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• Oil futures end higher as traders weigh demand, supplies and Fed decision
  Oil futures ...
  Oil futures finished higher on Wednesday, finding support after the International Energy Agency raised its 2022 and 2023 forecasts for oil demand growth. Data from the Energy Information Administration revealed a 10.2 million-barrel weekly rise in U.S. crude inventories. However, analysts said a decline in U.S. Gulf Coast exports due to a temporary disruption at the Houston Ship Channel contributed to the supply increase. Oil prices modestly pared their gains after the Federal Reserve raised its benchmark interest rate by 0.5 percentage point and also penciled in 5.25% as the top end for its benchmark rate. The fear is that the Fed’s restrictive policy stance could ease the demand for oil, and keep prices under wraps, said Phil Flynn, senior market analyst at The Price Futures Group. The U.S. benchmark WTI crude for January delivery CLF23, rose $1.89, or 2.5%, to settle at $77.28 a barrel on the New York Mercantile Exchange, the highest finish since Dec. 2.
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• U.S. stocks end lower as Fed delivers rate hike and signals peak above 5%
  U.S. stocks ended lower in choppy trade after the Federal Reserve raised rates another 50 basis points...
  U.S. stocks ended lower in choppy trade after the Federal Reserve raised rates another 50 basis points at its final rate-setting meeting of 2022, a year in which the central bank has quickly jacked up its policy rate to its highest level in 15 years. The Dow Jones Industrial Average DJIA,  ended down about 142 points, or 0.4%, near 33,966, but was well off the session's low of 33,704.17, according to FactSet. The S&P 500 index SPX, fell 0.6%, while the Nasdaq Composite Index COMP, shed 0.8%. Fed Chair Powell, in an afternoon news briefing, said more work still needs to be done to ensure that inflation follows a concrete path lower to its 2% annual target, even though November's consumer-price index this week showed a slowing to a 7.1% annual rate from a peak level above 9% this summer. The Fed's "dot plot" also indicated the central bank's policy rate could peak next year at 5.25%, above an earlier 4.75% forecast. Although, the revised forecast still isn't that far off the Fed's current federal funds range of 4.25% to 4.5%. Treasury yields rose Wednesday, with the benchmark 10-year rate at 3.503%.
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• US Energy Secretary Offers Olive Branch to Oil and Gas Industry
  Energy Secretary Jennifer Granholm extended an olive branch to...
  Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives.
  
  “We are eager to work with you,” she said at the Wednesday meeting of the National Petroleum Council, an outside federal advisory group that includes executives from Exxon Mobil Corp. and Royal Dutch Shell Plc. “Moving too fast could have unintended consequences that hurt people, cause backlash.”
  
  Her remarks come at the end of the year that’s seen a deterioration in the relationship between the industry and the White House. Biden has accused fossil fuel companies of price gouging and has weighed additional taxes on their profits as well as curbs on exports of refined oil products.
  
  Granholm nodded to that friction Wednesday, beginning her remarks by acknowledging the “elephant in the room” and that the administration has “butted heads” with industry. Fossil fuel production will need to increase in the near future to meet growing demand, including a shortage of diesel in the Northeast US, she said.
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• ☕️What Else is Brewing Wednesday Morning
  Twitter has not paid rent for its San Francisco HQ or its other global offices in recent weeks as it...
  Twitter has not paid rent for its San Francisco HQ or its other global offices in recent weeks as it tries to trim costs, the NYT reports.
  
  Ford’s electric F-150 Lightning was named MotorTrend’s truck of the year.
  
  United Airlines is making a big bet on air travel, buying 100 Boeing 787 Dreamliners with the option to buy 100 more.
  
  Westworld and The Nevers are being removed from HBO Max.
  
  
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• Why Okla. might not reach previous oil job highs
  The state of Oklahoma will continue to have issues hitting previous highs for oil jobs for various reasons,...
  The state of Oklahoma will continue to have issues hitting previous highs for oil jobs for various reasons, said Thorberg Collectorate partner and chief economist Russell Evans, including the political effort to create jobs of similar skillsets in other sectors. Charter Oak Production Co. land manager Andy Kapchinske said, "At the end of the day, I'm hopeful that we can we can start seeing sustained prices that I think will bring more people back into these jobs."
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