Daily Brief United States: Gold, Intel Corp, Bitcoin, Copper, Blueprint Medicines, Crude Oil, Bio-Rad Laboratories A, Natural Gas and more

• Outlook for 2025 across commodities sectors discussed
• Bullish view on gold, base metals, and agricultural commodities
• Neutral to bearish outlook on oil prices for 2025 and 2026

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• The Circuit podcast discusses the uncertainty surrounding Intel’s future leadership and strategic direction
• Ben and Jay analyze the board’s role in Intel’s challenges and debate the company’s path forward
• The podcast ends on a hopeful note, with Jay expressing optimism about Intel’s 14A technology and the potential for success in the future

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• Discussion of ins and outs of option pricing and market risk
• Examples of price volume spirals in meltdown and melt up scenarios
• Exploration of value and instability in market dynamics

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• Export restrictions have impacted the trade between China and the US, with potential for increased support for mineral imports from Canada
• The incoming Biden administration may focus on boosting domestic mineral recovery and supply chain security
• The copper market is facing challenges with potential oversupply, while cobalt prices are set for the worst year in history due to stagnating demand and increasing output.

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• Trump is gradually building a team to “make America great again” in the crypto space—a move that certainly cannot come soon enough.
• The most significant news from the past week includes the following highlights.
• Trump Names David Sacks as White House AI and Crypto Czar’ at Bloomberg

• Blueprint Medicines Corporation, during its third quarter of 2024 financial results presentation, highlighted both promising developments and ongoing challenges.
• The company reported robust revenue growth, primarily driven by the performance of AYVAKIT, which achieved $128.2 million in net product revenue, marking a 137% year-over-year increase.
• This strong performance led the company to raise its annual revenue guidance to between $475 million and $480 million, positioning AYVAKIT on track for substantial long-term revenue, potentially exceeding $2 billion.

• The US oil and gas rig count rose by 7 to 589 for the week ending on 06/Dec, rising for the first time in four weeks
• For the week ending 29/Nov, US oil production rose to 13.51m bpd from 13.49m bpd the week prior. US output edged past its record high of 13.5m bpd.
• The number of active US oil rigs rose by five to 482, while the US gas rig count rose by two to 102.

• Bio-Rad Laboratories, Inc. presented a mixed set of results for the third quarter of 2024, reflecting ongoing challenges and some positive developments across its business segments.
• The company reported net sales of $650 million, a 2.8% increase from the previous year on a reported basis, attributed largely to its Clinical Diagnostics segment.
• On a currency-neutral basis, sales increased by 3.4% year-over-year, driven primarily by a 6.4% increase in the Clinical Diagnostics group led by strong demand for quality control products, especially in the Asia Pacific region.

• WTI futures dropped 1.8% for the week ending 06/Dec, as concerns of oversupply in 2025 offset the impact of OPEC extending cuts and rising geopolitical tensions.
• WTI options Put/Call volume ratio jumped to 1.24 from 0.82 (29/Nov) last week, as call volume rose by 19.8% WoW while put volume surged by 81%.  
• WTI OI PCR remained unchanged at 0.88 from last week. Call OI rose by 3.3% WoW, while put OI increased by 3.6%.

• US natural gas prices dropped 8.5% for the week ending 06/Dec, driven by volatile weather forecasts, which predicted a warmer-than-expected winter.
• Henry Hub Put/Call volume ratio fell to 1.06 from 1.47 (29/Nov) the previous week as put volumes fell by 20.6% WoW, while call volumes increased by 10.2%. 
• Henry Hub OI PCR rose to 0.84 from 0.83 compared to last week. Call OI rose by 5.3% WoW, while put OI increased by 6.7%.