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• Energy Sector Commentary for Friday
  The energy sector is starting...

  The energy sector is starting higher, supported by strength in the crude complex. Meanwhile, the major equity futures are mixed after US stocks bounced on Thursday following a largely unexplained late-day selloff in the prior session.  Headline and core PCE came in a bit cooler than expected for November, fitting the broader disinflation theme.

  
  

  WTI and Brent crude oil futures are higher in early trading on a weaker dollar and as more maritime carriers are avoiding the Red Sea due to recent attacks on vessels carried out by the Houthi militant group. Oil contracts are set for a second-consecutive higher week as hundreds of large vessels are rerouting around the southern tip of Africa, a longer route adding 10-14 days of travel, to escape drone and missile attacks by Yemeni Houthis that have pushed up oil prices and freight rates. Elsewhere, OPEC has yet to comment on Angola’s decision to leave the group. Oil-related news is quiet so far today in what should be a low-volume session of trading.

  
  

  Natural gas futures are flat as preliminary estimates have storage for the week-ending today with a draw of (75) to (85) Bcf vs the 5-year average of (123) Bcf.

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• ☕️What Else is Brewing Friday Morning
  Historybook: Beethoven’s "Fifth Symphony"...
  Historybook: Beethoven’s "Fifth Symphony" premieres (1808); Former first lady Lady Bird Johnson born (1912); Maurice and Robin Gibb of the Bee Gees born (1949); Colo becomes first gorilla born in captivity (1956); “Don’t ask, don’t tell” military policy repealed (2010).
  
  Rudy Giuliani filed for bankruptcy after a jury ordered him to pay $148 million for defaming two former Georgia election workers.
  
  Ikea warned that Houthi attacks on commercial ships in the Red Sea could delay its deliveries.
  
  Bird flu is likely to spread in Antarctica, posing existential threats to some species, including emperor penguins, according to experts.
  
  Vin Diesel was sued yesterday by a former assistant, who accused the Fast & Furious actor of sexual battery.
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• Closing Oil & Gas Prices for Thursday
  Benchmark U.S. crude oil for February delivery...

  Benchmark U.S. crude oil for February delivery fell 33 cents to $73.89 per barrel Thursday. Brent crude for February delivery fell 31 cents to $79.39 per barrel.

  
  

  Wholesale gasoline for January delivery fell 4 cents to $2.16 a gallon. January heating oil fell 1 cent to $2.70 a gallon. January natural gas rose 12 cents to $2.57 per 1,000 cubic feet.

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• Closing Market Update
  Major U.S. equity benchmarks bounced back from a brief midweek downturn and resumed the...

  Major U.S. equity benchmarks bounced back from a brief midweek downturn and resumed the holiday season rally Thursday, lifting the Dow Jones Industrial Average® (DJI) back near a record high as falling Treasury yields and further signs of easing inflation kept investors emboldened over prospects for Federal Reserve interest rate cuts and a "soft landing" for the economy. Here's where the major benchmarks ended:

  
  The S&P 500® index (SPX) was up 48.40 points (1.0%) at 4,746.75; the Dow Jones Industrial Average was up 322.35 points (0.9%) at 37,404.35; the Nasdaq Composite®(COMP) was up 185.92 points (1.3%) at 14,963.87.
  
  The 10-year Treasury note yield(TNX) was up about 1 basis point at 3.89%.
  
  The Cboe® Volatility Index(VIX) was down 0.02 at 13.65, after earlier rising to 14.49.
  
  
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• TotalEnergies Sells 25.5% Stake in Seagreen Wind Farm
  TotalEnergies has signed an agreement with Thailand’s...

  TotalEnergies has signed an agreement with Thailand’s national oil and gas company PTTEP for the sale of a 25.5% equity stake in the Seagreen offshore wind farm for a consideration of $689 million.

  
  

  Following this farm down, TotalEnergies retains 25.5% of Seagreen, alongside PTTEP (25.5%) and SSE Renewables (49%).

  
  

  This transaction implies an enterprise value of $4.3 billion (100%), equivalent to a multiple of 13 times the expected average EBITDA over the next 5 years, depending on future market prices.

  
  

  With a total capacity of 1,075 MW, Seagreen is the world’s deepest fixed-bottom wind farm. Fully operational since October 2023, Seagreen is comprised of 114 turbines which can provide enough electricity to power more than 1.6 million homes, equivalent to two-thirds of all homes in Scotland.

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