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• SPR refill program taking longer than planned
  The Energy Department's Strategic Petroleum Reserve refill strategy, reliant on oil companies repaying...
  The Energy Department's Strategic Petroleum Reserve refill strategy, reliant on oil companies repaying exchange barrels, is facing setbacks as oil companies gain US approval to defer the return of about 5 million borrowed barrels until 2024 and 2025. Meanwhile, disputes over price and quality are hindering the Energy Department's direct crude purchases for the reserve, leaving the nation vulnerable to supply disruptions.
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• Charles T. Munger, Much More Than Warren Buffett’s No. 2, Dies at 99
  Charles T. Munger, who quit a well-established law career to be Warren...

  Charles T. Munger, who quit a well-established law career to be Warren E. Buffett’s partner and maxim-spouting alter-ego as they transformed a foundering New England textile company into the spectacularly successful investment firm Berkshire Hathaway, died on Tuesday in Santa Barbara, Calif. He was 99.

  
  

  His death, at a hospital, was announced by Berkshire Hathaway. He had a home in Los Angeles.

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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery rose $1.55 to $76.41 per barrel Tuesday. Brent crude for January delivery rose $1.70 to $81.68 per barrel.
  
  Wholesale gasoline for December delivery rose 5 cents to $2.23 a gallon. December heating oil rose 7 cents to $2.91 a gallon. December natural gas fell 8 cents to $2.71 per 1,000 cubic feet.
  
  
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• Dow ends about 80 points higher as U.S. bond yields keep falling
  U.S. stocks posted modest gains on Tuesday, resuming a strong...
  U.S. stocks posted modest gains on Tuesday, resuming a strong rally in November that has been propelled by tumbling U.S. bond yields. The Dow Jones Industrial Average DJIA closed up about 83 points, or 0.2%, ending near 35,416, according to preliminary FactSet data. The S&P 500 Index SPX was 0.1% higher, while the Nasdaq Composite Index COMP closed up 0.3%. Equity investors were emboldened after Fed Governor Christopher Waller said on Tuesday that a cooling economy could help bring inflation down to the central bank’s 2% yearly target, even though he also said it’s unclear if more interest rate hikes were warranted. The 10-year Treasury yield TMUBMUSD10Y slipped to 4.335%, its lowest yield in about two months.
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• Energy Sector Commentary
  The energy sector is off to a mixed to higher start supported by mild gains in the...

  The energy sector is off to a mixed to higher start supported by mild gains in the crude complex while major equity futures steadied this morning as traders look ahead to a fresh round of economic data on housing and consumer confidence.

  
  

  Following three consecutive days of declines, WTI and Brent crude oil futures inched higher this morning and are currently up ~0.20% in early trading, lifted by growing expectations that OPEC+ will decide to extend or even deepen supply cuts at their upcoming meeting, weakness in the dollar and a drop in Kazakh output. Prices however pulled off their highs on rumors that the talks among the OPEC+ members remain difficult and that another delay to the semiannual meeting is possible. Analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

  
  

  Natural gas futures extended their slide lower for the third-straight session, continuing to reel on reports showing record output levels and updated forecasts for some milder weather in key consuming regions that could stunt demand.

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