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

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 ----------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.