Market Pulse — Wednesday, December 3rd Oil & Gas • WTI crude: $69.98/barrel (+2.66%), consolidating ahead of OPEC+ meeting • Brent crude: $73.67/barrel (+2.39%), $3.69 spread to WTI • Permian Basin: Record 6.3M bpd (47% of U.S. production), rig count at 302 (lowest since Q4 2021) • Natural gas: $4.94/MMBtu (+2.04%), three-year high driven by cold weather demand • LNG exports: 10.7M tons in November (+40% YoY) Real Estate • Industrial cap rates: 4.75%-5.25% in prime markets (LA, Central/Northern NJ) • Multifamily: Cap rate compression as NOI growth prospects improve Credit Markets • Corporate default risk: 9.2% (post-financial crisis high) • Bankcard delinquency: 3.16% severe delinquency rate • Moody's forecasts elevated default levels through 2025 Bottom Line Target sub-$50 breakevens. Hedge floors above $75. Industrial sub-5.7% caps near logistics hubs. Senior secured credit, SOFR plus 650+, LTV under 65%. GotTheGold.com