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• Closing Oil & Gas Prices for Thursday
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery rose $2.11 to $71.58 per barrel Thursday. Brent crude for February delivery rose $2.35 to $76.61 per barrel.
  
  Wholesale gasoline for January delivery rose 10 cents to $2.12 a gallon. January heating oil rose 4 cents to $2.59 a gallon. January natural gas rose 5 cents to $2.39 per 1,000 cubic feet.
  
  
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• After a Three-Year Streak Andurand's Fund Down 54%
  Following a three-year Midas Touch streak, oil trader Pierre...
  Following a three-year Midas Touch streak, oil trader Pierre Andurand’s main hedge fund has lost 54% so far this year, and is set to rack up more losses before the year’s end, making this the worst 12 months for the fund in its history, Bloomberg reports.
  
  Citing an anonymous source with knowledge of the fund’s current situation, Bloomberg said the Andurand Commodities Discretionary Enhanced, which has no set limits on risk, lost approximately one-third of its value in the first quarter of this year, and approximately 26% in the second quarter.
  
  While the third quarter saw 68% gains as oil prices briefly rose amid the chaos in the Middle East, those gains have been pared in the ongoing fourth quarter.
  
  
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• Closing Market Update
  The Dow Jones Industrial Average® posted...
  The Dow Jones Industrial Average^® posted a record high for the second day in a row Thursday, highlighting another day of broad market gains fueled by optimism over inflation, the economy, and expectations the Federal Reserve will begin cutting interest rates next year.
  
  Investors emboldened by the results of the Fed's policy meeting earlier this week lifted the S&P 500^® index (SPX) to a fifth straight gain and a two-year high
  
  Here's where the major benchmarks ended:
  

  
  
  • The S&P 500 index was up 12.46 points (0.3%) at 4,719.55; the Dow Jones Industrial Average was up 158.11 points (0.4%) at 37,248.35; the Nasdaq Composite^® (COMP) was up 27.59 points (0.2%) at 14,761.56.
  
  
  • The 10-year Treasury note yield (TNX) was down about 11 basis points at 3.923%, falling under 4% for the first time since early August.
  
  
  • The Cboe® Volatility Index (VIX) was up 0.25 at 12.44.
  
  
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• World Oil Demand To Rise Faster Than Expected Next Year
  World oil demand will rise faster than expected next year, the International Energy Agency...

  World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week's COP28 agreement to transition away from fossil fuels.

  
  

  World consumption will rise by 1.1 million barrels per day(bpd) in 2024, the Paris-based IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices.

  
  

  The 2024 upward revision reflects "a somewhat improved GDP outlook compared with last month's report," the IEA said. "This applies especially to the U.S. where a soft landing is coming into view."

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• Energy Sector Commentary
  Energy stocks opened higher this morning, tracking strength in oil futures...
  Energy stocks opened higher this morning, tracking strength in oil futures and the broader benchmarks.  Near- and medium-term outlooks have improved significantly following yesterday’s dovish tone set by the FOMC and Fed Chair Jay Powell, in which he indicated that rate cuts are likely in 2024.  The market is pricing in at least three rate cuts next year. In their projections released Wednesday, officials see the federal funds rate target ending 2024 between 4.5% and 4.75%, 0.75 percentage points lower than today.  Looser borrowing costs are expected to aid corporate and economic activity.  The 10-year yield fell below 4% overnight for the first time since early August.

  
  

  
  

  Oil prices rose on Thursday, extending the previous session's gains, boosted by a weaker dollar, and as the IEA lifted its oil demand forecast for next year. World oil consumption will rise by 1.1 million bpd in 2024, the IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices. The 2024 estimate is less than half the forecast of OPEC.  A weaker dollar after the U.S. central bank signaled lower borrowing costs for 2024 also boosted prices.

  
  

  Natural gas futures are higher by a penny, trading around $2.35, with weekly inventory data due this morning.  Analysts expect a draw of 52 bcf.  Near-term domestic production is moderating, while warmer-than-average December temperatures remain a headwind.

  
  
  
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