The Fed will cut rates in its final meeting of the year. Nothing...
The Fed will cut rates in its final meeting of the year. Nothing in this world is a given, but confidence is extremely high that the Fed will give us one final quarter-point rate cut when JPow and friends convene this week. The Fed’s rate path for 2025, however, is the big question mark: Inflation is proving to be more stubborn than anticipated, and President-elect Trump’s economic policies (e.g., tariffs) could complicate the picture even more. A Bloomberg survey of 50 economists resulted in median estimates of three rate cuts in the coming year.
Two Russian oil tankers were significantly damaged from a storm in the Black Sea, causing one of the ships to spill oil into the water.
At least several hundred people were killed from a cyclone in the French territory of Mayotte in the southwestern Indian Ocean. It was Mayotte’s worst cyclone in 90 years.
Former OpenAI researcher and whistleblower Suchir Balaji, who said publicly that the company violated US copyright laws, was found dead in his SF apartment nearly three weeks ago. Authorities ruled his death a suicide.
San Francisco residents were awakened on Saturday to the city’s first ever tornado warning, less than two weeks after weather officials issued a tsunami warning. A tornado did hit another Northern CA town.
Author James Patterson delivered $500 holiday bonuses to 600 independent bookstore employees, continuing a practice he began in 2015.
The permanent shutdown of about 1 million barrels per day of refining...
The permanent shutdown of about 1 million barrels per day of refining capacity in the US and Europe is expected to bolster global diesel prices next year after a weak 2024, according to analysts and traders. A projected demand increase of 95,000 barrels per day next year will also help stabilize margins, even as the industry faces long-term pressure from clean energy transitions.
North American Rig Count Unchanged, Gas Rigs Hit Five-Month High
U.S. energy firms kept the combined land rig count steady...
U.S. energy firms kept the combined land rig count steady at 589 for the week ending December 13, unchanged from the prior week but still down 34 rigs, or 5%, compared to last year, according to Baker Hughes. Oil rigs remained at 482, while gas rigs rose by one to 103, their highest since July. The miscellaneous rig count was down 1.
In South Texas’ Eagle Ford shale, drillers cut two rigs, lowering the basin’s count to 46, the lowest since January 2022.
The rig count dropped 20% in 2023, reversing gains of 33% in 2022 and 67% in 2021, amid weaker energy prices, inflation-driven costs, and a corporate focus on financial discipline over production growth.
U.S. crude output is projected to rise from 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, per the EIA. Meanwhile, natural gas output is expected to decline to 103.2 billion cubic feet per day (bcfd) in 2024 from 2023’s record 103.8 bcfd, as reduced drilling activity begins to impact supply.
Oil futures are down 1% in 2024, while gas futures are up 30% after last year’s steep losses.
Stock market today: Wall Street ends mixed after a bumpy week
Stock indexes closed mixed on Wall Street at the end of a rare bumpy week. The S&P 500 ended...
Stock indexes closed mixed on Wall Street at the end of a rare bumpy week.
The S&P 500 ended unchanged Friday. The benchmark index reached its latest in a string of records a week ago. It lost ground for the week following three weeks of gains. The Dow Jones Industrial Average slipped 0.2%. The Nasdaq composite edged up 0.1%.
Broadcom surged after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. RH, formerly known as Restoration Hardware, surged after raising its revenue forecast. Treasury yields rose in the bond market.
Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran
Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations...
Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the U.S. could boost fuel demand.
Brent futures rose $1.08, or 1.5%, to settle at $74.49 a barrel. U.S. West Texas Intermediate crude rose $1.27, or 1.8%, to settle at $71.29.
That was Brent's highest close since Nov. 22 and put the contract up 5% for the week. WTI posted a 6% gain for the week and closed at its highest since Nov. 7.
"This strength is being driven by ... expectations of tighter sanctions against Russia and Iran, more supportive Chinese economic guidance, Mideast political havoc and prospects for a Fed (U.S. Federal Reserve) rate cut next week," analysts at energy advisory firm Ritterbusch and Associates said in a note.
