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• World Oil Demand To Rise Faster Than Expected Next Year
  World oil demand will rise faster than expected next year, the International Energy Agency...

  World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week's COP28 agreement to transition away from fossil fuels.

  
  

  World consumption will rise by 1.1 million barrels per day(bpd) in 2024, the Paris-based IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices.

  
  

  The 2024 upward revision reflects "a somewhat improved GDP outlook compared with last month's report," the IEA said. "This applies especially to the U.S. where a soft landing is coming into view."

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• Energy Sector Commentary
  Energy stocks opened higher this morning, tracking strength in oil futures...
  Energy stocks opened higher this morning, tracking strength in oil futures and the broader benchmarks.  Near- and medium-term outlooks have improved significantly following yesterday’s dovish tone set by the FOMC and Fed Chair Jay Powell, in which he indicated that rate cuts are likely in 2024.  The market is pricing in at least three rate cuts next year. In their projections released Wednesday, officials see the federal funds rate target ending 2024 between 4.5% and 4.75%, 0.75 percentage points lower than today.  Looser borrowing costs are expected to aid corporate and economic activity.  The 10-year yield fell below 4% overnight for the first time since early August.

  
  

  
  

  Oil prices rose on Thursday, extending the previous session's gains, boosted by a weaker dollar, and as the IEA lifted its oil demand forecast for next year. World oil consumption will rise by 1.1 million bpd in 2024, the IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices. The 2024 estimate is less than half the forecast of OPEC.  A weaker dollar after the U.S. central bank signaled lower borrowing costs for 2024 also boosted prices.

  
  

  Natural gas futures are higher by a penny, trading around $2.35, with weekly inventory data due this morning.  Analysts expect a draw of 52 bcf.  Near-term domestic production is moderating, while warmer-than-average December temperatures remain a headwind.

  
  
  
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• Unit Corp Completes $50MM Sale of Texas Panhandle Assets
  Unit Corporation’s $50 million sale of some of its assets located...
  Unit Corporation’s $50 million sale of some of its assets located in the Texas Panhandle was completed this week.
  
  The Tulsa Company said the December 13th completion involved what it described as “certain non-core oil and gas” assets and the sale was subject to the customary post-closing adjustments.
  
  The Divested Assets consist of approximately 51,000 net acres in the Texas Panhandle held by the Company’s wholly-owned subsidiary, Unit Petroleum Company (UPC). UPC is retaining its core Granite Wash properties located in Roberts and Hemphill Counties, Texas.
  
  
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• ☕️ What Else is Brewing Thursday Morning
  House votes to open formal impeachment inquiry into President...
  House votes to open formal impeachment inquiry into President Biden. The House vote split along party lines, with every Republican supporting opening an impeachment probe into whether the president benefited from his son Hunter Biden’s overseas business dealings and every Democrat voting against it. The vote formalizes an ongoing Republican inquiry that has not yet turned up any evidence of wrongdoing by the president, who called it a “baseless political stunt.” For a little extra drama on Capitol Hill, the vote came hours after Hunter Biden defied a subpoena to testify privately to Republicans, saying his father had no involvement in his business.
  
  Fed rate cuts may come in threes next year. The Federal Reserve had investors popping bottles yesterday, not just because it made the expected move of holding interest rates steady for now but also for signaling that there may be multiple interest rate cuts in 2024. Most Fed officials penciled in three quarter-percentage-point cuts in their projections. Fed Chair Jerome Powell said inflation had “eased” but still did his best to keep everyone from getting too excited, saying, “No one is declaring victory. That would be premature.” Even so, markets started pricing in even more aggressive cuts than the projections.
  
  SCOTUS to rule on abortion pill access. In its most significant abortion case since overturning Roe v. Wade, the Supreme Court will decide a challenge to federal regulations widening the availability of mifepristone, a common abortion pill. The court will hear arguments next year and is expected to rule by June. The justices also agreed to consider another case with broad political implications: They will review the charge of “obstruction of an official proceeding” that’s been brought against hundreds of people involved in the Jan. 6, 2021, riot at the Capitol, as well as Donald Trump.
  
  Word of the Day
  Today’s Word of the Day is: renaissance, meaning “a rebirth or revival.”
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• Closing Market Update
  U.S. stocks ended sharply higher on Wednesday, with the Dow Jones...
  U.S. stocks ended sharply higher on Wednesday, with the Dow Jones Industrial Average closing at an all-time peak after the Federal Reserve’s policy meeting.
  
  The Dow Jones Industrial Average closed 1.4% higher, while the S&P 500 gained 1.4% and the Nasdaq Composite climbed 1.4%, according to preliminary data from FactSet.
  
  The Dow scored its first record close since January 2022, according to Dow Jones Market Data.
  
  
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