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• Global crude oil prices dropped on Monday
  Because of the Martin Luther King Junior federal holiday, no oil trading...

  Because of the Martin Luther King Junior federal holiday, no oil trading closing prices were reported in the U.S. However, prices weakened slightly on Monday because of the impact of the Middle East conflict.

  
  

  Global benchmark Brent crude was traded and settled down 14 cents or about 0.2% at $78.15 a barrel on ICE Futures Europe. While there was no settlement to report for West Texas Intermediate crude in the U.S. due to the holiday, the U.S. benchmark was still down 18 cents or about 0.3% at $72.50.

  
  

  

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• 🇹🇼Tensions expected to rise following Taiwan’s election.
  On Saturday, Taiwan ...
  On Saturday, Taiwan elected Lai Ching-te as its president—the third consecutive victory for the Democratic Progressive Party and a decision that will rankle officials in Beijing, who have called Lai a “troublemaker.” In response to Lai’s election, China, which claims the self-governing island as its own territory, is likely to ramp up the military pressure and enact trade restrictions against Taiwan to get it to back off notions of independence, analysts told Axios. Taiwan ally President Biden appeared to attempt to placate China by telling reporters Saturday that the US does not support Taiwan’s independence. Though it’s a remote possibility (for now), a full-scale invasion of Taiwan by China would have a $10 trillion impact on global GDP, Bloomberg estimated.
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• ☕️What Else is Brewing Monday Morning
  PJs and geopolitical anxiety reign in Davos. Top...
  PJs and geopolitical anxiety reign in Davos. Top leaders in business and government will descend on the Swiss resort town of Davos today for the beginning of the annual World Economic Forum summit. This year’s theme is “Rebuilding Trust,” which sounds like a slogan Tom Wambsgans would have pitched for ATN, but is, in reality, intended to promote “transparency, consistency, and accountability” against the backdrop of a world in turmoil. Among other attendees in the top 0.0001%, OpenAI’s Sam Altman is scheduled to appear on a panel on Thursday about implementing AI technology equitably around the world.
  
  Morgan Stanley and Goldman Sachs will report earnings on Tuesday. Last week, other big banks kicked off earnings season with encouraging results.
  
  The Australian Open, the first tennis Grand Slam event of the year, is underway. Novak Djokovic and Aryna Sabalenka will defend their 2023 titles.
  
  100 days after Hamas’s Oct. 7 attack, Israelis rallied for the release of the hostages taken by Hamas, and Prime Minister Benjamin Netanyahu vowed, “We will not stop until we achieve victory.” Netanyahu faces mounting international criticism of Israel’s military campaign in Gaza and pressure within Israel to prioritize bringing home the hostages.
  
  A volcano erupted in Iceland on Sunday morning, creating a crack in the Earth more than 3,200 feet long that spewed hot lava and burned homes. The nearby town of Grindavik was evacuated due to seismic activity for the second time in two months.
  
  The Mean Girls musical topped the box office with a TikTok-assisted $28 million weekend haul.
  
  The Detroit Lions won their first playoff game in 32 years, defeating the LA Rams 24–23 in front of a jubilant crowd.
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• How the Martin Luther King federal holiday affects the stock and bond markets
  U.S. stock exchanges will be closed on Monday. Bond traders also get a long weekend, as bond markets...
  U.S. stock exchanges will be closed on Monday. Bond traders also get a long weekend, as bond markets will be closed on Monday, too.
  
  Martin Luther King Jr. Day commemorates the life and legacy of King, who was born on Jan. 15, 1929, and became a leading voice in the fight for racial justice. MLK Day, as the holiday is often called, was made a federal holiday in 1983 and was first observed in 1986.
  
  Banks are generally closed, according to GoBankingRates.com. Of course, you can still make transactions using an ATM or your banking app. Since MLK Day is a federal holiday, all nonessential federal government offices are closed. The same generally applies to state government offices.
  
  The U.S. Postal Service will not deliver mail on Monday. FedEx FDX, -0.91% will offer modified service in certain instances. UPS UPS, -0.59%  will not offer pickup or delivery service.
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• US drillers cut oil and gas rigs for second week in a row
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.

  
  

  The combined oil and gas rig count, an early indicator of future output, fell by two to 619 in the week to Jan. 12, the lowest since November. Baker Hughes said U.S. oil rigs fell by two to 499 this week, while gas rigs decreased by one to 117.

  
  

  The U.S. rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, due mostly to a drop in oil and gas prices, higher drilling costs, and as companies cut spending to boost returns to shareholders.

  
  

  U.S. oil futures were up 1% in 2024 after dropping by 11% in 2023. U.S. gas futures, meanwhile, were up 32% so far in 2024 after plunging by 44% in 2023.

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