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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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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery fell 87 cents to $71.37 per barrel Wednesday. Brent crude for March delivery fell 79 cents to $76.80 per barrel.
  
  Wholesale gasoline for February delivery fell 1 cent to $2.07 a gallon. February heating oil fell 5 cents to $2.60 a gallon. February natural gas fell 15 cents to $3.04 per 1,000 cubic feet.
  
  
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• Dow rises 170 points, S&P 500 closes shy of record high
  U.S. stocks finished higher on Wednesday, a day ahead of a widely anticipated December inflation report,...
  U.S. stocks finished higher on Wednesday, a day ahead of a widely anticipated December inflation report, though the S&P 500 fell short of an all-time high after remarks from a key Federal Reserve policymaker.
  

  
  
  • The S&P 500 rose 26.95 points, or 0.57%, to 4,783.45. That’s 13 points shy of its record closing high of 4,796.56, reached in January 2022.
  
  
  • The Dow Jones Industrial Average climbed 170.57 points, or 0.45%, to 37,695.73.
  
  
  • The Nasdaq Composite gained 111.94 points, or 0.75%, to reach 14,969.65. It was the fourth straight day of gains for the tech-heavy index.
  
  

  
  On Tuesday, the Dow Jones fell 0.4% to 37,525.16, while the S&P 500 declined 0.2% to 4,756.50, and the Nasdaq Composite gained less than 0.1% to end at 14,857.71.
  
  
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• Natural Gas Futures
  Natural gas futures dropped this morning, after yesterday's 7% move higher, on forecasts for...
  Natural gas futures dropped this morning, after yesterday's 7% move higher, on forecasts for cold weather to drive up heating demand and cause freeze-offs in several shale regions, which is outweighing predictions for a large draw in storage. Updated estimates for storage week-ending 19-January now expect a draw of over (270) Bcf, potentially making it one of the ten largest pulls on record. Near-term, consensus for EIA storage week-ended 5-January due tomorrow has a draw of around (115) Bcf.
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• Energy Sector Commentary
  The energy sector is set off to...

  The energy sector is set off to a higher start, supported by strength in the crude complex, while futures tied to the major equity indices are flat as investors wait for the consumer price index report due tomorrow.

  
  

  WTI and Brent crude oil futures are recovering some of this week’s losses on rising geopolitical tensions in the Middle East, the shutdown of a top Libyan oilfield, and a weaker dollar. Houthis today said they targeted a U.S. ship supporting Israel, while Iraqi Prime Minister Mohammed Shia al-Sundai said his nation wants a quick and orderly negotiated exit of U.S.-led military forces from its soil, stating their presence is destabilizing. Last night’s API data points to a large draw in crude inventories. The report also shows builds in gasoline and distillate inventories that exceed analyst estimates. Expectations for record-high output in 2024 and worries about weak economic growth are limiting gains.

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