Energy:
1. German natural gas storage capacity is only 75%, below expectations.
2. Saudi Arabia's crude oil exports rose to a seven-month high in September, with production reaching a near two-and-a-half-year peak.
3. Russian Deputy Prime Minister Novak: Russia's 2025 oil production forecast remains unchanged at 510 million tons. There are no plans to proactively reduce oil production, and Russia will adhere to the OPEC+ agreement.
4. Saudi Aramco CEO: The US liquefied natural gas market has huge growth potential.
5. US Energy Information Administration (EIA): Alaskan crude oil production is expected to grow by 13% in 2026.
6. Major development in the Russia-Ukraine situation: It is reported that the US and Russia secretly drafted a 28-point framework for peace talks, demanding that Ukraine cede territory, disarm, and limit weapons. Discussions of this framework were conducted with little consultation with Ukraine or Europe. White House officials expect Russia and Ukraine to reach a framework agreement by the end of November. Ukraine reportedly opposes the agreement.
7. JPMorgan Chase: The average TTF natural gas price is projected to be €28.75/MWh in 2026 and €24.75/MWh in 2027.
Precious Metals and Mining:
1. Shanghai Gold Exchange: Several factors have recently contributed to market instability; member units continue to strengthen market risk control.
2. The EU plans to establish a strategic center for key minerals to prevent the US from snapping up mineral resources.
3. Chilean National Copper Commission: Raised its copper price forecasts for this year and next, projecting an average price of $4.45/lb in 2025 and $4.55/lb in 2026.
4. BMI Research: Lithium prices are benefiting from improved market sentiment but still face downward pressure from potential supply increases.
5. Australian Port Hedland iron ore exports reached 49.5 million tons in October, the highest monthly shipment volume in mid-October since 2010.
