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• Energy Sector Commentary
  The energy sector is off to a lower start, pressured by weakness in the...

  The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major equity indices extending yesterday’s losses as optimism for aggressive rate cuts this year continues to fade away.

  
  

  WTI and Brent crude oil futures dropped this morning as traders digested dim economic data from China, which raised concerns about future demand and a higher dollar. China’s economy grew less than expected in the fourth quarter amid their ongoing property crisis, deflationary pressures, and weak demand. The world’s second-largest crude importer’s GPD grew 5.2% in October-December from a year earlier, higher than 4.9% in the third quarter but slightly off a 5.3% forecast in a Reuters poll. The U.S. dollar index rose near a one-month high on comments from Federal Reserve officials which lowered expectations for aggressive interest rate cuts. OPEC’s Monthly Oil Market Report showed the global oil demand growth forecast for 2024 remains unchanged at 2.2 mb/d, with the OECD growing by around 0.3 mb/d and the non-OECD by about 2.0 mb/d. However, the report shows that global oil demand in 2025 is expected to grow robustly by 1.8 mb/d, y-o-y. The OECD is expected to grow by 0.1 mb/d, y-o-y, while demand in the non-OECD is forecast to increase by 1.7 mb/d.

  
  

  Natural gas futures are extending yesterday’s sharp losses on forecasts for temperatures to turn warmer after the recent winter storms. 

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• The US launched new strikes against Houthi targets in Yemen
  The strikes—the third round since last week—targeted Houthi militants who were ...
  The strikes—the third round since last week—targeted Houthi militants who were preparing to launch missiles at both commercial and US Navy ships in the Red Sea, according to military officials. The US also said it was searching for two Navy SEALS who went missing on Friday during an operation to seize Iranian-made missile parts on their way to the Houthis. The news comes as Houthi rebels continue to attack civilian ships for what they say is retribution for Israel’s war against Hamas in Gaza. Shell became the latest major company to suspend shipments through the Red Sea as the conflict escalated.
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• ☕️What Else is Brewing Wednesday Morning
  🔔 Before the opening bell: US stock futures...
  🔔 Before the opening bell: US stock futures fall early Wednesday after the latest economic reports from China failed to cheer the market.
  
  Goldman Sachs isn’t sweating the economy. The bank is taking a more optimistic view of economic growth in 2024 compared to the rest of the Street. Goldman sees US GDP growth of 2%, and only a 20% chance of a recession, figures that are well below consensus estimates.
  
  YouTube is allegedly making millions of dollars a year from advertising on climate change denial content, according to a new report.
  
  Sean “Diddy” Combs and liquor giant Diageo resolved their legal dispute, dissolving all ties between the rapper and the Ciroc vodka and DeLeón tequila brands.
  
  Burger King owner Restaurant Brands International said it’s buying the fast-food chain’s biggest franchisee for $1 billion and will spend another $500 million to overhaul hundreds of locations.
  
  Elon Musk said he wants 25% voting control of Tesla, up from the 13% that the CEO currently owns.
  
  Goldman Sachs and Morgan Stanley both revealed they topped revenue estimates yesterday, in a good day for big banks.
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• Deep freeze hits US energy supplies
  Well and equipment freeze-offs due to frigid weather in...
  Well and equipment freeze-offs due to frigid weather in Texas, North Dakota and other US regions caused natural gas production to decline by around 10.6 Bcf/d in the past week to a preliminary 11-month low, while gas demand was projected to hit a record 174.3 Bcf/d today. Particularly affected was the Bakken Shale, where oil and gas output fell by up to 425,000 barrels per day and 1.1 Bcf/d, respectively, according to the North Dakota Pipeline Authority.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery fell 28 cents to $72.40 per barrel Tuesday. Brent crude for March delivery rose 14 cents to $78.29 per barrel.
  
  Wholesale gasoline for February delivery was unchanged at $2.12 a gallon. February heating oil fell 1 cent to $2.66 a gallon. February natural gas fell 41 cents to $2.90 per 1,000 cubic feet.
  
  
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