The Perimeter
Market intelligence: oil and gas, gold and silver, and pre-IPO coverage, every Monday. Subscribe

Week of July 20–24

Brent broke $100, then gave a third of it back.

The rally was a risk premium, not a shortage — inventories built while prices ran. The Energy Desk has the rig counts and the inventory math.

Read the Energy Desk

How we publish

Numbers, sourced. No alerts, no picks.

Every issue is built from primary data — exchange settlements, EIA and Baker Hughes releases, SEC filings. We take no payment from any company we cover.

What we publish

Markets outside the index.

Three desks covering the exposures a standard portfolio leaves out — energy, precious metals, and private markets. One issue each, every Monday, built from the week's primary data rather than the week's narrative.

Brent, week +12% Broke $100, then gave back 4% on Friday
Gold / silver ratio 69.5 Compressed from 70.72 as silver outran gold
IPOs priced 1 Scribe Therapeutics closed 44% above offer

The desks

Energy Desk

Crude, natural gas, rig counts, and the majors.

Weekly coverage of oil and gas markets: benchmark pricing, EIA inventories, Baker Hughes drilling activity, and the equities that track them.

Read the desk → Metals Desk

Gold, silver, and the real-yield mechanism that moves them.

Weekly coverage of precious metals: spot pricing, the gold-silver ratio, central bank demand, industrial consumption, and Fed policy.

Read the desk → Pre-IPO Desk

Pricings, filings, lock-ups, and the private-market pipeline.

Weekly coverage of new issues and private markets: what priced, what filed, what the terms say, and which lock-ups are coming due.

Read the desk →

Latest issues

Week of July 20–24, 2026