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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery fell 4 cents to $69.34 per barrel Thursday. Brent crude for February delivery fell 25 cents to $74.05 per barrel.
  
  Wholesale gasoline for January delivery fell 3 cents to $2 a gallon. January heating oil fell 3 cents to $2.55 a gallon. January natural gas rose 2 cents to $2.59 per 1,000 cubic feet.
  
  
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• U.S. stocks end higher, Dow closes less than 2% from record
  U.S. stocks closed higher Thursday ahead of Friday’s jobs report...
  U.S. stocks closed higher Thursday ahead of Friday’s jobs report for November, with the equity rally lifting the Dow Jones to less than 2% from its last record finish. The Dow Jones Industrial Average DJIA, +0.17% gained about 63 points, or 0.2%, closing near 36,117. That put the equity benchmark on the doorstep of its Jan. 4, 2022 closing record of 36,799.65. The S&P 500 Index SPX ended 0.8% higher, while the outperformer was the Nasdaq Composite Index’s COMP 1.4% gain. Stocks were extending a sharp rally from last month that was fueled by a sharp drop in rates used to finance the economy. The 10-year Treasury yields TMUBMUSD10Y edged up to 4.129% on Thursday, but was well below its 5% peak in October. November’s jobs report will be watched for signs that the labor market continues to ease, helping the Federal Reserve in its fight to keep inflation receding toward its 2% yearly target.
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• Energy Sector Commentary
  Energy stocks are set to regain...

  Energy stocks are set to regain some of their recent losses, though the psyche remains fragile around oil and energy stocks following crude’s drop below $70 to a fresh 6-month low yesterday.  Crude prices are rebounding, and are back above $70, currently trading around $75.  News flow is fairly light, though a handful of operational updates were released, with Chevron issuing 2024 capex of $15.5-$16.5 billion, while Shell was upgraded by a research arm.

  
  

  Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day, but investors remained concerned about sluggish demand in the U.S. and China. "With the largest global importer of oil (China) shuttering its thirst for crude, pressure remains on prices as the largest producer, the United States, continues with headline output," PVM Oil analyst John Evans said.

  
  

  Natural gas futures are down 1% after falling 5% yesterday.  Weekly inventory data expects a draw of 105 bcf vs the 5-year average of -48 bcf.

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• Saudi minister warns OPEC+ cuts could persist past March
  Saudi Energy Minister Prince Abdulaziz bin Salman has said the OPEC+ oil production cuts can "absolutely"...
  Saudi Energy Minister Prince Abdulaziz bin Salman has said the OPEC+ oil production cuts can "absolutely" continue after the first quarter of 2023 and will only be withdrawn on examination of market conditions and phased back in. "I honestly believe that 2.2 million will overcome even the usual inventory build that usually happens in the first quarter," Abdulaziz said, adding there were already signs demand was improving.
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• Midland County reports ‘major oil spill’
  Motorists are being asked by the Midland County Emergency Management Department to avoid the area near...
  Motorists are being asked by the Midland County Emergency Management Department to avoid the area near the intersection of 1379 and ECR 200, due to a significant oil spill at the intersection causing a hazardous situation and necessitating immediate attention from local authorities and emergency response teams.
  

  
  
  The spill is believed to have occurred due to the opening of valves on oil tanks, resulting in the release of a substantial amount of oil along the route from ECR 200 to 1090. This incident has led to multiple crashes, prompting the Department of Public Safety (DPS) to work on those accidents.
  
  
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