Asking about oil producers' performance given low prices.
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speaker2
US production continues to surprise to the upside despite lower prices, with supply up 1.3 million barrels per day.
Noting lack of firm bid above high 50s despite Middle East/South America events.
speaker1
speaker2
Story of the year is strong supply growth from US, Brazil, Guyana, and OPEC countries bringing barrels back, creating oversupplied market with downward trend.
Asking if $58 is sweet spot where everyone wins.
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speaker2
$58 is attractive for US consumers and economy, but getting too low for higher cost US shale producers who need low $50s for 15% return.
Asking about metals performance.
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speaker2
Metals have performed incredibly well due to Fed cuts supporting metals more than energy, and constrained supply.
Asking if copper and silver have same drivers as gold.
speaker1
speaker2
Silver and copper have common bullish driver from potential US tariffs causing metal to be shipped outside London market ahead of potential price increase.
Asking about refilling Strategic Petroleum Reserve at current prices.
speaker1
speaker2
US becoming net exporter means maybe optimal SPR level is lower than when we were net importer.