Even as miles-driven rose to a record...

“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil"

This was a welcome report as it showed that not only is US oil production humming along, but US commercial stocks continue to increase and in a worst case scenario of prolonged Hormuz closure, the US can remain relatively energy independent.

Beyond the risk of rare earth metals becoming a major focal point between Beijing and Washington (again), UAMY may also be rising, as antimony is a critical rare earth used... 

"With weak underlying volumes and easing raw material inflation, we expect promotional activity..." 

“I have no interest in selling...”

"You have one party or group of people who are working together who effectively control..." 

Time to rotate into oil?

"Is the era of the 'everyday' Cuban cigar officially over?"

What the actual f**k?

"... but you hit the start of the new decade, it's pretty much all copper."

The administration is mulling carve-outs... 

“We cannot be subjective about coal. The question is how sustainably we can use it...”

"Eramet informs the market that its joint-venture PT Weda Bay Nickel ("PT WBN") has received an initial notification from the Indonesian authorities..." 

...the investor rotation in hard assets can keep several metals prices high for longer, including above what physical fundamentals justify...

China’s four largest gold-backed exchange-traded funds posted record outflows — about 6.8 billion yuan ($980 million) on Tuesday — just days after they notched record inflows.

" ... this wave is the main driver of a lengthy bearish cycle for European natural gas (TTF) and LNG (JKM), which we expect to bottom in 2028/29."

Favorable weather in Brazil. 

"Spot momentum continues into the new year. Uranium pricing has shown continued strength..." 

China’s marginal advantage is a willingness to accept human and environmental costs other nations eschewed...