All right, why don't we start off with your uh forecast for the average price for both WTI and Brent coming up in the new year. It's kind of pretty much where we're at right now. Why do you see things pretty much being flat on average.>> So, we just to be clear, we have a $60 a barrel um brand forecast and $57 a barrel WTI forecast average for next year. And uh we think prices will likely be a little weaker in the first half of next year and maybe uh things can improve into the second half. Um now remember ...

Market Trends - Zinc prices on the London Metal Exchange approached the highest closing value since December 2024 [1] - Global zinc inventories continued to decline [1]

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Production & Inventory - Malaysia's palm oil inventories reached the highest level since December 2023 [1] - Production rebounded in Malaysia, the world's second-biggest grower [1]

GDP Overview - Second quarter GDP grew 3%, exceeding the forecast of 2.6% and up from 0.5% in the first quarter [1] - Personal consumption increased by 1.4%, slightly below the anticipated 1.5% [2] Investment Trends - Gross domestic private investment, nonresidential fixed, decreased to 1.9% from 10.3%, indicating businesses were holding off on spending [2][3] - Equipment spending slowed to a 4.8% gain from a 23.7% gain [3] - Intellectual property, software, etc, rose slightly to 6.4% from 6% [3] Trade and Inventory - Exports were down 1.8%, while imports were down 30.3% after rising 37.9% in the first quarter, indicating an import-driven story [3][4] - Inventories decreased by $585.5 billion, contrasting with a $151.6 billion increase in the first quarter [4] Sales Analysis - Real final sales to domestic purchasers were at an annualized rate of 1.1%, down from 1.9% in the first quarter [5]

Oil Market Analysis - The oil market is currently supported by seasonal summer demand, but lower prices are expected in the second half of the year due to inventory builds outside of China [2] - China holds almost 40% of global crude oil stocks and is expected to continue building inventories, influencing global oil prices [3][4] - A surplus of nearly 200 million barrels is anticipated, eventually impacting the Atlantic basin, the US, and Europe, leading to price decreases [4] - US rig count is down 15%, indicating a potential decrease in US oil production [5] - Geopolitics and supply-demand dynamics will prevent oil prices from crashing despite potential price decreases [6] Energy Demand & Transition - Texan power demand is up 55% year-on-year, highlighting significant energy demand in specific regions [7] - Renewables and natural gas are expected to drive the majority of energy demand in the next few years, with oil taking longer to be significantly impacted [8] - Big tech companies are prioritizing securing any power source available, including renewables and nuclear, to meet growing energy demands [10][11] - The US faces a capacity problem and needs to build more power plants, while Europe has capacity due to reduced energy consumption [12] Geopolitical Factors - Europe's ban on Russian oil imports is tightening the diesel market, potentially causing more stress and supply tensions [13][14] - Europe still purchases 50% of its gas directly from Russia, making it difficult to completely cut its dependency [15] - Europe's efforts to reduce reliance on Russian energy are negatively impacting European industry [16] Gold Market Outlook - The industry is bullish on gold, expecting it to reach around $4,000 per ounce in the next 12 months [18][19] - Gold's price increase has been primarily driven by central bank activity, requiring increased investor demand for further gains [19] - Lower interest rates, particularly due to political pressure on the Federal Reserve, are expected to trigger higher gold prices [20][22] - Jewelry demand for gold is down 20% year-on-year, with other precious metals like silver, platinum, and palladium benefiting more from the upside pressure [20]