In this KE Report Daily Editorial, I am joined by Daryl Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, for a fast-moving review of energy, precious metals, and base metals as markets cool into December.

Key Discussion Highlights

• Overall Commodity Tone
  Broad consolidation across sectors, with volatility sharply lower and the Bloomberg Commodity Index largely flat for the month.
  
  
• Natural Gas
  Winter-driven spike in the front month; storage ~4% above the 5-year average; production strong; market balanced unless a deep winter hits.
  
  
• Crude Oil
  Persistent downtrend toward mid-$50s; risk premium fading; curve extremely flat; potential for sharper contango if Russia–Ukraine risk fully unwinds.
  
  
• Precious Metals
  Gold and silver holding firm after a strong year; technical consolidation continues; ETF inflows (especially U.S.) remain supportive.
  
  
• Copper & Base Metals
  Copper steady near $5; COMEX inventories at highs; tariff uncertainty keeps buyers cautious; longer-term fundamentals still constructive.
  
  
• Looking Ahead
  Gas remains weather-driven; crude could move quickly lower; metals likely range-bound through year-end; 2026 tariff dynamics worth watching.
  
  

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