The energy sector is off to a higher start, rebounding from yesterday's steep slide on the backs of strength in the underlying commodities. Major equity futures meanwhile steadied this morning as rates ticked higher and investors await a pair of key inflation readings later this week to gain clarity into the path forward for rate cuts from the Fed. The benchmark 10-year Treasury note yield rose more than 4 basis points this morning and is now trading above 4%.
WTI and Brent crude oil futures are up by over 2.5% in early trading, recovering from yesterday’s 4% drop on rising concerns that tensions in the Middle East will spread and ongoing supply outages in Libya. Weak economic data out of Germany, lingering demand worries, and speculation of rising OPEC supply after Saudi Arabia cut its OSP yesterday, are keeping a cap on gains. The Israeli military has said its fight against Hamas will continue through 2024, worrying markets that the conflict could grow into a regional crisis that could disrupt Middle Eastern oil supplies. German industrial production unexpectedly fell in November according to the Federal Statistics Office, marking a sixth consecutive monthly decline.
Natural gas futures resumed their trend higher, backed by cooler weather forecast in key consuming regions that should stir demand ahead of another winter storm.
Canada, Mexico projects seen squeezing US Gulf heavy crude supply
The upcoming startup of the 590,000-barrel-per-day Trans Mountain Expansion oil pipeline in Canada and...
The upcoming startup of the 590,000-barrel-per-day Trans Mountain Expansion oil pipeline in Canada and the 340,000-bpd Olmeca refinery in Mexico is expected to reduce the availability of heavy sour crude oil barrels on the US Gulf Coast. Crude imports from Venezuela could help fill a potential gap, but uncertainty surrounding US sanctions clouds that prospect.
✈️The fallout from Alaska Airlines Flight 1282 continued.
Three days after a panel blew out midair on the Boeing 737 Max 9 aircraft, hundreds of flights were still...
Three days after a panel blew out midair on the Boeing 737 Max 9 aircraft, hundreds of flights were still grounded as the FAA directed US airlines with Max 9s—Alaska and United—to inspect their fleets. During those inspections, both airlines said they found loose bolts on plug doors. Meanwhile, federal officials revealed that the plane involved in the incident was restricted from flying long flights over water due to a known pressurization problem, though that may have been unrelated to the door plug incident. The cockpit voice recorder, which could have helped investigators determine how the panel came off, was overwritten because it was not retrieved within two hours. Here’s what else flyers should know about the Boeing 737 Max 9 as the story develops.
There are a lot of happy people across the US because Michigan ...
There are a lot of happy people across the US because Michigan took down Washington 34–13 for the school’s first college football championship since 1997. The game marks the end of an era for the sport because next season will look very different. The College Football Playoff is expanding to 12 teams, and realignment will further obliterate conferences’ regional flair. Among the changes: Michigan and Washington will be Big Ten rivals, the University of California is joining the Atlantic Coast Conference, and the Pac-12 will have two teams.
Markets: Stocks surged yesterday, shaking off the rust from last week to post the ...
Markets: Stocks surged yesterday, shaking off the rust from last week to post the first big rally of 2024. The Nasdaq jumped 2.2% as tech stocks found their groove, just in time for the start of CES today. The rebound did not extend to Boeing, which plummeted 8% following the grounding of its 737 Max 9 planes due to the Alaska Airlines incident.
Apple announced that its highly anticipated Vision Pro headset will launch in February.
Johnson & Johnson will pay $700 million to settle claims that it failed to warn consumers about the health risks of its talc-based baby powder.
Astronomers discovered that Neptune is actually light blue, not dark blue as previously thought.
China said it detained an individual who it claims is a spy for the UK’s intelligence service, MI6.
Pope Francis called for a global ban on the “despicable” practice of gestational surrogacy.
