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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 — Tuesday's numbers.

Equities
• S&P 500 flat near 6,734
• Tech sector stabilizing after recent volatility
• Year-end positioning continues with focus on rate trajectory

Oil
• WTI holding near $60 per barrel, Brent steady around $64
• Ukraine-Russia tensions supporting prices while oversupply concerns cap upside
• IEA warning of 4 million barrels per day surplus expected 2026
• US sanctions on Lukoil and Rosneft taking effect November 21

Gas
• Henry Hub near $4.45 per million BTU
• December futures holding 67% year-over-year gains
• Winter heating demand building, storage levels 4% above seasonal norms
• LNG exports averaging 17.8 billion cubic feet per day
• EIA forecasting winter average at $3.90, peaking $4.25 in January

Production
• Permian Basin output steady at 6.6 million barrels per day
• Operators maintaining discipline with WTI at $60
• Average breakeven costs ranging $37 to $70
• Exxon Mobil at $40-$42, Diamondback at $37
• Industry average for new wells at $70

Real Estate
• Cap rates stabilizing: industrial at 6.3%, multifamily at 5.63%
• Transaction volumes increasing year-to-date
• Industrial properties strong on logistics demand
• Multifamily buyer sentiment improving for core and value-add assets
• Office sector bifurcated: Class A at 7.8%, distressed assets at discounts

Credit Markets
• SOFR spreads stable: investment grade at 0.82% over treasuries
• High yield at 3.02%, below long-term average of 5.23%
• BBB-rated bonds performing best
• Credit spreads near multi-year lows

Bottom Line
• Oil: Target sub-$50 breakevens, hedge floors above $75
• Gas: Selective exposure, winter contracts locked
• Real Estate: Industrial sub-5.7% caps near logistics hubs
• Credit: Senior secured, SOFR plus 650+, LTV under 65%

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