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• Closing Oil & Gas Prices for Thursday
  Benchmark U.S. crude oil for February delivery...

  Benchmark U.S. crude oil for February delivery fell 33 cents to $73.89 per barrel Thursday. Brent crude for February delivery fell 31 cents to $79.39 per barrel.

  
  

  Wholesale gasoline for January delivery fell 4 cents to $2.16 a gallon. January heating oil fell 1 cent to $2.70 a gallon. January natural gas rose 12 cents to $2.57 per 1,000 cubic feet.

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• Closing Market Update
  Major U.S. equity benchmarks bounced back from a brief midweek downturn and resumed the...

  Major U.S. equity benchmarks bounced back from a brief midweek downturn and resumed the holiday season rally Thursday, lifting the Dow Jones Industrial Average® (DJI) back near a record high as falling Treasury yields and further signs of easing inflation kept investors emboldened over prospects for Federal Reserve interest rate cuts and a "soft landing" for the economy. Here's where the major benchmarks ended:

  
  The S&P 500® index (SPX) was up 48.40 points (1.0%) at 4,746.75; the Dow Jones Industrial Average was up 322.35 points (0.9%) at 37,404.35; the Nasdaq Composite®(COMP) was up 185.92 points (1.3%) at 14,963.87.
  
  The 10-year Treasury note yield(TNX) was up about 1 basis point at 3.89%.
  
  The Cboe® Volatility Index(VIX) was down 0.02 at 13.65, after earlier rising to 14.49.
  
  
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• TotalEnergies Sells 25.5% Stake in Seagreen Wind Farm
  TotalEnergies has signed an agreement with Thailand’s...

  TotalEnergies has signed an agreement with Thailand’s national oil and gas company PTTEP for the sale of a 25.5% equity stake in the Seagreen offshore wind farm for a consideration of $689 million.

  
  

  Following this farm down, TotalEnergies retains 25.5% of Seagreen, alongside PTTEP (25.5%) and SSE Renewables (49%).

  
  

  This transaction implies an enterprise value of $4.3 billion (100%), equivalent to a multiple of 13 times the expected average EBITDA over the next 5 years, depending on future market prices.

  
  

  With a total capacity of 1,075 MW, Seagreen is the world’s deepest fixed-bottom wind farm. Fully operational since October 2023, Seagreen is comprised of 114 turbines which can provide enough electricity to power more than 1.6 million homes, equivalent to two-thirds of all homes in Scotland.

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• Private explorers to drive N. American O&G spending dip
  North American oil producers' capital expenditures are expected to fall by 1% in 2024, led by a 4% decline...
  North American oil producers' capital expenditures are expected to fall by 1% in 2024, led by a 4% decline in spending by private oil and natural gas explorers, according to Barclays' annual global spending survey. The contraction follows this year's 15% increase in private explorers' expenditures and is likely tied to the shrinking inventory of premium drilling locations.
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• Energy Sector Commentary
  The energy sector is off to a mixed start, pressured by weakness in the...

  The energy sector is off to a mixed start, pressured by weakness in the crude complex but supported by strength in the major equity futures which bounced higher this morning following yesterday’s late-day selloff.

  
  

  After three consecutive days of strong gains, WTI and Brent crude oil futures turned lower and were down over 1.5% in early trading. Reports showing higher inventories and record output in the United States weighed on prices and overshadowed lingering concerns over global trade disruptions in the Red Sea. In their latest inventory report, the EIA said that U.S. crude inventories rose by 2.9 million barrels last week, compared with analysts' expectations for a 2.3 million barrel draw and that U.S. crude output rose to a record 13.3 million bpd last week, up from the previous all-time high of 13.2 million bpd. Investors continue to worry about trade disruptions as major maritime carriers choose to steer clear of the Red Sea route, with longer voyages increasing transport and insurance costs.

  
  

  Natural gas futures turned higher this morning following yesterday’s 1.8% drop, boosted by updated cooler weather forecasts in key consuming regions but gains were capped ahead of the weekly storage report. Analysts expect the EIA data to show a draw of (80) Bcf last week vs the 5-year average of (107) Bcf.

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