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• US Shale Oil Output Set for 3rd Monthly Drop in Jan
  The Energy Information Administration expects US oil...

  The Energy Information Administration expects US oil production from major US shale formations to decline for the third month in a row to 9.692 million barrels per day in January, even as Permian Basin output is projected to hit a record 5.986 million bpd.

  
  

  Additionally, shale gas production is set to fall to 99 Bcf/d in January, which would mark the fifth straight month of declines

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• Oklahoma Finds It Hard to Break Up With JPMorgan and BlackRock
  The Wall Street Journal article by Jack Pritcher discusses challenges faced by Oklahoma in implementing...
  The Wall Street Journal article by Jack Pritcher discusses challenges faced by Oklahoma in implementing a law that requires the state to sever ties with financial firms boycotting the oil and gas industry. Due to high costs and impracticalities, it highlights difficulties in divesting from large banks and asset managers, like BlackRock and State Street, two of the blacklisted companies. The law is part of a broader movement against ESG (Environmental, Social, and Governance) investing, with Oklahoma's aggressive approach serving as a case study. Despite these challenges, the law has symbolically advanced the anti-ESG movement. ORIGINAL story HERE [behind WSJ paywall]
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• Closing Market Update
  (Monday market close) Bullish investors...

  (Monday market close) Bullish investors picked up where they left off last week, sending the Dow Jones Industrial Average® (DJI) to a fourth consecutive record high close as the market extended a holiday-season rally behind ongoing optimism that 2024 will bring lower interest rates and a potential "soft landing" for the economy.

  
  

  The S&P 500® index (SPX), coming off a seven-week winning streak (its longest string since 2017), ended near a two-year high, as did the Nasdaq Composite® (COMP). Markets remained generally buoyant following last week's relatively tame inflation readings and a more aggressive outlook for rate cuts from the Fed.  Here's where the major benchmarks ended:

  
  

  The S&P 500 index was up 21.37 points (0.5%) at 4,740.56; the Dow Jones Industrial Average was up 0.86 points at 37,306.02; the Nasdaq Composite was up 90.89 points (0.6%) at 14,904.81.

  
  

  The 10-year Treasury note yield (TNX) was up about 2 basis points at 3.946%.

  
  

  The Cboe® Volatility Index (VIX) was up 0.25 at 12.53.

  
  
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• Closing Oil & Gas Prices for Monday
  Benchmark U.S....

  Benchmark U.S. crude oil for January delivery rose $1.04 to $72.47 per barrel Monday. Brent crude for February delivery rose $1.40 to $77.95 per barrel.

  
  

  Wholesale gasoline for January delivery rose 2 cents to $2.16 a gallon. January heating oil rose 5 cents to $2.67 a gallon. January natural gas rose 1 cent to $2.50 per 1,000 cubic feet.

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• Lithium's Potential Draws Oil, Gas Firms' Attention
  Traditional oil and gas companies are venturing...

  Traditional oil and gas companies are venturing into lithium extraction in the US to capitalize on the growing demand for the metal and diversify their revenue streams, although legal uncertainties around lithium ownership in Texas could hinder the industry's expansion. ExxonMobil is using low-emission direct lithium extraction in the Smackover region of Arkansas to extract lithium from saltwater and convert it into battery-grade material, while Eureka Resources is experimenting with vacuum crystallization tech to extract pure lithium carbonate from oil and gas brine.

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