THE DAILY DIFFERENCE

What changed.

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FRESH EVIDENCE

Iran / Hormuz

UNCONFIRMED

A tanker was hit on Thursday by explosives fixed to its hull from a small boat, Reuters reports, citing UKMTO; we could not read UKMTO's notices at source.

Next: Iran's reported answer to the Qatari draft deal, November 2, moved from October 30: we could not check Iranian or Qatari official statements at source.

TEST RECORD UPDATED

Crude / the front of the curve

UNCONFIRMED

Expiring December Brent ended Friday at 117.64, up 2.76; January rose 2.63 to 113.43, Reuters reports. The January rule counts from Monday's session; Friday's price is outside it.

Next: January 2027 Brent's first session as the front month, November 2.

FRESH EVIDENCE

Global demand / the back of the curve

UNDER REVIEW

Brent's December 2027 contract ended Friday at 88.11 on ICE, up from 87.62, a much smaller rise than the front month's.

Next: The first scored round of the monthly demand forecasts, November 10.

FRESH EVIDENCE

Gold / miners

UNDER REVIEW

Spot gold traded at about 3,880 late Friday, its lowest in more than a year, Kitco reports.

Next: Our read of the December contract's official October 30 settlement, November 2.

FRESH EVIDENCE

Semis / memory and foundry

MIXED

The semiconductor index closed Friday at 10,688.80, from 11,518.20.

Next: Our next read of the chip lane, November 2.

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