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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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