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• Slower wage growth could spark 'modest relief rally'
  The wage portion of the jobs report should offer a bit of comfort to Federal Reserve policy makers, analysts...
  The wage portion of the jobs report should offer a bit of comfort to Federal Reserve policy makers, analysts and investors said.
  
  "Fed Chair Powell should like what he sees in the jobs data given a moderating wage growth and uptick in worker participation rate," said Bryce Doty, senior portfolio manager at Sit Investment Associates, in emailed comments.
  
  The addition of 223,000 jobs in December "is a good sign for helping further reduce supply chain problems. The 62.3% participation rate is slightly higher but still too far below pre-COVID levels," he said.
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• John Hess: Bakken, US Shale to Plateau in Coming Years
  Hess Corp. CEO John Hess sees his company’s production in the...
  Hess Corp. CEO John Hess sees his company’s production in the Bakken — and overall U.S. shale production — plateauing from 2024 to 2026. 
  
  Bakken production will level out at 200,000 boe/d in 2024 and remain at the rate for eight to 10 years, Hess said during an audio live-streamed fireside chat on Jan. 5 at Goldman Sachs Global Energy & Clean Technology Conference.
  
  Hess said his company had moved up to a four-rig program but will not go to five rigs even at higher oil prices. The four rigs allow Hess Corp. to optimize its infrastructure without having to make incremental investments. Work remains in the midstream sector, but it’s incremental in nature, he said.
  
  Hess is eyeing capex of $3.7 billion in 2023 compared to $2.7 billion in 2022. At least 80% of 2023 spending will be split between two major assets: Guyana and the Bakken. (Source: Hart Energy)
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• ☕️What Else is Brewing Friday Morning
  South Carolina’s Supreme Court struck down an abortion ban after about six weeks of pregnancy, saying...
  South Carolina’s Supreme Court struck down an abortion ban after about six weeks of pregnancy, saying it violates the state constitution.
  
  ChatGPT’s creator, OpenAI, is considering selling shares at a valuation of around $29 billion, which would make it one of the most valuable private US startups, per the WSJ.
  
  Russian President Vladimir Putin ordered his military to observe a 36-hour ceasefire for Orthodox Christmas. Ukrainians dismissed it as propaganda to buy time for Russian troops to regroup.
  
  Delta is launching free wi-fi for members of its frequent flier program starting Feb. 1.
  
  
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• Stock Market News - Friday Morning
  Markets: Even in 2023, we’re still on that “good news is bad news” grind. Stocks ...
  Markets: Even in 2023, we’re still on that “good news is bad news” grind. Stocks dipped after new reports showed that the US jobs picture has remained stronger than anticipated—a sign that the Fed will keep hiking rates to slow inflation. We’ll get the clearest sense of the labor market this morning, when the government drops December’s jobs report. US employers are expected to have added 200,000 jobs last month.
  
  
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• U.S. natgas plunges again despite big inventory draw
  U.S. natural gas plunged Thursday to a new 52-week low even as domestic inventory ...
  U.S. natural gas plunged Thursday to a new 52-week low even as domestic inventory dropped sharply, with continued forecasts for warmer than normal weather into late January.
  
  The latest forecast from NatGasWeatther.com for the week of January 5-11 sees U.S. demand for natural gas will be low to very low.
  

  The U.S. Energy Information Administration reported a draw of 221B cf of natural gas from storage for the week ended December 30, massive relative to historic norms but below expectations; the EIA reported a draw of 46B cf in the same week last year and a five-year 2017-21 average draw of 98B cf.

  
  

  February Nymex natural gas (NG1:COM) closed -10.8% to $3.72/MMBtu, the lowest settlement value for the front-month contract since January 4 last year and down 61.5% from its 52-week high of $9.68 hit in August.

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