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• Closing Oil and Gas Prices
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery rose $1.78 to $75.19 per barrel Monday. Brent crude for March delivery rose $1.50 to $80.06 per barrel.
  
  Wholesale gasoline for February delivery rose 8 cents to $2.24 a gallon. February heating oil rose 3 cents to $2.69 a gallon. February natural gas fell 10 cents to $2.42 per 1,000 cubic feet.
  
  
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• Dow closes above 38,000 for first time as S&P 500 scores back-to-back records
  (Monday market close) U.S. equities extended...
  (Monday market close) U.S. equities extended last week's rally Monday, sending the S&P 500^® index (SPX) and Dow Jones Industrial Average^® (DJI) to record closes for the second trading day in a row as investors shrugged off an underwhelming start to quarterly earnings season and remain emboldened by indications the Federal Reserve may be able to stick a "soft landing" for the economy.  Here's where the major benchmarks ended:
  
  The S&P 500 index rose 10.62 points (0.2%) to 4,850.43; the Dow Jones Industrial Average gained 138.01 points (0.4%) to 38,001.81; the Nasdaq Composite^® (COMP) increased 49.32 points (0.3%) to 15,360.29, a two-year high.
  
  The 10-year Treasury note yield (TNX) fell about 4 basis points to 4.107%.
  
  The Cboe Volatility Index^® (VIX) lost 0.11 to 13.19.
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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a higher start, supported by strength in the crude complex and the major equity futures, as the S&P 500 is looking to build on fresh all-time highs.

  
  

  WTI and Brent crude oil futures are edging higher as geopolitical tensions in the Middle East come back into focus, outweighing concerns over higher oil production and a weaker growth outlook in China and Europe. The U.S. conducted more strikes against anti-ship missiles in Yemen while Houthi rebels today reiterated their pledge to attack ships in the Red Sea until there is "an end to the aggression against Gaza". U.S. freeze-offs which resulted in roughly 10M barrels of US crude production being offline last week with Permian losses at around 6M and Bakken losses at around 3.5M, are also lending support. Elsewhere, Libya's National Oil Corporation on Sunday announced it lifted force majeure at the 300K bpd capacity El Sharara oilfield.

  
  

  Natural gas futures are down as last week’s updated forecasts show warmer-than-normal temperatures are to be expected in key consuming regions at the end of January and into February.

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• Sunoco to Acquire NuStar Energy for $7.3B
  DALLAS - Sunoco LP (NYSE:...
  DALLAS - Sunoco LP (NYSE:SUN) and NuStar Energy L.P. (NYSE:NS) announced the signing of a definitive agreement that will see Sunoco acquire NuStar in an all-equity transaction. The deal, valued at approximately $7.3B, includes the assumption of debt.
  
  Under the agreement terms, NuStar common unitholders will receive 0.400 Sunoco common units for each NuStar common unit they hold, representing a 24% premium based on the 30-day volume-weighted average prices (VWAP) of both companies as of January 19, 2024. Sunoco has arranged a $1.6B bridge term loan to refinance various NuStar debt instruments.
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• Demand is robust for clean-energy tax credits
  Deal flow in a budding market for clean-energy tax breaks, created in the 2022 climate law, has been...
  Deal flow in a budding market for clean-energy tax breaks, created in the 2022 climate law, has been strong. A Wall Street Journal review of Treasury Department figures indicates that some 100 companies expect to sell tax credits in the new market. The market likely saw between $7 billion and $9 billion worth of transactions last year, according to the online marketplace Crux.
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