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• Energy Sector Commentary for Thursday
  Energy stocks opened the session higher on escalating tensions...

  Energy stocks opened the session higher on escalating tensions in the Red Sea, as an oil tanker was seized off the coast of Oman and diverted by armed Houthi rebels this morning, which boosted oil prices.  Broader equities were set to rise, though the 8:30 AM ET release of December CPI data showed inflation remains persistent, as consumer prices rose 0.3%, pushing the annual rate to +3.4%.

  
  

  Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East. The United Kingdom Maritime Trade Operations Authority received a report on Thursday that a vessel about 50 nautical miles east of Oman's coast was boarded by four to five armed individuals. "Slowing demand, unrest in the Middle East and muted price reaction have producers, consumers, and market participants alike feeling paranoid about oil prices," Barclays said on Thursday as the bank lowered its 2024 Brent forecast by $8 to $85 a barrel.

  
  

  Natural gas futures are lower by ~1% ahead of weekly inventory data.  Analysts expect a draw of 119 bcf.

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• It's Official: Chesapeake, Southwestern to Combine in $7.4B Deal
  Chesapeake Energy and Southwestern Energy have entered...

  Chesapeake Energy and Southwestern Energy have entered into an all-stock merger agreement transaction valued at $7.4 billion, or $6.69 per share, based on Chesapeake's closing price on Jan. 10, 2024, the companies said on Jan. 11.

  
  

  The deal would create the U.S.’ largest natural gas producer, but, it is almost certain to face intense scrutiny as a wave of consolidations, largely oil-focused, has already raised the hackles of some Congressional Democrats.

  
  

  The deal unites Chesapeake and Southwestern’s Appalachia and Haynesville portfolios into a pro forma company with an average net production of approximately 7.9 Bcfe/d. The company would have over 5,000 gross locations and 15 years of inventory.

  
  
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• Rio Grande LNG train project proceeds via NextDecade
  NextDecade plans to pursue the development of Train 4 at the Rio Grande liquefied natural gas export...
  NextDecade plans to pursue the development of Train 4 at the Rio Grande liquefied natural gas export facility with $62.5 million in financing via MUFG Bank. NextDecade has started the engineering, procurement and construction contracting process with Bechtel Energy.
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• Stock market futures turn lower after December CPI report
  Consumer prices rose somewhat faster at the end of 2023 and interrupted a slowdown in inflation, but...
  Consumer prices rose somewhat faster at the end of 2023 and interrupted a slowdown in inflation, but the recent evidence still points to a further deceleration in the months ahead.
  
  The consumer price index rose 0.3% in December to mark the biggest gain in three months. The rate of inflation over the past year also moved up to 3.4% from 3.1% in the prior month.
  
  The stock market futures turned lower after the report was released.
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• ☕️What Else is Brewing Thursday Morning
  Amazon cuts streaming jobs. The e-commerce giant...
  Amazon cuts streaming jobs. The e-commerce giant has spent billions building its content and streaming service, but now it wants to rein in costs. So, it’s laying off hundreds of employees in its Prime Video and MGM Studios units, the latter of which it acquired for $6.5 billion in 2022. It’s also cutting 500 staffers from its livestreaming platform Twitch. These job cuts come after Amazon terminated ~27,000 employees across the company in late 2022 and early 2023 to bring costs down. But it’s not the only company that wants to spend less on streaming: Disney, Paramount, and Warner Bros. are all looking to shave expenses, while Netflix hasn’t raised its content budget in two years, per Bloomberg.
  
  Nick Saban, who won six national championships as head coach of the University of Alabama football program, will retire, per ESPN. In the NFL, the Seattle Seahawks parted ways with longtime head coach Pete Carroll, capping off a big day in coaching news.
  
  The US and UK hinted that they might respond to the largest Houthi attack in the Red Sea yet with strikes in Yemen.
  
  Hunter Biden crashed the hearing where a Republican-led committee voted to hold him in contempt of Congress for refusing to testify about his father, President Joe Biden.
  
  Former New Jersey Governor Chris Christie ended his presidential run. Meanwhile, Nikki Haley and Ron DeSantis had a debate.
  
  YouTube will now provide short instructional videos from medical experts for health emergencies.
  
  The SAG Award nominations are out, as the race toward the Oscars continues.
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