Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing. For more information, visit GotTheGold.com. I'm your host, Justin 2.0.

This is Market Pulse — Friday's numbers.

Oil & Gas:

• • WTI closed at $60.27, up 1.41%
• • Brent settled at $64.23, up 1.34%
• • Brent-WTI spread holds at $3.96
• • Both benchmarks posted modest Friday gains after three-day slide
• • On track for second consecutive week of losses driven by oversupply concerns
• • Natural gas climbed to $4.36 per MMBtu
• • December contract sits at $4.23
• • Near-record LNG export demand continues pushing prices higher
• • Flows averaging 17.4 billion cubic feet per day in November

Production:

• • Permian output holds steady at 6.6 million barrels per day
• • Drilling efficiency gains and enhanced completion designs keep production robust despite price pressure
• • Hedging coverage remains mixed
• • Industry-wide oil hedge ratios averaged just 21% for 2025 production as of March
• • Some operators locked in 80% coverage during June's price spike

Real Estate:

• • Industrial cap rates range from 6.22% to 6.48% for Class A properties
• • Multifamily Class A assets trade between 4.90% and 5.17%
• • Cap rate compression continues as NOI growth confidence returns

Credit:

• • SOAFER spreads and dry powder levels remain stable
• • Senior secured lending continues at SOAFER plus 650 basis points with LTV ratios under 65%

Bottom Line:

• • Oil: Target sub-$50 breakevens, hedge floors above $75
• • Gas: Selective exposure, winter contracts locked
• • Real Estate: Industrial sub-6.5% caps near logistics hubs
• • Credit: Senior secured, SOAFER plus 650, LTV under 65%

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