OklahomaMinerals.com

Snippets

• ☕️What Else is Brewing Saturday Morning
  Historybook: Actor Kirk Douglas born (1916); Actress Dame Judi Dench born (1934);...

  ---

  
  
  Historybook: Actor Kirk Douglas born (1916); Actress Dame Judi Dench born (1934); “A Charlie Brown Christmas” debuts (1965); Diplomat and Nobel Peace Prize winner Ralph Bunche dies (1971); World Health Organization declares smallpox eradicated (1979).
  
  Israel increased its airstrikes in Gaza on Friday, hitting 450 targets, the country’s military said. UN Secretary-General António Guterres called the situation in Gaza a “spiraling humanitarian nightmare.” Meanwhile, White House National Security Council spokesperson John Kirby said “more can be done” to reduce civilian casualties even as the US vetoed a UN resolution calling for an immediate cease-fire.
  
  Starbucks said it wants to resume talks with the union representing hundreds of its locations to reach new contract agreements in 2024.
  
  A bipartisan group of US senators introduced a long-awaited bill to bring changes to the live-event ticketing industry.
  
  Tesla lost a legal battle with Sweden’s postal service after its workers refused to deliver license plates to the automaker in solidarity with striking mechanics.
  
  The Biden administration announced $8.2 billion in new funding for high-speed rail projects nationwide.
  Read More
• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery rose $1.89 to $71.23 per barrel Friday. Brent crude for February delivery rose $1.79 to $75.84 per barrel.
  
  Wholesale gasoline for January delivery rose 5 cents to $2.05 a gallon. January heating oil rose 3 cents to $2.58 a gallon. January natural gas fell 1 cent to $2.58 per 1,000 cubic feet.
  
  
  Read More
• Closing Market Update
  (Friday market close) The S&P 500 Index...
  (Friday market close) The S&P 500 Index (SPX) surged Friday to close at nearly 23-month highs despite stronger-than-expected monthly jobs data raising new concerns about the interest rate outlook. An early pop in Treasury yields following the jobs number hindered Wall Street’s progress initially, but stocks rallied despite rising yields, helped by ideas that strong consumer spending could engineer a soft landing for the economy.
  
  The November Nonfarm Payrolls report showed 199,000 jobs created and unemployment falling to 3.7%, from October’s 3.9%. Analysts had expected jobs growth of around 180,000, up from 150,000 in October.
  
  The benchmark 10-year Treasury note yield jumped double-digits immediately after the report, dragging down major indexes. Wall Street quickly turned around, however, sending the SPX to its first close above 4,600 since January 14, 2022. That was before the Federal Reserve began its rate hike cycle that took interest rates from zero to current levels of 5.25% to 5.5%, a two-decade high, as the central bank fought inflation. The SPX is now up nearly 20% year-to-date.
  
  Energy company shares led the way today as the strong jobs report and bullish consumer sentiment data released later Friday helped crude oil rally from recent lows. Infotech, financials, and consumer discretionary were also firm.
  Read More
• Permian, Haynesville regions get gas takeaway boost
  Kinder Morgan's 550-MMcf/d expansion of its Permian Highway Pipeline from Waha to Katy, Texas, has come...
  Kinder Morgan's 550-MMcf/d expansion of its Permian Highway Pipeline from Waha to Katy, Texas, has come online, CEO Kimberly Dang announced, noting that no additional greenfield takeaway projects in the Permian will be required in the immediate future. Additionally, DT Midstream has announced the mechanical completion of its 400 MMcf/d Phase 2 LEAP Gathering Lateral Pipeline expansion linking the Haynesville Shale to Gulf Coast markets, with firm service expected to commence on Jan. 1.
  Read More
• Energy Sector Commentary for Friday
  The energy sector is off to a...

  The energy sector is off to a mixed-to-lower start, looking past strength in the crude complex and pressured by mild weakness in the major equity indices. U.S. stock index futures extended declines as a stronger-than-expected job report signaled labor market resilience, dampening hopes of interest rate cuts next year.

  
  

  WTI and Brent crude oil futures are up over 2% in early trading despite worries about a supply surplus and weak Chinese demand. However, prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Saudi Arabia and Russia called for all OPEC+ members to join an agreement on output cuts for the good of the global economy, only days after a fractious meeting of the producers' club. OPEC+ agreed to a combined 2.2 million bpd in output cuts for the first quarter of next year. Meanwhile, Chinese customs data showed its crude oil imports in November fell 9% from a year earlier as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand.

  
  

  Natural gas futures are trading slightly lower as the NOAA's 6-10 day outlook shows above-normal temperatures for the West coast through the Great Plains to the Great Lakes and southern FL. Near-normal temps are seen across southeastern NM, TX, and along much of the eastern US.

  Read More

• Prev
• Next