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For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Weekly market overview and data.

Year-end positioning underway as markets close out strong 2025.

Oil

• Rebounded Monday
 • WTI rose 0.91% to $57.67
 • Brent climbed 1.04% to $61.27
 • Both benchmarks posting modest gains after hitting multi-year lows
 • Short-covering and technical buying supporting prices
 • WTI ending year below $60 for first time since 2021
 • Brent down 16% for the year, WTI down 18%
 • Worst annual performance since 2020
 • Oversupply narrative continues dominating sentiment
 • OPEC+ production increases scheduled
 • Chinese demand remains sluggish
 • Geopolitical tensions providing limited support

Natural Gas

• Retreated sharply
 • Fell 1.31% to $3.83/MMBtu
 • Down from Thursday's $4.42
 • Weather forecasts moderating
 • Storage draws slowing despite strong LNG exports
 • U.S. production holding near record at 107.74 bcf/day
 • Quarter-end forecast at $4.38
 • 12-month forecast at $5.43
 • Winter volatility expected to continue

Equity Markets

• Closing year at records
 • Global stocks on track to end 2025 at all-time highs
 • MSCI World Equity Gauge up 21% year-to-date
 • Fed rate cuts driving sentiment
 • Technology and AI-focused stocks leading gains
 • Santa Claus rally into year-end
 • Low volume expected through New Year's
 • S&P up approximately 23% for the year
 • Nasdaq up 28%
 • Energy weakest sector
 • Small caps outperformed in fourth quarter

Real Estate

• Entering 2026 with momentum
 • Cap rates stabilized after early 2025 peaks
 • Industrial between 6.5-7.5% for single-tenant assets
 • Multi-tenant around 6%
 • E-commerce and nearshoring driving warehouse demand
 • Multifamily vacancy declining
 • Class A at 5% caps, Class B at 7%
 • High homeownership costs supporting rental demand
 • Office finding stability, flight to quality driving Class A demand
 • Retail making strong comeback — grocery-anchored centers leading
 • Data centers showing explosive growth from AI workloads

Credit Markets

• Ending year at record strength
 • Private credit reached $3.5 trillion assets under management end of 2024, up 17% from 2023
 • Market diversifying beyond direct lending into asset-backed finance
 • Bank partnerships increasing
 • Retail participation growing through evergreen funds
 • Asset-based finance projected at $8 trillion in three years
 • CLO spreads tightening
 • Strong fundraising year with $209 billion in final closes
 • Competition increasing from broadly syndicated loan market

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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