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• Falling gasoline prices will help ease consumer inflation again in November
  Further declines in gasoline prices will bring down headline inflation in November, while core inflation,...
  Further declines in gasoline prices will bring down headline inflation in November, while core inflation, excluding food and energy prices, remains economists said. That should bring headline inflation down to 3.1% from 3.2% in the prior month.
  
  This is a replay of the prior month, when energy prices fell 2.5%, led by a drop of 5% in gasoline prices.
  
  The government will release the CPI data on Tuesday at 8:30 a.m. Eastern.
  
  According to a Wall Street Journal survey, economists expect headline inflation was unchanged in November, extending a stall that started in the prior month.
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• Closing Oil and Gas Prices
  Benchmark U.S. crude oil for January delivery rose...
  Benchmark U.S. crude oil for January delivery rose 9 cents to $71.32 per barrel Monday. Brent crude for February delivery rose 19 cents to $76.03 per barrel.
  
  Wholesale gasoline for January delivery fell 1 cent to $2.04 a gallon. January heating oil rose 3 cents to $2.61 a gallon. January natural gas fell 15 cents to $2.43 per 1,000 cubic feet.
  
  
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• Dow closes at highest in nearly 2 years as stocks climb for 3rd day
  U.S. stocks climbed for a third-straight day Monday, with the three main indexes closing at fresh 52-week...
  U.S. stocks climbed for a third-straight day Monday, with the three main indexes closing at fresh 52-week highs, as investors turned their attention to Tuesday’s inflation report and Wednesday’s Federal Reserve decision on interest rates. The S&P 500 SPX gained 18.02 points, or 0.4%, to 4,622.43. The Dow Jones Industrial Average DJIA, +0.43% gained 157.06 points, or 0.4%, to 36,404.93. The Nasdaq Composite COMP rose by 28 points, or 0.2%, to 14,432.49. For the Dow, Monday marked the highest close since Jan. 5, 2022, just one day removed from its all-time closing high. Notably, an index of semiconductor stocks finished at a fresh high on Monday, even as Nvidia Corp. NVDA and other mega-cap-tech names lagged in the red. Shares of Broadcom Inc. AVGO, +9.00% rose 9% to a record $1,029.24 a share, according to preliminary data.
  
  
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• Energy Sector Commentary
  Energy stocks have opened mildly...

  Energy stocks have opened mildly lower, tracking weaker broader index futures and lower oil and natural gas prices.  In deal news, Occidental Petroleum said it would buy Permian basin-based energy producer CrownRock in a cash-and-stock deal valued at $12 billion.

  
  

  Oil prices are lower by half a percent to start the week, as market skepticism surrounding OPEC’s intent to keep supply cuts firm into 2024 is weighing, as are recent inventory increases and record production from the U.S.  "There is little doubt that the oil complex remains in a state of vulnerability," oil broker PVM's John Evans said in a note on Monday.  RBC Capital Markets expects stock draws of 700,000 bpd in the first half, but only 140,000 bpd for the full year. "Prices will remain volatile and directionless until the market sees clear data points about the voluntary output cuts," RBC analysts said in a note.

  
  

  Natural gas futures are plunging to a 6-month low, and are off by more than 9%, trading around $2.35, as mild weather, strong U.S. daily production, and delays in LNG export capacity upgrades are all impacting prices.

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• Chevron Plans $6.5 Billion US Shale Capex, Permian Growth in ‘24
  California major Chevron is setting aside $6.5 billion to develop its...

  California major Chevron is setting aside $6.5 billion to develop its U.S. shale portfolio next year, with the bulk of the spending planned in the Permian Basin.

  
  

  San Ramon, California-based Chevron Corp. expects organic CAPEX to range between $15.5 billion and $16.5 billion in 2024, the company announced on Dec. 6.

  
  

  Upstream spending will account for about $14 billion of total CAPEX, two-thirds of which will be allocated to U.S. development.

  
  

  Of the company’s $6.5 billion for U.S. shale and tight portfolio, about $5 billion will go toward the company’s large footprint in the Permian Basin.

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