U.S. oil production continues to surprise to the upside despite lower prices, says Daan Struyven

Group 1: Oil Market Dynamics - US oil production continues to surprise to the upside, with liquid supply up 1.3 million barrels per day, driven by both crude and natural gas liquids [2] - The current oil price level is considered attractive for the US economy, benefiting consumers, but may be too low for higher-cost US shale producers [4][5] - The market remains oversupplied due to strong supply growth from the US, Brazil, and OPEC countries, with geopolitical shocks temporarily pushing prices higher [3] Group 2: Metals Market Insights - Metals, particularly gold and copper, are experiencing upward price pressure due to constrained supply and increased demand from central banks [8][9] - Fed cuts tend to support metals prices more significantly than energy prices, as metals are viewed as longer-duration assets [6][7] - The potential for US tariffs is driving silver and copper prices higher, as it leads to lower inventories in global markets [10][11]