New Jersey senator says drone sightings are “almost certainly planes.
Sen. Andy Kim (D-NJ) spent a night ...
Sen. Andy Kim (D-NJ) spent a night drone chasing with local police in the Garden State, and while he did say he saw some drones in the sky, he concluded that “most of the possible drone sightings that were pointed out to me were almost certainly planes.” The FBI concurred: “Many of the reported drone sightings are, in fact, manned aircraft being misidentified as drones.” Investigations into the sightings that began in November have found no illegal activity and no evidence of any wrongdoing by foreign adversaries. But Sen. Chuck Schumer (D-NY) and other frustrated officials are demanding answers—he called for the Department of Homeland Security to deploy technology that can track the drones back to their landing spots.
The Fed will cut rates in its final meeting of the year. Nothing...
The Fed will cut rates in its final meeting of the year. Nothing in this world is a given, but confidence is extremely high that the Fed will give us one final quarter-point rate cut when JPow and friends convene this week. The Fed’s rate path for 2025, however, is the big question mark: Inflation is proving to be more stubborn than anticipated, and President-elect Trump’s economic policies (e.g., tariffs) could complicate the picture even more. A Bloomberg survey of 50 economists resulted in median estimates of three rate cuts in the coming year.
Two Russian oil tankers were significantly damaged from a storm in the Black Sea, causing one of the ships to spill oil into the water.
At least several hundred people were killed from a cyclone in the French territory of Mayotte in the southwestern Indian Ocean. It was Mayotte’s worst cyclone in 90 years.
Former OpenAI researcher and whistleblower Suchir Balaji, who said publicly that the company violated US copyright laws, was found dead in his SF apartment nearly three weeks ago. Authorities ruled his death a suicide.
San Francisco residents were awakened on Saturday to the city’s first ever tornado warning, less than two weeks after weather officials issued a tsunami warning. A tornado did hit another Northern CA town.
Author James Patterson delivered $500 holiday bonuses to 600 independent bookstore employees, continuing a practice he began in 2015.
The permanent shutdown of about 1 million barrels per day of refining...
The permanent shutdown of about 1 million barrels per day of refining capacity in the US and Europe is expected to bolster global diesel prices next year after a weak 2024, according to analysts and traders. A projected demand increase of 95,000 barrels per day next year will also help stabilize margins, even as the industry faces long-term pressure from clean energy transitions.
North American Rig Count Unchanged, Gas Rigs Hit Five-Month High
U.S. energy firms kept the combined land rig count steady...
U.S. energy firms kept the combined land rig count steady at 589 for the week ending December 13, unchanged from the prior week but still down 34 rigs, or 5%, compared to last year, according to Baker Hughes. Oil rigs remained at 482, while gas rigs rose by one to 103, their highest since July. The miscellaneous rig count was down 1.
In South Texas’ Eagle Ford shale, drillers cut two rigs, lowering the basin’s count to 46, the lowest since January 2022.
The rig count dropped 20% in 2023, reversing gains of 33% in 2022 and 67% in 2021, amid weaker energy prices, inflation-driven costs, and a corporate focus on financial discipline over production growth.
U.S. crude output is projected to rise from 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, per the EIA. Meanwhile, natural gas output is expected to decline to 103.2 billion cubic feet per day (bcfd) in 2024 from 2023’s record 103.8 bcfd, as reduced drilling activity begins to impact supply.
Oil futures are down 1% in 2024, while gas futures are up 30% after last year’s steep losses.
Stock market today: Wall Street ends mixed after a bumpy week
Stock indexes closed mixed on Wall Street at the end of a rare bumpy week. The S&P 500 ended...
Stock indexes closed mixed on Wall Street at the end of a rare bumpy week.
The S&P 500 ended unchanged Friday. The benchmark index reached its latest in a string of records a week ago. It lost ground for the week following three weeks of gains. The Dow Jones Industrial Average slipped 0.2%. The Nasdaq composite edged up 0.1%.
Broadcom surged after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. RH, formerly known as Restoration Hardware, surged after raising its revenue forecast. Treasury yields rose in the bond market.
