Energy stocks opened around the flatline, weighing moderately higher S&P 500 futures and oil prices that are inching higher, while natural gas futures remain in the red. News flow continues to be light as quiet periods are in full force ahead of the oncoming earnings train. Kinder Morgan unofficially kicked off the earnings season, posting a lower-than-expected profit for the fourth quarter, as higher interest expenses and weakness in the natural gas pipeline segment hurt margins during the period.
Oil prices rose on Thursday as the IEA joined producer group OPEC in forecasting relatively strong growth in global oil demand this year, with price impetus also coming from disruption to U.S. output and geopolitical risks in the Middle East. The IEA has again raised its 2024 global oil demand growth forecast. However, its projection remains lower than OPEC's expectations and said the market looked well supplied because of strong growth outside the producer group.
Natural gas futures are lower by a nickel, continuing to pull back from two-month highs reached last week as moderating forecasts for next week across much of U.S. weigh on near-term demand expectations.
Renewables make near-zero input to Texas grid this week
As Texas continues to suffer extreme cold conditions, an update to the app operated by the Electric Reliability...
As Texas continues to suffer extreme cold conditions, an update to the app operated by the Electric Reliability Council of Texas showed on Monday that solar power did not contribute to the grid, power storage contributed 0.8%, and wind power contributed 6.8%. Energy generated from fossil fuels accounted for 84.9% of total input, with 67.2% coming from natural gas.
Iran says it’s not backing down. Tensions in the Middle East are certainly not easing,...
Iran says it’s not backing down. Tensions in the Middle East are certainly not easing, and Iran’s foreign minister insisted yesterday that Iranian-backed groups won’t stop launching attacks as long as the Israel–Hamas war continues. The official’s statement came one day after the US redesignated the Iran-supported Houthis who have been attacking ships in the Red Sea as global terrorists. This week, Iran also fired missiles at targets in Pakistan, Iraq, and Syria.
Apple watches with blood oxygen sensors banned again. Your next Apple Watch probably...
Apple watches with blood oxygen sensors banned again. Your next Apple Watch probably won’t be able to measure your blood oxygen level after a federal appeals court yesterday reinstated a ban on importing the Series 9 and Ultra 2 watches that were found to infringe on health-tech-maker Masimo’s patent. But Apple already has a workaround: making the watches without the allegedly infringing feature. And Apple didn’t lose entirely—the ruling wasn’t about whether it violated the patent, just whether Apple could import the watches while it continues to fight in court.
Maine should keep former President Donald Trump on its primary ballot—unless the Supreme Court deems him ineligible, a state court ruled. Meanwhile, in New York, a federal judge threatened to kick Trump out of the courtroom for making audible comments as E. Jean Carroll testified against him in her defamation case. Trump responded, “I would love it.”
Sheryl Sandberg, a former Facebook exec, said she plans to leave Meta’s board after 12 years.
Boeing suffered another embarrassing oopsie yesterday when the 737 meant to shuttle US Secretary of State Antony Blinken home from Davos had a critical failure, leaving him stranded until he changed planes. But the company’s stock actually ticked up.
The British royals are having some medical issues: The Princess of Wales (better known as Kate Middleton) is in the hospital after a planned abominable surgery, and King Charles will undergo a procedure for an enlarged prostate next week.
Coachella has unveiled its lineup, including a No Doubt reunion we won’t speak about.
Occidental CEO: Expect supply challenges starting in 2025
Global oil supply will be constrained starting in 2025 as demand outpaces oil exploration activity, said...
Global oil supply will be constrained starting in 2025 as demand outpaces oil exploration activity, said Occidental CEO Vicki Hollub, speaking at the World Economic Forum. Hollub noted that a move to prioritize tapping shale oil reserves in 2012 over exploration contributed to the challenge since shale has a shorter lifespan than oil that is conventionally produced.
