Oil Market Analysis - US liquid supply has increased by 13 million barrels per day, with approximately half from crude oil and half from natural gas liquids [2] - The current oil price level is considered attractive for the US economy as a whole [5] - An oil price in the low 50s (USD) is estimated to be needed for US shale producers to make a 15% return [6] - Strong supply growth environment exists due to the US, Brazil, Guyana, and core OPEC countries like Saudi Arabia [4] Metals Market Analysis - Fed cuts tend to support metals prices significantly more than energy prices [7] - Annual gold production from mines is only 1% of the total stock [9] - Potential US tariffs are leading to metal being shipped outside of the London market, putting upward pressure on both silver and copper prices [11] Strategic Petroleum Reserve (SPR) - The US is refilling the SPR at a very slow pace [12] - The optimal level of SPR may be lower than when the US was a net importer [13]