Darrell Fletcher - Year-End Trends in Energy, Precious & Base Metals

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3d ago 23:04

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In this KE Report Daily Editorial, I am joined by Daryl Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, for a fast-moving review of energy, precious metals, and base metals as markets cool into December.

Key Discussion Highlights

Overall Commodity Tone
Broad consolidation across sectors, with volatility sharply lower and the Bloomberg Commodity Index largely flat for the month.
Natural Gas
Winter-driven spike in the front month; storage ~4% above the 5-year average; production strong; market balanced unless a deep winter hits.
Crude Oil
Persistent downtrend toward mid-$50s; risk premium fading; curve extremely flat; potential for sharper contango if Russia–Ukraine risk fully unwinds.
Precious Metals
Gold and silver holding firm after a strong year; technical consolidation continues; ETF inflows (especially U.S.) remain supportive.
Copper & Base Metals
Copper steady near $5; COMEX inventories at highs; tariff uncertainty keeps buyers cautious; longer-term fundamentals still constructive.
Looking Ahead
Gas remains weather-driven; crude could move quickly lower; metals likely range-bound through year-end; 2026 tariff dynamics worth watching.

Click here to learn more about Bannockburn Capital Markets

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