Market Pulse — Wednesday's Numbers Oil Markets • WTI crude holding near $57, Brent at $64 • Spreads widening as global demand signals soften • Permian breakevens averaging $56 to $66 depending on basin location • Operators targeting sub-$50 costs remain positioned for downside protection Natural Gas • Henry Hub averaging $3.20, up 45% year-over-year • Winter demand forecasts driving futures higher as heating degree days trend colder • Production climbing to 107 Bcf per day • LNG export capacity expanding with Plaquemines coming online ahead of schedule Real Estate • Cap rates compressing across sectors • Industrial averaging 6.22% to 6.48% for Class A assets • Multifamily stabilizing around 5.04% nationally • Class B multifamily tightening to 4.92% • Transaction volume increasing in single-tenant industrial Credit Markets • Credit spreads at historic lows • Investment-grade spreads at 78 basis points, tightest in two decades • Secured bond issuance rising in high-yield markets • Default rates declining as debt servicing improves Bottom Line • Target sub-$50 breakevens in oil, hedge floors above $75 • Selective gas exposure with winter contracts locked • Industrial sub-5.7% caps near logistics hubs • Senior secured credit, SOFR plus 650, LTV under 65% For more information, visit GotTheGold.com. Stay sharp.