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• Abundant US oil output contributing to global oversupply
  With US oil production at a record 13 million barrels per...
  With US oil production at a record 13 million barrels per day, the ensuing surge of US crude exports is saturating global markets, putting downward pressure on prices from Europe to Asia and thwarting OPEC's efforts to balance the market through output cuts. WTI Midland has fallen to its lowest level in four months, and weaker US crude timespreads raise the prospect of a glut extending into May.
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• Non-market forces are strangling Appalachian gas supply
  Fierce opposition, along with political and legal barriers, is hindering access to global markets for...
  Fierce opposition, along with political and legal barriers, is hindering access to global markets for Appalachian Basin natural gas, even as demand for US liquefied natural gas continues to grow, according to RBN Energy President and CEO David Braziel, who estimates that the region's gas production could rapidly grow to 40 Bcf/d if more pipelines came online. "The degree to which we're able to or limited in our ability to unleash more northeast production is going to have a profound impact on the global energy landscape for years to come," Braziel said.
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• ☕️What Else is Brewing Friday Morning
  Israel officials said its forces had advanced into the center of Khan Younis, the largest city in the...
  Israel officials said its forces had advanced into the center of Khan Younis, the largest city in the southern Gaza Strip. As of yesterday evening, troops had encircled the home of Yahya Sinwar, the leader of Hamas within Gaza who helped plan the Oct. 7 attack, which left around 1,200 civilians dead and included multiple instances of sexual violence.
  
  The Biden administration proposed a framework to seize the patents for pricey medicines whose development was partially funded with taxpayer dollars in order to increase competition and bring prices down.
  
  Republicans in Congress commenced an investigation into Harvard, Penn, and MIT after the universities’ presidents appeared to waffle on whether they would discipline students who called for a genocide of Jews. And financier Ross Stevens threatened to cancel a $100 million donation to Penn unless its president steps down.
  
  Elon Musk, still smarting over Disney’s decision to pull ads from X in the wake of a report that found ads next to pro-Nazi content, tweeted that Disney CEO Bob Iger should be “fired immediately” and that “Walt Disney is turning in his grave over what Bob has done to his company.”
  
  Amazon is ditching Venmo as a payment option.
  
  Journalists and staff at the Washington Post staged a one-day strike to protest layoffs amid stalled contract negotiations. Other media companies are also letting people go, including Condé Nast, where job cuts at The New Yorker included satirist Andy Borowitz.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery fell 4 cents to $69.34 per barrel Thursday. Brent crude for February delivery fell 25 cents to $74.05 per barrel.
  
  Wholesale gasoline for January delivery fell 3 cents to $2 a gallon. January heating oil fell 3 cents to $2.55 a gallon. January natural gas rose 2 cents to $2.59 per 1,000 cubic feet.
  
  
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• U.S. stocks end higher, Dow closes less than 2% from record
  U.S. stocks closed higher Thursday ahead of Friday’s jobs report...
  U.S. stocks closed higher Thursday ahead of Friday’s jobs report for November, with the equity rally lifting the Dow Jones to less than 2% from its last record finish. The Dow Jones Industrial Average DJIA, +0.17% gained about 63 points, or 0.2%, closing near 36,117. That put the equity benchmark on the doorstep of its Jan. 4, 2022 closing record of 36,799.65. The S&P 500 Index SPX ended 0.8% higher, while the outperformer was the Nasdaq Composite Index’s COMP 1.4% gain. Stocks were extending a sharp rally from last month that was fueled by a sharp drop in rates used to finance the economy. The 10-year Treasury yields TMUBMUSD10Y edged up to 4.129% on Thursday, but was well below its 5% peak in October. November’s jobs report will be watched for signs that the labor market continues to ease, helping the Federal Reserve in its fight to keep inflation receding toward its 2% yearly target.
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