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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