Market Pulse - Numbers Only - Oil, Gas, Credit by the Data

Gold Dragon Daily

Market Pulse — Wednesday, October 8, 2025
Numbers Only — Oil, Gas, Credit by the Data

INTRO (0:00–0:10)
Welcome to Gold Dragon Daily, 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 — Wednesday's numbers-only edition.

OVERNIGHT DATA DROP
• Oil: WTI crude $87.45, up 0.3%. Brent $91.20, steady. WTI-Brent spread holding at $3.75.
• Gas: Henry Hub $2.85, down 1.2%. Storage injections tracking 15 BCF above five-year average.
• Products: RBOB gasoline crack $22.50, refinery utilization at 89.2% amid fall maintenance.
• Midstream: Enterprise Products Partners announced $1.2B in new pipeline capacity. Kinder Morgan reported 95% contract coverage through 2026.

ENERGY NUMBERS — WHAT MATTERS
• Oil production: Permian Basin averaging 5.8 million barrels per day, up 2% month-over-month. Breakeven costs: Permian core $42-48 per barrel, DJ Basin $52-58.
• Gas fundamentals: LNG feedgas demand steady at 13.5 BCF per day. Power burn up 8% week-over-week as cooling demand persists.
• Hedging snapshot: Top 20 E&P companies have 68% of Q4 oil production hedged above $75. Gas hedging lighter at 45% coverage.
• Takeaway: PDP assets in Permian core with $50 breakevens and 70%+ hedge coverage are printing cash at current prices.

REAL ESTATE & CREDIT NUMBERS
• Real Estate: Industrial cap rates averaging 5.8% for Class A logistics. Multifamily refinancing down 35% year-over-year, but quality assets still clearing at sub-6% rates.
• Credit: Direct lending spreads: SOFR plus 550-750 basis points for middle market. Default rates holding at 1.8%, below historical 2.5% average. Dry powder: $400B+ across private credit funds.
• Structure focus: Senior secured deals averaging 65% loan-to-value with 1.25x debt service coverage minimums.

ACTIONABLE NUMBERS
Bottom line math:
• Oil: Target PDP with sub-$50 breakevens and 6-month hedge floors above $70.
• Gas: Avoid unless basis differentials managed and takeaway contracted.
• Real estate: Industrial sub-6% caps near logistics hubs; multifamily only with 1.3x+ debt coverage.
• Credit: Senior secured, SOFR plus 600+, loan-to-value under 70%.

That's your Wednesday data drop. Visit GotTheGold.com for strategic wealth insights. Stay sharp. ]]>