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• Energy Sector Commentary
  The energy sector is off to a lower start, pressured by weakness in the...

  The energy sector is off to a lower start, pressured by weakness in the major equity futures which are lower as Wall Street appears to lose steam.

  
  

  WTI and Brent crude oil are rebounding this morning on hopes that OPEC+ members may extend voluntary cuts as fighting resumes in the Middle East. Traders and analysts do not expect the latest production cuts will have an impact on oil prices unless there is further tightening in supply. Yesterday, Saudi’s energy minister said production cuts can "absolutely" continue past 1Q24 if needed. Also adding to supply concerns, Israel widened its war against Hamas to Gaza’s south and traders continue to analyze the effects of the latest attack on commercial vessels in the Red Sea. The US Department of Treasury yesterday said no decision has been made on reimposing oil-related sanctions on Venezuela after a referendum to annex the Essequibo region of Guyana was passed by Venezuela on Sunday.

  
  

  Natural gas futures are recovering yesterday’s losses as forecasts have the vast majority of the L48 experiencing above-normal temperatures in the next two weeks.

  
  
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• Market Outlook for Tuesday
  🔔 Before the opening bell:...
  🔔 Before the opening bell: Investors await the release of key data on employment after US stocks fell on Monday. Tuesday morning futures are now lower. See the premarket data HERE
  
  US stock markets on Monday closed lower (S&P 500 -0.5%, Dow -0.1%, Nasdaq -0.8%) (More) | Bitcoin tops $41K, the highest level since April 2022 (More) | Gold prices notch record high of $2,100 per ounce (More)
  
  Streaming music giant Spotify to cut 17% of its workforce or roughly 1,500 jobs, in the third round of layoffs this year (More)
  
  
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• Former US diplomat accused of spying for Cuba
  Federal prosecutors have ...
  Federal prosecutors have charged Manuel Rocha, a 73-year-old who served as ambassador to Bolivia and worked for years in Latin America in the US foreign service, with “clandestine activity” on Cuba’s behalf going back as far as the beginning of his career in 1981. The government claims Rocha boasted of his spying to an undercover FBI agent, calling the US “the enemy.” Attorney General Merrick Garland said the case “exposes one of the highest-reaching and longest-lasting infiltrations of the United States government by a foreign agent.”
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• 💰White House warns Ukraine funding is about to run out
  In letters to Congressional leaders, the White House’s budget chief, Shalanda Young, ...
  In letters to Congressional leaders, the White House’s budget chief, Shalanda Young, cautioned that if additional funding for Ukraine isn’t approved before the year ends, the US cannot continue equipping it to fend off Russia’s invasion. “There is no magical pot of funding available to meet this moment. We are out of money—and nearly out of time,” the letters said. Ukraine aid has become a political flashpoint that factored into the fight over the speaker of the House role, as some Republicans object to providing the nation with more cash or want the funds paired with other budgeting priorities like border security.
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• ☕️What Else is Brewing Tuesday Morning
  Brenda Lee’s "Rockin’ Around the Christmas Tree" tops Billboard's Hot 100 for...
  Brenda Lee’s "Rockin’ Around the Christmas Tree" tops Billboard's Hot 100 for the first time since its release 65 years ago marking Lee's first No. 1 hit since 1960 (More) | Taylor Swift is the first living artist to concurrently have five top 10 albums on the Billboard 200 (More)
  
  Israel continued its push into southern Gaza yesterday, escalating its attacks and leaving little room for civilians to flee even as it called for evacuations. A pair of US law professors found that bets against Israeli companies spiked before the October 7 attack by Hamas, suggesting that some investors may have known it was coming.
  
  Mark Zuckerberg sold Meta stock last month for the first time since November 2021. Zuck unloaded ~$185 million worth of shares after holding on to all his stock while the company struggled in 2022.
  
  Richard Branson said he won’t be putting more money into his space tourism company, Virgin Galactic, because it has “sufficient” funding, sending its stock plunging.
  
  Venezuelans voted Sunday to claim sovereignty over part of Guyana, intensifying a territorial conflict with their oil-rich neighbor.
  
  George Santos may be out of the House, but he is on Cameo, where his bio reads “former congressional ‘Icon.’”
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