The price of Brent will decline to an average $62 per barrel in the fourth quarter of 2025 and $52 per barrel in 2026, the United States Energy Information Administration (EIA) forecast in its report published on Tuesday. In the prediction, the EIA tied the expected drop to an expected rise in oil inventories. The agency further predicted that crude oil production in the United States will average 13.5 million barrels per day (bpd) in both 2025 and 2026, increasing its forecast for the latter year by 200,000 bpd. The Organization of the Petroleum Exporting Countries and its partners’ (OPEC+) production will remain below announced targets, the EIA projected. The agency also anticipated that non-OPEC countries’ manufacturing capacities will rise by 2 million bpd in 225 and 700,000 bpd in 2026.
Gold futures top $4,000 for the first time
Gold futures climbed to a new all-time high on Tuesday, topping $4,000 per ounce for the first time in history, as investors continued to turn to safe-haven assets amid the ongoing government shutdown, with both the Republican and Democratic senators failing to reach the sufficient votes to pass their respective funding bills to reopen the federal government.
Gold futures for contracts in December rose by 0.67% at 8:56 am ET to go for $4,0012.8 per ounce. Meanwhile, spot gold also traded at record highs, advancing by 0.58% at 9:13 am ET to go for 3,983.65 per ounce. At the same time, silver declined by 0.17% and went for $48.44 per ounce, while platinum dipped by 0.60% at 9:14 am ET, going for $1,628.67 per ounce. Palladium grew by 0.91% a minute later and went for $1,318.88 per ounce.
NN: A classic bubble
Gold jumps to fresh all-time high of $3,950
The prices of precious metals continued to grow on Monday, with gold reaching a new all-time high as the ongoing shutdown of the United States government and the potential layoffs that may result from it caused investors to turn to safe-haven assets.
Gold jumped by 1.64% to go for $3,950 per ounce at 10:14 am ET, while silver gained 1.20% and went for $48.59 per ounce at 10:24 am ET. Meanwhile, platinum rose by 3.41% to $1,636.93 per ounce at 10:24 am ET, and palladium increased by 3.40% at the same time, going for $1,275.57 per ounce.
NN: A obvious overreaction to the temporary government shutdown. I can’t wait for the time to short this insanity
Silver rallies to highest price since 1980
Silver gained as much as 1.5% in Monday’s trade, reaching a price unseen since January 1980. The rise comes amid increased demand for precious metals triggered by rising uncertainty, with gold climbing to a fresh all-time high today. Silver added 1.37% at 3:26 am ET, going for $48.65 per ounce, while gold increased by 1.14% and went for $3,931.12 per ounce. At the same time, platinum grew by 2.58%, to go for $1,624.38 per ounce and palladium improved by 2.05% and went for $1,258.78 per ounce.
NN: Bunker drove silver to $50 a ounce. Only to have Wallstreet bust his balls. He lost everything. Bunker was forced to liquidate 105 million ounces of silver at $5.00 a ounce. I shorted silver starting out at $50 all the way down. And bought silver at $5.00.. Wanna hear the really good part? I am fixing to sell $50 silver again
Oil climbs over 1.5% on OPEC+ decision
Oil prices rose over 1.5% on Monday, after the Organization of the Petroleum Exporting Countries and its partners (OPEC+) decided to increase output in November by 137,000 barrels per day (bpd), swaying investors’ concerns about supply additions as analysts saw this OPEC+ move as a “modest” hike. The West Texas Intermediate (WTI) for November’s settlements climbed by 1.72% at 8:16 am ET, going for $61.93 per barrel. Meanwhile, Brent’s deliveries for settlements in December advanced by 1.66% to $65.59 per barrel at the same time.
NN: So much for the 500,000 BPD production increase the trading desks ballyhooed.
Trump: We will have peace in Middle East
United States President Donald Trump continued to express hopes that peace would soon reach Gaza, while speaking to reporters in front of the White House on Sunday.
“The Hamas plan, it’s amazing. You are going to have peace in the Middle East, for the first time in, they say, really, 3,000 years. So I’m very honored to be a big part of that,” Trump stated.
NN: I am not so sure peace in the Middle East is a done deal
More to come…
OPEC+ to hike November output by 137K bpd
The reported $500,000 BPD production increase fake news dropped the price of Brent $6.00 a barrel
The Organization of the Petroleum Exporting Countries and its partners (OPEC+) shared in a statement on Sunday that crude production will be raised by 137,000 barrels per day (bpd) in November. Among the eight countries, which will be hiking their outputs in the coming month, Saudi Arabia and Russia will have the largest increase and raise their production by 41,000 bpd. The next meeting will be held on November 2. “The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments,” the cartel detailed.
TRUMP URGES HAMAS TO MOVE FAST ON HIS GAZA PLAN
On Saturday, Trump said he appreciated that Israel had “temporarily stopped the bombing,” and he urged Hamas, the Palestinian militant group that controls Gaza, to move quickly on his plan “or else all bets will be off.”
“I will not tolerate delay, which many think will happen, or any outcome where Gaza poses a threat again. Let’s get this done, FAST. Everyone will be treated fairly!” Trump said on his Truth Social platform.
Hamas had drawn a welcoming response from Trump on Friday by saying it accepted certain key parts of his 20-point peace proposal, including ending the war, Israel’s withdrawal, and the release of Israeli hostages and Palestinian captives.
But the group has left some questions unanswered, such as whether it would be willing to disarm, a key demand from Israel to end the war. In Washington, a White House official said on Saturday that Trump was sending his envoys Steve Witkoff and Jared Kushner to Egypt to finalize the technical details of the hostage release and discuss a lasting peace deal.
France Says Detaining Oil Tankers Will Help Kill Russia’s Shadow Fleet
French President Emmanuel Macron said that detaining oil tankers can help put a stop to the shadow fleet that helps Russia skirt sanctions and export barrels around the world. His comments come after prosecutors in northwest France investigated a vessel for failing to provide proof of its nationality and flag, as well as refusal to comply with requests from the navy. The oil tanker Boracay was boarded off the coast on Sept. 27, and the captain has been summoned to appear before a court next year, prosecutors said in a statement. The ship left Russia last month and was sailing to India, according to ship-tracking data compiled by Bloomberg. The US, UK and European Union have sanctioned hundreds of tankers for helping Russia export oil to fund its war in Ukraine, while the Group of Seven nations said this week it’s closing in on an agreement to ramp up curbs on Moscow’s oil revenue. Russian oil has mostly continued to flow so far, despite previous measures imposed by the G-7 and its allies.
“You kill the business model by detaining, even for days or weeks, these vessels and forcing them to organize themselves differently,” Macron said Thursday in Copenhagen. The Boracay is sanctioned by the UK and EU and has had several different names in the last 11 months, according to the Equasis maritime database. It’s also sailing under a fraudulent flag, Equasis data show. The ship’s manager didn’t immediately respond to a request for comment. “It represents more than €30 billion, so it’s extremely important to increase the pressure on this shadow fleet because it will clearly reduce the capacity to finance this war effort for Russia,” Macron said of efforts to pressure the shadow fleet more broadly on Thursday.
NN: As Putin predicted oil will soar in price when not if in my opinion Russian oil tankers are seized
Trump warns Hamas again to act fast or ‘all bets will be off’
United States President Donald Trump on Saturday said that Hamas must act quickly in ongoing talks over a proposed hostage release and peace deal.
He urged the group to respond quickly, warning that “all bets will be off” if there are delays or if Gaza remains a security threat. Trump added, “Let’s get this done, FAST. Everyone will be treated fairly!” Trump also welcomed Israel’s pause in airstrikes, describing it as a chance to finalize a hostage release and peace agreement.
The warning followed Trump’s rollout of a 20-point plan to end the conflict in Gaza, which Hamas partly accepted, while seeking further talks.