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• ☕️What Else is Brewing Friday Morning
  Cutoff Patriots sweatshirts are about to become collector’s items. Bill Belichick announced yesterday...
  Cutoff Patriots sweatshirts are about to become collector’s items. Bill Belichick announced yesterday that he is stepping down as New England Patriots head coach after 24 years.
  
  Belichick had a legendary tenure, which included six Super Bowl titles in nine appearances with the Pats, a record 31 postseason wins, and multiple years as the highest-paid coach in US professional sports. Between 2001 and 2019, Belichick and QB Tom Brady made magic together: The Patriots won 76% of regular season games, transforming from a struggling franchise into one of the greatest sports dynasties of all time.
  
  Goldman Sachs reportedly shut down its diversity investment program after fulfilling its $1 billion pledge.
  
  Fruit Stripe gum was discontinued after 50 years in a blow to nostalgic chewers everywhere.
  
  Sperry was sold to Authentic Brands Group, the brand management firm that owns Reebok, for $130 million.
  
  Iran seized an oil tanker bound for Turkey in the Gulf of Oman in retaliation for the US confiscating the same ship and its oil last year.
  
  Jewish students at Harvard sued the school, arguing that it didn’t do enough to punish antisemitic protesters and faculty.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery rose 65 cents to $72.02 per barrel Thursday. Brent crude for March delivery rose 61 cents to $77.41 per barrel.
  
  Wholesale gasoline for February delivery rose 4 cents to $2.11 a gallon. February heating oil rose 7 cents to $2.67 a gallon. February natural gas rose 6 cents to $3.10 per 1,000 cubic feet.
  
  
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• U.S. stocks fight back to a draw, with Dow recovering after early 271-point drop
  (Thursday market close) The major U.S. equity benchmarks ended mixed Thursday after...
  (Thursday market close) The major U.S. equity benchmarks ended mixed Thursday after a slightly stronger-than-expected Consumer Price Index (CPI) report sparked a mild flare-up in inflation concerns and raised questions about whether the Federal Reserve is about to embark on a series of interest rate cuts, as many investors expect.
  
  Early Thursday, the Labor Department reported the overall and core rates of CPI each rose 0.3% in December from November, both above expectations for increases around 0.2%. Compared to year-ago levels, overall CPI also accelerated slightly, posting a 3.4% increase in December versus a 3.1% gain in November.
  
  The report "highlights that the path to 2% inflation is likely to be bumpy and not a straight line down," said Cooper Howard, director of fixed income Strategy at the Schwab Center for Financial Research.
  
  He noted that market indicators continued to convey odds of a Fed rate cut in March above 60%, even after Thursday's CPI report. However, "we expect the Fed to take a methodical approach in cutting rates this year and look for three to four rate cuts, depending on how the economic data develops," Howard added.  Here's where the major benchmarks ended:
  
  The S&P 500^® index (SPX) fell 3.21 points (0.1%) to 4,780.24; the Dow Jones Industrial Average^® (DJI) gained 15.29 points to 37,711.02; the Nasdaq Composite^® (COMP) rose 0.55 point to 14,970.19.
  
  The 10-year Treasury note yield dropped about 4 basis points to 3.988%.
  
  The Cboe^® Volatility Index (VIX) fell 0.25 to 12.44.
  
  Source: Charles Schwab
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• Energy Sector Commentary for Thursday
  Energy stocks opened the session higher on escalating tensions...

  Energy stocks opened the session higher on escalating tensions in the Red Sea, as an oil tanker was seized off the coast of Oman and diverted by armed Houthi rebels this morning, which boosted oil prices.  Broader equities were set to rise, though the 8:30 AM ET release of December CPI data showed inflation remains persistent, as consumer prices rose 0.3%, pushing the annual rate to +3.4%.

  
  

  Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East. The United Kingdom Maritime Trade Operations Authority received a report on Thursday that a vessel about 50 nautical miles east of Oman's coast was boarded by four to five armed individuals. "Slowing demand, unrest in the Middle East and muted price reaction have producers, consumers, and market participants alike feeling paranoid about oil prices," Barclays said on Thursday as the bank lowered its 2024 Brent forecast by $8 to $85 a barrel.

  
  

  Natural gas futures are lower by ~1% ahead of weekly inventory data.  Analysts expect a draw of 119 bcf.

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• It's Official: Chesapeake, Southwestern to Combine in $7.4B Deal
  Chesapeake Energy and Southwestern Energy have entered...

  Chesapeake Energy and Southwestern Energy have entered into an all-stock merger agreement transaction valued at $7.4 billion, or $6.69 per share, based on Chesapeake's closing price on Jan. 10, 2024, the companies said on Jan. 11.

  
  

  The deal would create the U.S.’ largest natural gas producer, but, it is almost certain to face intense scrutiny as a wave of consolidations, largely oil-focused, has already raised the hackles of some Congressional Democrats.

  
  

  The deal unites Chesapeake and Southwestern’s Appalachia and Haynesville portfolios into a pro forma company with an average net production of approximately 7.9 Bcfe/d. The company would have over 5,000 gross locations and 15 years of inventory.

  
  
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