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• AI takes center stage at CES 2024
  If you have a gadget that doesn’t include AI, you may as well not show up to the Brobdingnagian consumer...
  If you have a gadget that doesn’t include AI, you may as well not show up to the Brobdingnagian consumer electronics trade show that starts in Las Vegas on Tuesday. Dozens of companies are planning to unveil new products that incorporate AI, from safety systems in automobiles to PCs and smartphones. Notable no-shows: Apple, which has snubbed the event for years, and OpenAI’s Sam Altman.
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• ☕️What Else is Brewing Monday Morning
  Markets: Was the champagne that flowed at the end of 2023 just “sparkling wine”?...
  Markets: Was the champagne that flowed at the end of 2023 just “sparkling wine”? One week into 2024, stocks and bonds are off to their worst start in 21 years as investors may have got a bit ahead of their skis in anticipating Fed rate cuts. This week, Wall Street will be focused on fresh inflation data and the beginning of Q4 earnings season.
  
  Michigan will take on Washington in the college football championship tonight. All signs point to a competitive game.
  
  US Defense Secretary Lloyd Austin said he takes “full responsibility” over his mysterious hospitalization for an unspecified medical condition as criticism of his secrecy grows.
  
  Top US and European diplomats were in the Middle East on a mission to prevent the Israel–Hamas war, now entering its fourth month, from spilling over into a wider regional conflict.
  
  Audacy, the US’ largest radio company, filed for Chapter 11 bankruptcy.
  
  President Biden will deliver the State of the Union address on March 7 during a time House Speaker Mike Johnson called a “moment of great challenge for our country.”
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• With Shutdown Looming, House and Senate Leaders Agree on Spending Levels
  Senate and House leaders announced on Sunday that they had struck an overarching agreement on 2024 government...
  Senate and House leaders announced on Sunday that they had struck an overarching agreement on 2024 government funding, but it was not clear whether they would be able to cement the deal and pass it into law in time to avert a partial government shutdown in less than two weeks.
  
  After weeks of negotiations and on the eve of Congress returning from its holiday break, top Senate and House members said they had agreed to set the total amount of spending at nearly $1.66 trillion, bringing funding in line with the deal struck last year between President Biden and then-Speaker Kevin McCarthy that met with vehement conservative opposition.
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• Saudis cut crude prices to all regions amid oil-price weakness
  Saudi Aramco on Sunday said it would cut crude prices to all...
  Saudi Aramco on Sunday said it would cut crude prices to all regions, including its largest market in Asia — a move that comes amid weaker global oil prices and increased production by producers outside the Organization of the Petroleum Exporting Countries.
  
  In a notice, state producer Aramco said February prices for various grades of Saudi crude, including its flagship Arab light, in Asia would fall $2 a barrel versus the Oman/Dubai regional benchmark from their January levels.
  
  The premium for Saudi crude versus the ASCI index, a benchmark for Gulf Coast sour crudes, will also fall $2 a barrel from January, Aramco said. Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.
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• US Drillers Cut Oil, Gas Rigs for Third Week in a Row
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in...
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in four weeks, Baker Hughes reported. The combined oil and gas rig count, an early indicator of future output, fell by 1 to 621 in the week to Jan. 5.
  
  U.S. oil rigs rose by 1 to 501 this week, while gas rigs fell by 2 to 118.
  
  Analysts have said the rig count has declined from a post-pandemic high of 784 rigs in December 2022 due mostly to a drop in oil and gas prices.
  
  U.S. oil futures dropped by around 11% in 2023 after gaining 7% in 2022. U.S. gas futures, meanwhile, plunged by about 44% in 2023 after rising about 20% in 2022.
  
  Despite lower prices, spending, and rig counts, U.S. oil and gas output was still on track to hit record highs in 2023 and 2024 as firms complete work on already drilled wells.
  
  The total number of drilled but uncompleted (DUC) wells remaining dropped to a record low of 4,415 in November, according to federal energy data going back to December 2013.
  
  
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