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In his inaugural address, Trump claimed he would reclaim the Panama Canal from Panamanian control, criticizing China's infrastructure involvement and high transit fees for US ships. This follows the canal's transfer to Panama in 1999 after decades of US control.
The canal, completed in 1914 at a cost of $13.5 billion (in today's dollars), was handed over to Panama through treaties signed in 1977. Panama has since invested $5 billion in modernizing the canal, generating $2.5 billion annually in transit fees.
Trump's suggestion of forcibly retaking the canal has been criticized by Panamanian and Chinese officials, who emphasize the canal's status as a neutral international waterway.
U.S. energy firms cut the number of active oil and gas rigs for a third consecutive week, reducing the total by four to 576 as of January 24, the lowest since December 2021, according to Baker Hughes. The rig count is now down 45 rigs, or 7%, from the same time last year.
Oil rigs dropped by six to 472, while gas rigs rose by one to 99. In the Permian Basin, the nation’s largest oil-producing shale region, the rig count fell by six to 298, the lowest since February 2022 and the largest weekly decline since August 2023.
The rig count has declined by 5% in 2024 and 20% in 2023 as lower oil and gas prices pushed energy firms to prioritize debt reduction and shareholder returns over production growth.
Despite potential further declines in crude prices, the EIA projects U.S. crude output will rise from 13.2 million barrels per day (bpd) in 2024 to 13.6 million bpd in 2025. On the gas side, a projected 43% increase in spot gas prices in 2025 is expected to spur higher drilling activity, reversing recent declines. The EIA forecasts gas production will rise to 104.5 billion cubic feet per day (bcfd) in 2025, up from 103.1 bcfd in 2024 and a record 103.6 bcfd in 2023.
Oil futures tallied their first weekly loss in five weeks on Friday as recent comments from President Donald Trump suggested he would pressure major oil producers to boost crude output.
Prices, however, ended slightly higher for the trading session, a day after settling at their lowest in two weeks, as traders continued to weigh uncertainty surrounding the president’s energy policies.
The U.S. stock market closed lower Friday as the technology sector slumped, but all three major benchmarks booked weekly gains after President Donald Trump returned to the White House.
The Dow Jones fell 0.3% Friday, while the S&P 500 shed 0.3% and the tech-heavy Nasdaq Composite dropped 0.5%, according to preliminary data from FactSet. All three indexes booked back-to-back weekly gains, following Trump’s inauguration on Monday.
For the week, the Dow rose 2.2%, the S&P gained 1.7% and the Nasdaq climbed 1.7%, the preliminary data show.
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