Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing.

For more information, visit GotTheGold.com... I'm your host, Justin two-point-oh... This is Market Pulse. Mid-week market update.

Merry Christmas. Markets closed for the holiday. Here's where we stand.

Oil

• Brent fell 0.2% to $62.24
 • WTI dropped 0.05% to $58.35
 • Crude trading near yearly lows, WTI hovering between $55 and $59
 • Prices on track for steepest annual decline since 2020
 • Expectations of growing global oil supply glut in 2026 holding back increases
 • Low trading activity across US, Europe, and Asia due to holidays

Natural Gas

• Rose 0.17% to $4.25/MMBtu
 • Front-month contract closed near $4.24 after spiking as high as $4.59 earlier in December
 • Hit three-year high of $5.29 on December 5 before retreating
 • Near-record LNG export flows supporting prices
 • Average deliveries to major US LNG plants at 18.5 bcfd
 • US production near record high at 107.74 bcf/day
 • Storage slightly above five-year seasonal average
 • EIA winter strip forecast raised $0.40 to $4.30

Equity Markets

• Markets hit records Christmas Eve
 • Dow closed up 0.6% at 48,731 — new record
 • S&P advanced 0.3% to 6,932 — new record close
 • Nasdaq ended up 0.2%
 • 10 of 11 S&P sectors closed green
 • Consumer staples performed best, energy weakest
 • Treasury yields drifted lower
 • Markets closed early Tuesday, closed Wednesday for Christmas

Real Estate

• Showing renewed momentum heading into 2026
 • Cap rates stabilized after peaking early 2025
 • Industrial leasing regained strength late 2025
 • National apartment vacancy expected to decrease gradually throughout 2026
 • Office market finding stability with flight to quality driving demand for Class A buildings
 • Retail making strong comeback — grocery-anchored centers and experiential retail leading
 • Lack of new construction expected to spark rent increases
 • Data centers showing strong demand from AI-driven workloads

Credit Markets

• Private credit reached $3.5 trillion in assets under management end of 2024, up 17% from 2023
 • Projected to hit $3 trillion by 2028
 • Market diversifying beyond direct lending into asset-backed finance
 • Bank partnerships increasing
 • Retail investor participation growing
 • Asset-based finance projected to hit $8 trillion in three years
 • 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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