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Crude oil prices lost 10% for 2023
Crude oil stocks finished 2023 down 10% for the year, the lowest year-end...
Crude oil stocks finished 2023 down 10% for the year, the lowest year-end levels since 2020. Geopolitical turmoil and worries about the oil production levels were the primary causes.

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Saskatchewan to Stop Collecting Carbon Levy From Nat Gas & Electric Heat
The Saskatchewan government says its natural...
The Saskatchewan government says its natural gas utility is to stop collecting the carbon levy as of Monday from residential customers.

The move comes after Prime Minister Justin Trudeau exempted those who use home heating oil from paying the levy, mostly benefiting residents in Atlantic Canada.

Saskatchewan asked for the exemption to cover all other forms of heating, but Ottawa denied the request. In response, the province said it would stop collecting the charge at the start of 2024.

Dustin Duncan, the minister responsible for SaskEnergy, said the due date to pay the levy to the federal government is the last day of February.

Should SaskEnergy not remit those dollars, it would be breaking federal law and executives could face fines or jail time.

Saskatchewan passed legislation that aims to shield executives from legal consequences, putting that burden on the province.
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Israel plans to withdraw some troops from Gaza
The Israeli military announced on Monday that it will begin withdrawing...
The Israeli military announced on Monday that it will begin withdrawing several thousand troops from Gaza at least temporarily, in what would be the most significant publicly announced pullback since the war began.

The military cited a growing toll on the Israeli economy following nearly three months of wartime mobilization with little end in sight to the fighting. Israel has been considering scaling back its operations, and the United States has been prodding it to do so more quickly as the death toll in Gaza continues to rise. More than 20,000 people have been killed in Gaza since the beginning of the war, according to local health authorities.
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US oil and gas rig count drops in 2023 after rising in 2021 and 2022
The U.S. oil and gas rig count dropped in 2023 after rising in the previous two years. For this week...
The U.S. oil and gas rig count dropped in 2023 after rising in the previous two years. For this week U.S. energy firms added to the combined total oil and natural gas rigs for the first time in three weeks.

Baker Hughes said U.S. oil rigs rose 2 to 500 this week, their highest since Dec. 15, while gas rigs were unchanged at 120.

Despite this week's rig increase, Baker Hughes said the total count was still down 157 rigs, or 20.15%, below this time last year.

Analysts have said the rig count was down from a post-pandemic high of 784 rigs in December 2022 due mostly to a drop in oil and gas prices. U.S. oil futures CLc1 were down about 10% this year after gaining 7% in 2022. U.S. gas futures NGc1, meanwhile, have plunged more than 40% this year after rising about 20% last year.
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Closing Market Update for Friday
(Friday market close)Hopes that...
(Friday market close)Hopes that the S&P 500 index (SPX) could establish a new all-time high in 2023 faded with the old year Friday as major U.S. equity benchmarks lost ground on December's final trading day. Still, the SPX managed to post its ninth-straight winning week and finished up 24% for the year after falling more than 19% in 2022. Friday's close left the index just 0.4% below its record close of 4,796 posted on January 3, 2022.

Like other large-cap benchmarks, the S&P 500 turned in a strong year behind outsized gains in the biggest technology stocks, propelled by excitement over artificial intelligence (AI). While AI might've been the biggest theme of the year, the Federal Reserve's recent pivot toward possible interest rate trims in 2024 crushed a long rally in Treasury yields, helping interest-rate-sensitive small caps and financials participate in the late-2023 rally as well.

Optimism also stemmed from hopes the Fed can navigate a "soft landing" for the economy that avoids recession even as inflation growth continues to slow. Investors eagerly await the December Nonfarm Payrolls report scheduled January 5 for the latest read on the U.S. economic picture. Here's where the major benchmarks ended:

The S&P 500 index fell 13.52 points (0.28%) to 4,769.83;

Dow Jones Industrial Average® was down 20.56 points (0.05%) at 37,689.54;

the Nasdaq Composite® (COMP) was down 83.78 points (-0.56%) at 15,011.35.

The 10-year Treasury note yield (TNX) rose nearly 2 basis points to 3.86%.

The Cboe® Volatility Index(VIX) finished nearly unchanged at 12.51, still near recent four-year lows.

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