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• EIA: Inventories of commercial crude oil rose last week
  The Energy Information Administration reported a 1.3-million-barrel...
  The Energy Information Administration reported a 1.3-million-barrel increase in crude oil stockpiles accompanied by an increase in gasoline and distillate inventories of 8 million barrels and 6.5 million barrels, respectively. Crude oil inventories remain about 2% lower than the five-year average for this time of year.
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• Closing Oil & Gas Prices for Friday
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery rose 66 cents to $72.68 per barrel Friday. Brent crude for March delivery rose 88 cents to $78.29 per barrel.
  
  Wholesale gasoline for February delivery rose 1 cent to $2.12 a gallon. February heating oil was unchanged at $2.67 a gallon. February natural gas rose 21 cents to $3.31 per 1,000 cubic feet.
  
  
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• Schwab: Stocks close mostly higher, book weekly gains ahead of MLK holiday
  Note to readers: U.S. markets are closed Monday in observance of Rev. Martin Luther...
  Note to readers: U.S. markets are closed Monday in observance of Rev. Martin Luther King Jr. Day. Schwab Market Update will return on Tuesday, January 16.
  
  The major U.S. equity indexes ended mixed Friday ahead of a three-day holiday weekend but still posted gains for the week, as favorably viewed inflation data was offset by mixed results from an initial round of quarterly earnings from big banks. The S&P 500^® index (SPX) and Nasdaq Composite^® (COMP) both advanced for the ninth time in the past 10 weeks.
  
  Early Friday, the Labor Department reported an unexpected 0.1% monthly decline in the overall Producer Price Index (PPI) for December, contrary to expectations for a 0.1% gain. Core PPI, which removes food and energy, was unchanged from November, against expectations for a 0.2% increase. The PPI report came a day after slightly stronger-than-expected Consumer Price Index (CPI) numbers appeared to undercut investor expectations for imminent rate cuts from the Federal Reserve.  Here's where the major benchmarks ended:
  

  
  
  • The S&P 500 index rose 3.59 points (0.1%) to 4,783.83, up 1.8% for the week; the Dow Jones Industrial Average^® (DJI) fell 118.04 points (0.3%) to 37,592.98, up 0.3% for the week; the Nasdaq Composite rose 2.57 points to 14,972.76, up 3.1% for the week.
  
  
  • The 10-year Treasury note yield (TNX) fell about 3 basis points to 3.943%.
  
  
  • The Cboe^® Volatility Index (VIX) rose 0.26 to 12.70.
  
  
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• 2M BPD increase in oil demand predicted in 2024
  China will be responsible for 25% of the almost 2 million barrels per day increase in global oil demand...
  China will be responsible for 25% of the almost 2 million barrels per day increase in global oil demand this year as demand is projected to reach 103.5 million barrels per day, according to a Wood Mackenzie report. Reduced interest rates and healthier economic growth in the second half of the year will contribute to much of the demand surge, said Alan Gelder, Wood Mackenzie senior vice president of research
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• Energy Sector Commentary
  The energy sector is off to a broadly higher start, despite mixed performances...

  The energy sector is off to a broadly higher start, despite mixed performances in the major equity indices, supported by strength in the underlying commodities. U.S. stock index futures pared declines as investors cheered a softer-than-expected inflation print that bolstered expectations of early interest-rate cuts. Data showed the PPI increased 1% every year in December compared with a 1.3% rise expected by economists. On a monthly basis, it ticked lower 0.1%, compared to an estimated 0.1% rise.

  
  

  WTI and Brent crude oil futures are trading higher for the second-consecutive session as oil tankers diverted course from the Red Sea following overnight air and sea strikes by the United States and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group. Meanwhile, A Houthis spokesperson said the group would continue to target shipping heading towards Israel. Attacks by the Houthis in the Red Sea have disrupted international commerce on a route between Europe and Asia which accounts for about 15% of the world's shipping traffic.

  
  

  Natural gas futures are extending gains for the second-straight day as the NOAA's 6-10 day outlook shows below-normal temps over much of the central and eastern US, especially across the Great Plains to the OH Valley.

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