Energy:
1. Trump imposes a complete blockade on sanctioned oil tankers entering and leaving Venezuela, demanding that oil and other assets be "returned to the United States."
2. Brent crude futures fell below $60 per barrel for the first time since May. WTI crude futures fell below $55 for the first time since the beginning of 2021.
3. Sources: The discount on Venezuelan Mere crude has widened to $21 per barrel lower than Brent crude, compared to only $14 to $15 lower last week.
4. Russian oil exporters are selling crude oil shipped from the Baltic, Black Sea, and eastern port of Kozmino at an average price slightly above $40 per barrel.
5. Europe eases its ban on internal combustion engines to help the struggling automotive industry.
6. Hungary signs a liquefied natural gas (LNG) purchase agreement with the United States.
7. The Deputy Minister of Energy of Kazakhstan stated that in the first 11 months of 2025, Kazakhstan's total oil production reached 91.9 million tons, with exports reaching 73.4 million tons.
8. Thailand announces ban on oil and strategic material shipments to Cambodia.
Precious Metals and Mining:
1. Spot silver breaks through $66/oz for the first time.
2. "Asia's Lithium Capital" makes a major move, planning to cancel 27 mining rights.
3. Morgan Stanley: Gold is expected to continue to receive macroeconomic support, potentially rising to $4,800/oz by Q4 2026.
4. Brazilian Steel Association: Brazil's steel exports are projected to decline by 0.6% year-on-year in 2026, to 10.18 million metric tons.
5. Morgan Stanley: Copper supply is expected to face a 260,000-ton deficit in 2025, which will further widen to 600,000 tons in 2026, leaving little room for further supply disruptions.
Other:
1. EU lawmakers seek to strengthen controls on Mercosur agricultural imports.
2. Draft legislation indicates the EU will impose carbon border taxes on more products.
