Core Viewpoint - Exxon Mobil Corporation (XOM) is significantly increasing its upstream production from its advantageous assets, particularly in the Permian and Guyana regions, despite a challenging pricing environment [2][4]. Upstream Production and Assets - ExxonMobil remains the main operator of the Guyana oilfield with a 45% stake, even after Chevron's acquisition of Hess, which gives Chevron a 30% stake in the Stabroek Block [2]. - The company is achieving record oil and gas production from its high-return assets, characterized by low breakeven costs, which allows it to maintain profitability even when the West Texas Intermediate (WTI) price is below $60 per barrel [3][4]. Financial Performance and Resilience - The integrated business model of ExxonMobil helps shield it from earnings volatility, and the focus on structural cost savings is expected to enhance earnings resilience amid volatile pricing environments [4]. - ExxonMobil maintains a strong balance sheet comparable to its peers, enabling it to navigate market cycles effectively [4]. Market Performance - Over the past six months, ExxonMobil's shares have increased by 10.6%, outperforming the industry composite stocks, which rose by 9.2% [8]. - The Zacks Consensus Estimate for ExxonMobil's 2025 earnings has remained unchanged over the past week, indicating stability in earnings expectations [10]. Valuation Metrics - ExxonMobil trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 7.75X, which is above the broader industry average of 4.83X, suggesting a premium valuation compared to its peers [12].

Core Viewpoint - The crude oil market is experiencing volatility with geopolitical tensions impacting prices, but overall sentiment remains bearish as oil struggles to break through the $55 per barrel level [2][6]. Crude Oil Market Analysis - Recent geopolitical events, such as the situation in Venezuela and Ukraine's actions against Russian oil infrastructure, have not led to significant price increases, indicating a bearish market setup [2][3]. - Historical patterns suggest that crude oil typically rallies during the last two weeks of the year, but the current market conditions may lead to resistance around $61, with potential upside to $65 under light volume [4][5]. - The current volatility in crude oil is at historically low levels, with the SEAB ball index around 30, indicating that significant price movements typically occur at higher volatility levels [8]. Market Sentiment and Predictions - The market is expected to face a potential sell-off as the season for washouts approaches, with historical precedents suggesting dramatic bottoms rather than gradual recoveries [9][12]. - Speculators currently hold one of the smallest net long positions in crude oil, which could lead to increased buying activity if prices drop significantly [14]. Broader Commodity Trends - Speculators have shifted their focus from oil to metals, particularly gold, indicating a change in market dynamics and investment strategies [16]. - The current high prices of gold may not be sustainable, and significant corrections could occur, especially for investors with shorter time horizons [18][20].

欧洲天然资源基金特约分析师李冈峰表示，至12月初为止，各金属的基金多头上涨，当中钯金合约经历了164周(自2022年10月23日起)基金净空后，终于 恢复净多头。银价急起直追，至上周五为止今年已经升达132%，金银比更从90.84跌至64.6。但基金于美国期货白银净多年初至今仅升66%，说明实物需 求推高所致。某知名金属交易商调查结果显示，51%受访者认为白银会继续在2026年跑赢市场，29%认为黄金会再度领先，11%认为2026年最看好铜，剩 余10%看好铂金。铂金今年升幅亦达120%，但历史上，一安士铂金平均能换60多安士白银，而最近1安士铂金才能换29安士白银处于历史最低水平，反映 相对白银，铂金现在的估值是历史中最便宜的。 另外值得留意，市场已经有人开始赌2027年美联储会开始加息了(虽然现时几率还很少)。李冈峰之前指出，这次商品大牛市，可能会被美国的加息周期干 掉，所以非常重要。 | | | COMEX黄金 | COMEX白银 | | Nymex铂金 | | Nymex把金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ( ...

Core Viewpoint - The article discusses the recent trends in the precious metals market, particularly focusing on the shifts in fund positions as reported by the CFTC, highlighting the recovery of net long positions in palladium and the significant rise in silver prices, while also addressing the implications of potential interest rate changes by the Federal Reserve [2][27]. Group 1: Fund Positions and Market Trends - As of December 9, 2023, funds have increased their net long positions in various metals, with palladium finally recovering to a net long position after 164 weeks of being net short [2][7]. - Silver prices have surged by 132% this year, while the gold-silver ratio has dropped from 90.84 to 64.6, indicating a strong demand for physical silver [2][27]. - The net long position in silver has only increased by 66% year-to-date, suggesting that the rise in price is primarily driven by physical demand rather than speculative trading [2][27]. Group 2: Price Comparisons and Historical Context - Platinum has also seen a significant increase of 120% this year, but its valuation relative to silver is at a historical low, with one ounce of platinum currently able to exchange for only 29 ounces of silver [2][27]. - The article notes that historically, one ounce of platinum could be exchanged for over 60 ounces of silver, indicating that platinum is currently undervalued compared to silver [2][27]. Group 3: Federal Reserve and Economic Implications - The market is beginning to speculate on the possibility of the Federal Reserve starting to raise interest rates in 2027, despite current low probabilities [2][27]. - The article emphasizes the importance of monitoring the Federal Reserve's actions, particularly regarding interest rate changes, as they could significantly impact the ongoing commodity bull market [2][27]. - The likelihood of a rate cut in March 2024 has increased to 47%, and the probability for April has risen to 64.6%, indicating a shift in market expectations [26][27].

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Core Viewpoint - Kinder Morgan, Inc. (KMI) is experiencing positive investor sentiment, reflected in a bullish price target from Morgan Stanley and increased trading activity, indicating potential growth opportunities in the energy infrastructure sector [1][6]. Stock Performance - KMI's stock was trading at $26.89, showing a 1.49% increase from the previous day, outperforming major indexes like the S&P 500, Dow, and Nasdaq [2]. - Over the past month, KMI's stock has decreased by 1.82%, slightly outperforming the Oils-Energy sector's 1.94% loss but lagging behind the S&P 500's 3% gain [2]. - The stock has fluctuated between $26.55 and $26.93 on the current trading day, with a market capitalization of approximately $59.76 billion [5]. Options Trading and Insider Activity - There has been a notable surge in options trading, with 24,371 call options acquired, representing a 73% increase from the usual volume [3]. - Chairman Richard D. Kinder purchased 1 million shares at an average price of $25.96, totaling around $26 million, increasing his ownership stake by 0.41% [3]. Earnings Expectations - KMI is expected to report an earnings per share (EPS) of $0.36, a 12.5% increase from the same quarter last year, with projected revenue of $4.42 billion, marking a 10.91% rise from the previous year's equivalent quarter [4].

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersFXEmpire is owned and operated by Empire Media Network LTD., Company Registration Number 514641786, registered at 7 Jabotinsky Road, Ramat Gan 5252007, Israel. The content provided on this website includes general news and publications, our personal analysis and opinions, and materials provided by third parties. This content is intended for educational and research purposes only. It does not constitute, and should not be interpreted a ...

Moscow can load its oil onto tankers, but is struggling to get it off again with the amount of crude at sea jumping by almost 50% since the end of August, writes @JLeeEnergy https://t.co/qMiN8fqZoE ...

“The year, at least in Toronto, is ending the way it’s been going all year. Gold is stealing the spotlight, and silver is certainly not hurting, neither is copper,” Currie said.“The mining sector is carrying the market this year, just astronomical numbers.”The February gold contract was up US$82.10 at US$4,469.40 an ounce. Gold and silver touched records and oil prices jumped after the U.S. Coast Guard said it was pursuing another sanctioned oil tanker in the Caribbean.The February crude oil contract was up ...

US stocks rose on Monday as Wall Street entered a holiday-shortened week increasing the chances of a year-end rally, while gold (GC=F) climbed to a record amid rising Venezuela tensions. The tech-heavy Nasdaq Composite (^IXIC) added 0.5%, while the S&P 500 (^GSPC) put on around 0.6%. Meanwhile, the Dow Jones Industrial Average (YM=F) added around 0.5% as the three major gauges notched a third straight day of gains. Tech continued to recover from a volatile streak, which came as investors wavered between ...