 6,932
• Nasdaq holding gains
• Year-end positioning underway
• Low volume expected through New Year's
• Technology and consumer staples leading year-to-date performance
• Energy weakest sector
• Treasury yields drifting lower on Fed easing expectations

Real Estate

• Momentum building into 2026
• Industrial cap rates stabilized between 6.5-7.5% for single-tenant assets
• Multi-tenant around 6%
• E-commerce and nearshoring driving warehouse demand
• Multifamily vacancy expected to decline throughout 2026
• Class A buildings averaging 5% caps, Class B at 7%
• High homeownership costs supporting rental demand
• Office market finding stability, flight to quality driving Class A demand
• Retail making comeback — grocery-anchored centers leading
• Data centers showing explosive growth from AI workloads

Credit Markets

• Expanding rapidly
• Private credit reached $3.5 trillion in assets under management end of 2024, up 17% from 2023
• Market diversifying beyond direct lending into asset-backed finance
• Bank partnerships increasing as lenders shift risk off balance sheets
• Retail investor participation growing through evergreen funds
• Asset-based finance projected to hit $8 trillion in three years
• CLO spreads tightening on strong investor demand
• Credit quality improving but default rates expected to rise moderately
• Strong covenants and disciplined underwriting crucial

Bottom Line

• Oil: Targeting sub-$50 breakevens, hedge floors above $75
• Gas: Selective exposure, winter contracts locked
• Industrial: Sub-6.5% caps near logistics hubs
• Senior secured credit: SOFR + 650, LTV under 65%

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