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• Headwinds buffet US Gulf of Mexico's drilling future
  US Gulf of Mexico oil production is approaching its highest level since 2019, but growing costs and risks...
  US Gulf of Mexico oil production is approaching its highest level since 2019, but growing costs and risks due to the Biden administration's decision to reduce oil and gas leasing frequency, coupled with a slowdown in new oil discoveries, cast a shadow over the region's long-term growth. One way companies are responding to these hurdles is by purchasing leases in bulk, a pricey strategy that could have operators spending up to $100 million to secure a single block.
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• Jerome Powell said rate cut talk is “premature.”
  With the Fed’s aggressive rate hikes to curb inflation looking like they’ve finally come to an end...
  With the Fed’s aggressive rate hikes to curb inflation looking like they’ve finally come to an end thanks to encouraging data on prices falling, investors are starting to look forward to when the central bankers start slashing rates again. But JPow sought to pour some cold water on the rate cut hype cycle during a speech at Spelman College yesterday, saying that it was too soon “to speculate on when policy might ease.” However, investors still think he’ll come around: Markets are putting the odds that the Fed will cut rates in March above 50% and are totally convinced it’ll happen by May, according to Bloomberg.
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• ☕️What Else is Brewing Saturday Morning
  Rep. George Santos (R, NY-3) was ...
  Rep. George Santos (R, NY-3) was expelled from Congress yesterday after the House voted 311-114 to oust the 35-year-old lawmaker. Santos is the sixth member of the House to be expelled in US history and the first to be removed without being convicted of a crime.
  
  Former President Donald Trump is not immune from civil lawsuits over the January 6 riots at the Capitol, a federal appeals court ruled yesterday, saying that not everything a president does while in office is protected from liability.
  
  Apple and Paramount are reportedly in talks about bundling their streaming services together.
  
  The CDC warned against eating precut cantaloupe from unknown sources as it’s been linked to a deadly salmonella outbreak.
  
  Food industry experts predict we’ll be enjoying lots of pickles, halloumi, and camel milk next year.
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• Friday's Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery fell $1.89 to $74.07 per barrel Friday. Brent crude for February delivery fell $1.98 to $78.88 per barrel.
  
  Wholesale gasoline for January delivery fell 6 cents to $2.12 a gallon. January heating oil fell 9 cents to $2.66 a gallon. January natural gas rose 1 cent to $2.81 per 1,000 cubic feet.
  
  
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• S&P 500 rises on Friday to close at 2023 high
  The S&P 500...

  The S&P 500 soared to a closing high for 2023 on Friday, extending November’s rally into the new month.

  
  

  The broad market index rose by 0.59%, ending the session at 4,594.63. The tech-heavy Nasdaq Composite advanced 0.55% to 14,305.03. The Dow Jones Industrial Average added 294.61 points, or 0.82%, to close at 36,245.50.

  
  

  The Dow rose to another new high on Friday, bringing its 2023 gain to nearly 9.4%, after it notched a new 2023 high and capped off its best month in more than a year.

  
  

  The S&P 500 closed at its highest level since March 2022.

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