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• Government to buy another 3 million barrels to refill nation’s oil reserve
  The government is now aiming for March to begin replenishing the nation’s Strategic Petroleum Reserve,...
  The government is now aiming for March to begin replenishing the nation’s Strategic Petroleum Reserve, which is at its lowest level in decades.
  
  After using 180 million barrels of crude oil to lower gasoline prices instead of the original purpose for national security emergencies, the Biden administration announced Friday it intends to buy 3 million barrels of crude oil for delivery in March.
  
  It wants to use lower crude prices to refill the emergency stockpile. Prices of West Texas Intermediate crude considered the US benchmark, closed Friday at $71.23 per barrel, a gain of $1.89 or 2.7% for the day. Still, prices were down about 2% for the week and it was the seventh straight weekly decline for WTI and Brent crude which is the global benchmark.
  
  Reuters reported the Energy Department had indicated two months ago it intended to buy back oil at $79 a barrel and as of this month had acquired about 9 million barrels at nearly $75 a barrel.
  
  The government intends to store the 3 million gallons at the Big Hill SPR site in Texas. The national reserve currently holds 351.9 million barrels of oil.
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• ☕️What Else is Brewing Saturday Morning
  Historybook: Actor Kirk Douglas born (1916); Actress Dame Judi Dench born (1934);...

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  Historybook: Actor Kirk Douglas born (1916); Actress Dame Judi Dench born (1934); “A Charlie Brown Christmas” debuts (1965); Diplomat and Nobel Peace Prize winner Ralph Bunche dies (1971); World Health Organization declares smallpox eradicated (1979).
  
  Israel increased its airstrikes in Gaza on Friday, hitting 450 targets, the country’s military said. UN Secretary-General António Guterres called the situation in Gaza a “spiraling humanitarian nightmare.” Meanwhile, White House National Security Council spokesperson John Kirby said “more can be done” to reduce civilian casualties even as the US vetoed a UN resolution calling for an immediate cease-fire.
  
  Starbucks said it wants to resume talks with the union representing hundreds of its locations to reach new contract agreements in 2024.
  
  A bipartisan group of US senators introduced a long-awaited bill to bring changes to the live-event ticketing industry.
  
  Tesla lost a legal battle with Sweden’s postal service after its workers refused to deliver license plates to the automaker in solidarity with striking mechanics.
  
  The Biden administration announced $8.2 billion in new funding for high-speed rail projects nationwide.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery rose $1.89 to $71.23 per barrel Friday. Brent crude for February delivery rose $1.79 to $75.84 per barrel.
  
  Wholesale gasoline for January delivery rose 5 cents to $2.05 a gallon. January heating oil rose 3 cents to $2.58 a gallon. January natural gas fell 1 cent to $2.58 per 1,000 cubic feet.
  
  
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• Closing Market Update
  (Friday market close) The S&P 500 Index...
  (Friday market close) The S&P 500 Index (SPX) surged Friday to close at nearly 23-month highs despite stronger-than-expected monthly jobs data raising new concerns about the interest rate outlook. An early pop in Treasury yields following the jobs number hindered Wall Street’s progress initially, but stocks rallied despite rising yields, helped by ideas that strong consumer spending could engineer a soft landing for the economy.
  
  The November Nonfarm Payrolls report showed 199,000 jobs created and unemployment falling to 3.7%, from October’s 3.9%. Analysts had expected jobs growth of around 180,000, up from 150,000 in October.
  
  The benchmark 10-year Treasury note yield jumped double-digits immediately after the report, dragging down major indexes. Wall Street quickly turned around, however, sending the SPX to its first close above 4,600 since January 14, 2022. That was before the Federal Reserve began its rate hike cycle that took interest rates from zero to current levels of 5.25% to 5.5%, a two-decade high, as the central bank fought inflation. The SPX is now up nearly 20% year-to-date.
  
  Energy company shares led the way today as the strong jobs report and bullish consumer sentiment data released later Friday helped crude oil rally from recent lows. Infotech, financials, and consumer discretionary were also firm.
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• Permian, Haynesville regions get gas takeaway boost
  Kinder Morgan's 550-MMcf/d expansion of its Permian Highway Pipeline from Waha to Katy, Texas, has come...
  Kinder Morgan's 550-MMcf/d expansion of its Permian Highway Pipeline from Waha to Katy, Texas, has come online, CEO Kimberly Dang announced, noting that no additional greenfield takeaway projects in the Permian will be required in the immediate future. Additionally, DT Midstream has announced the mechanical completion of its 400 MMcf/d Phase 2 LEAP Gathering Lateral Pipeline expansion linking the Haynesville Shale to Gulf Coast markets, with firm service expected to commence on Jan. 1.
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