Energy:
1. The EU officially adopted its 19th round of sanctions targeting Russian energy.
2. UBS Group: Brent crude oil prices are expected to remain in the $60-70 per barrel range.
3. Romania's Energy Minister stated that the European Commission has agreed to postpone the closure of five coal-fired power plants in Romania until the end of 2026 and 2029 to reduce the risk of power outages and electricity price increases this winter.
4. Qatar's Energy Minister: Despite rising geopolitical tensions and vacillating climate policy, the outlook for natural gas, particularly liquefied natural gas, remains positive.
5. According to TASS: Russia may increase oil shipments from Kazakhstan to Germany; it will increase the Kozmino transport capacity to 50 million tons.
6. The US government is preparing a proposal to open nearly all U.S. coastal waters to new offshore oil drilling, a move opposed by local governors.
7. Japanese Prime Minister Sanae Takaichi: Strive to pass legislation to remove the temporary gasoline tax during this Diet session. Precious Metals and Mining:
1. Chilean copper mining company Antofagasta: Copper production in the third quarter of 2025 was 161,800 tons, a 1% increase from the previous quarter. Gold production in the third quarter was 53,900 ounces, a 12% increase from the previous quarter.
2. UBS: Investing in silver has value, and we expect the price to rebound to $55 per ounce by June 2026.
3. JPMorgan Chase: Gold is our most favored long-term investment this year, but with the Federal Reserve embarking on a cycle of rate cuts, we still believe the price has further room to rise. We forecast gold prices to reach $6,000 by 2028.
4. The U.S. government partnered with Orion to establish a critical minerals fund with a target size of $5 billion.
5.
Freeport's third-quarter copper production was 912 million pounds, a 13% year-on-year decrease; gold production was 287,000 ounces; and molybdenum production was 22 million pounds. Full-year copper sales are expected to be approximately 3.5 billion pounds, compared to the previous forecast of 3.95 billion pounds.
6. Indonesian Energy Ministry officials said Indonesia may allow copper miner Amman Mineral to export copper concentrate.
