U.S. Drillers Cut Drilling Activity Amid Stabilizing Oil Prices

The total number of active drilling rigs in the United States fell by 2 this week after climbing by 10 over the course of the last four weeks, according to new data that Baker Hughes published Friday. The total rig count fell to 624 this week. Since this time last year, Baker Hughes has estimated a loss of 160 active drilling rigs. This week’s count is 451 fewer rigs than the rig count at the beginning of 2019, before the pandemic. The number of oil rigs fell by 2 to 501. Oil rigs are now down by 119 compared to this time last year. The number…

Read more at: https://oilprice.com/Energy/Energy-General/US-Drillers-Cut-Drilling-Activity-Amid-Stabilizing-Oil-Prices.html

Maersk Diverts Tankers from Red Sea After Two More Ships Are Attacked by Houthis

There’s been yet another Houthi attack on commercial shipping in the Red Sea, in at least the third serious incident this week, prompting container shipping giant Maersk to order any of its vessels near the southern entrance of the Red Sea to immediately halt their voyages. “Following the near-miss incident involving Maersk Gibraltar yesterday and yet another attack on a container vessel today, we have instructed all Maersk vessels in the area bound to pass through the Bab al-Mandab Strait to pause their journey until further notice,” the Danish…

Read more at: https://oilprice.com/Energy/Energy-General/Maersk-Diverts-Tankers-from-Red-Sea-After-Two-More-Ships-Are-Attacked-by-Houthis.html

Eurozone PMIs “Paint A Disheartening Picture” Of The Economy

On the heels of Christine Lagarde’s more-hawkish-than-The-Fed comments yesterday, the European Union’s economy appears to be deteriorating faster than anticipated. The Euro area composite flash PMI fell by 0.6pt to 47.0 in December, below expectation, raising the risk that the region may experience a recession in the second half. As S&P Global noted: “Once again, the figures paint a disheartening picture as the Eurozone economy fails to display any distinct signs of recovery,” adding that, “On the contrary, it has contracted…

Read more at: https://oilprice.com/Finance/the-Economy/Eurozone-PMIs-Paint-A-Disheartening-Picture-Of-The-Economy.html

Houthis Continue To Attack Ships Near Vital Oil Chokepoints

Maritime security firms and U.S. officials report daily incidents about attacks by the Iran-aligned Houthi rebels in Yemen who continue to attack commercial vessels near the most important oil trade chokepoints in the Gulf.   Attacks on cargo ships or tankers near the Bab el-Mandeb Strait from Houthi-held territory in Yemen have become a daily occurrence in recent weeks as the Iran-aligned rebels intensified attacks after the war between Israel and Hamas broke out in October. In the latest incidents on Friday, two Liberia-flagged ships came…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Houthis-Continue-To-Attack-Ships-Near-Vital-Oil-Chokepoints.html

Santa Getting Boost From Lower Gasoline Prices

There could be more presents under the tree this year for U.S. drivers, with gasoline prices plummeting to their lowest levels in 2.5 years. The national average price for a gallon of regular gasoline in the United States was $3.087 as of Friday, according to data supplied by AAA. This compares with #3.193 a year ago today, and is the lowest level since June 2021, right before gasoline prices began their climb to  $5 per gallon, which it hit the following summer. This drop in gasoline prices could offset high inflation for consumers, Bloomberg…

Read more at: https://oilprice.com/Energy/Energy-General/Santa-Getting-Boost-From-Lower-Gasoline-Prices.html

TotalEnergies to Build a Solar and Storage Project in South Africa

TotalEnergies is launching with partners the construction of a solar plus storage plant in South Africa, the French energy major said on Friday. The hybrid renewable energy project will include a 216 megawatt (MW) solar plant and a 500 MWh battery storage system to manage the intermittency of solar production, the company said. The project, located in the Northern Cape province, is planned to supply dispatchable renewable electricity to the South African national grid for 20 years. Under the terms of a Power Purchase Agreement (PPA) signed in November,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-to-Build-a-Solar-and-Storage-Project-in-South-Africa.html

A Long-Overdue Bullish Week for Oil Markets

Oil prices are on course for their first weekly increase in eight weeks, a shift in sentiment that was driven in large part by the Federal Reserve pledging to cut interest rates next year. Friday, December 15th, 2023 As the price of Brent rose toward $77 per barrel, the oil markets are on course for the first week-on-week increase in eight weeks. Despite continuous attacks on tankers in the Red Sea, it was the United States that provided most of the bullish sentiment. First, the Federal Reserve’s pledge to start cutting interest rates next…

Read more at: https://oilprice.com/Energy/Energy-General/A-Long-Overdue-Bullish-Week-for-Oil-Markets.html

Russia’s Urals Oil Exports Disrupted By Storm and Maintenance

A storm and planned maintenance have forced Russia to suspend on Friday around two-thirds of the shipments of its flagship crude-grade Urals from its Baltic and Black Sea ports, Reuters reported, citing traders and vessel tracking data.   The port of Primorsk on the Baltic Sea will see no shipments of Urals crude in the period December 13 to December 18, according to LSEG data and traders who spoke to Reuters.   In addition, Urals shipments from Novorossiysk, Russia’s primary port of loading Urals in the Black Sea, were also…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Urals-Oil-Exports-Disrupted-By-Storm-and-Maintenance.html

Biden Tells Federal Employees to Use EVs and Trains on Official Travel

The Biden Administration is directing Federal agencies to prioritize the use of sustainable transportation such as electric vehicles and trains for official travel, as part of efforts to build a clean transportation future, the White House said in new guidelines.   As the Administration announced new public and private commitments to boost access to EVs, save taxpayer dollars, and tackle the climate crisis, it says it would lead by example with the release of new Federal employee travel guidelines. “As the Nation’s largest…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Tells-Federal-Employees-to-Use-EVs-and-Trains-on-Official-Travel.html

Oil Prices Stage a Comeback After Hitting Six-Month Low

This week, the oil market witnessed a significant rebound, driven by a confluence of factors including a weaker dollar and revised demand forecasts from major energy organizations. After a period of decline that saw prices reaching a six-month low, the market’s recovery highlights its dynamic nature and sensitivity to global economic indicators. Revised Forecasts from IEA, OPEC, and EIA The International Energy Agency (IEA) has updated its oil demand forecast for 2024, projecting an increase in global consumption by 1.1 million barrels per day…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Stage-a-Comeback-After-Hitting-Six-Month-Low.html

Ukraine Faces a Fresh Wave of Missile Attacks From Russia

Politics, Geopolitics & Conflict Across Ukraine, the government announced large-scale air alerts on Thursday, with explosions reported near Kyiv, though scant details were available. Kyiv warned that the entire country is under threat of missile attack, with Russian fighter jets airborne. Attacks on Thursday began as Putin was giving a speech about winning the war. Hypersonic Kinzhal missiles were launched from Russia into Ukraine during the speech in a show of power for Putin. A Thursday meeting between the president of Guyana and Venezuela’s…

Read more at: https://oilprice.com/Energy/Energy-General/Ukraine-Faces-a-Fresh-Wave-of-Missile-Attacks-From-Russia.html

India’s Oil Demand Growth Is Set to Slow

1. The Contango in WTI Turns Steep Enough to Make it Lucrative- All the key Central Bank meetings held this week in the United States, Europe, and Great Britain have kept interest rates unchanged, providing a small boost to oil prices, although they failed to reverse the new trend in futures contracts, contango. – The M1-M6 time spread in WTI dropped to -$1.20 per barrel, the steepest contango seen in the US futures benchmark since November 2020, the last year to see sustained contango in the markets. – The European futures benchmark ICE Brent…

Read more at: https://oilprice.com/Energy/Energy-General/Indias-Oil-Demand-Growth-Is-Set-to-Slow.html

What Do the Houthis Want?

As Yemen’s Iran-backed Houthis continue to attack merchant ships in the Red Sea, and as U.S. naval forces continue to shoot down Houthi drones in answer to mounting distress calls, under consideration now is a multinational task force to protect the shipping lane. That proposal, out of Washington, has prompted warnings from Iran, which claims dominance in the region.  On Thursday, the Iranian defense minister said such a multinational task force would face “extraordinary problems” and warned that no one can “make a…

Read more at: https://oilprice.com/Energy/Energy-General/What-Do-the-Houthis-Want.html

A Hot Stock to Play the Offshore Drilling Boom

As you may know, I am someone who rarely uses a chart pattern or signal as the basis for a trade. I tend to do “top down” analysis, meaning that I start with the big picture, the economic and fundamental conditions, then drill down to individual companies that those conditions suit. Once I have settled on how to trade my view, I do look at the chart, but it is more about looking for basic support and resistance levels off which to set entry and exit points than anything. Sometimes, though, I do things kind of backwards, starting with…

Read more at: https://oilprice.com/Energy/Energy-General/A-Hot-Stock-to-Play-the-Offshore-Drilling-Boom.html

Global Coal Demand Is Set to Hit a Record High in 2023

Global coal demand is set to rise by 1.4% this year and surpass a record-high level of 8.5 billion tons for the first time, the International Energy Agency (IEA) said on Friday.  While coal demand in the United States and the EU is set for a 20% record decline this year, coal use in emerging economies “remains very strong, increasing by 8% in India and by 5% in China in 2023 due to rising demand for electricity and weak hydropower output,” the IEA said in its Coal 2023 annual report today.     This year marks the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Coal-Demand-Is-Set-to-Hit-a-Record-High-in-2023.html

DocuSign shares spike on report company is exploring a sale

DocuSign shares jumped on Friday after the Wall Street Journal reported the software company has hired advisors for a potential sale

Read more at: https://www.cnbc.com/2023/12/15/docusign-shares-spike-on-report-company-is-exploring-a-sale.html

Citigroup employees, on edge over layoffs, told they can work remotely until the new year

Citigroup employees worried about CEO Jane Fraser’s sweeping overhaul expressed concern over whether their jobs will exist in the new year.

Read more at: https://www.cnbc.com/2023/12/15/citigroup-employees-told-they-can-work-remotely-until-new-year.html

Costco sold more than $100 million in gold bars last quarter

The 1-ounce bars typically sell out within a few hours after they are loaded onto Costco’s website. Customers are limited to two bars per Costco membership.

Read more at: https://www.cnbc.com/2023/12/15/costco-sold-more-than-100-million-in-gold-bars-last-quarter.html

10-year Treasury yield slips, adds to this week’s steep decline

The 10-year Treasury note yield slipped Friday, adding to its sharp downturn this week, as traders brace for possible Federal Reserve rate cuts next year.

Read more at: https://www.cnbc.com/2023/12/15/us-treasury-yields-investors-digest-interest-rate-outlook.html

Supreme Court rejects appeal bid by Trump clemency recipient Philip Esformes

Philip Esformes escaped a long prison term when Donald Trump commuted his criminal sentence. But the Department of Justice wants to retry him on other charges.

Read more at: https://www.cnbc.com/2023/12/15/trump-clemency-recipient-philip-esformes-loses-supreme-court-bid.html

The Dow will try to keep its record-setting momentum in the week ahead as more inflation data looms

The November personal consumption expenditures is expected to confirm recent reports efforts to cool inflation are taking hold.

Read more at: https://www.cnbc.com/2023/12/15/the-dow-will-try-to-keep-its-record-setting-momentum-in-the-week-ahead-as-more-inflation-data-looms.html

SEC rejects Coinbase’s push for crypto regulations as unwarranted: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Jason Allegrante, the chief legal & compliance officer at Fireblocks, discusses advancements with digital asset regulation in the U.S. and abroad.

Read more at: https://www.cnbc.com/video/2023/12/15/sec-rejects-coinbases-push-crypto-regulations-unwarranted-cnbc-crypto-world.html

Two-month battle to replace ex-Rep. George Santos could cost $20 million

Candidates running in the Feb. 13 special election to replace Santos could spend $20 million in the coming weeks.

Read more at: https://www.cnbc.com/2023/12/15/george-santos-district-could-see-millions-of-dollars-in-spending.html

Cruise is in danger of becoming GM’s latest trendy venture that doesn’t pay off

Cruise has quickly gone from one of GM’s greatest business opportunities to a massive liability.

Read more at: https://www.cnbc.com/2023/12/15/cruise-looks-like-gm-latest-failed-bet-on-trendy-venture.html

Apple vs. the Green Bubbles: the cracks beginning to show in its walled garden

The stigma is real. Blue bubbles for iPhone users, green bubbles for those shut out of Apple’s walled garden. iMessage has been a way of locking users into the Apple ecosystem for more than a decade. But the exclusionary nature of the battle has since come under fire, and Apple is now bending to the green bubble evangelists, in just one of a growing number of concessions it’s making to appease regulators.

Read more at: https://www.cnbc.com/video/2023/12/15/apple-vs-the-green-bubbles-the-cracks-beginning-to-show-in-its-walled-garden.html

Pro pickleball players band together as chaos, a merger and pay cuts grip the sport

Major League Pickleball and the Professional Pickleball Association Tour are trying to finalize a merger.

Read more at: https://www.cnbc.com/2023/12/15/pro-pickleball-players-form-collective-amid-pay-cuts-merger.html

Shohei Ohtani’s $700M Dodgers contract is huge — but its actual value is much lower

“That $700 million is a big headline number,” said certified financial planner Colin Gerrety, who called the contract a large “interest-free loan to the” L.A. Dodgers.

Read more at: https://www.cnbc.com/2023/12/15/shohei-ohtanis-700m-dodgers-contract-is-huge-but-its-actual-value-is-much-lower.html

Delta beefs up Austin flights in battle for fast-growing airport

Delta is adding flights in a bid to gain market share in the fast-growing Austin airport.

Read more at: https://www.cnbc.com/2023/12/15/delta-beefs-up-austin-flights-in-battle-for-fast-growing-airport.html

New York Post Says Harvard Made Legal Threats Over Its Plagiarism Probe Into Claudine Gay

Authored by Stephen Katte via The Epoch Times (emphasis ours),

Daily tabloid newspaper The New York Post has accused Harvard of using an “expensive law firm” to threaten them over an investigative journalism report into the university president’s alleged plagiarism.

(L–R) Claudine Gay, president of Harvard University, Liz Magill, president of University of Pennsylvania, Pamela Nadell, professor of History and Jewish Studies at American University, and Sally Kornbluth, president of Massachusetts Institute of Technology, testify before the House Education and Workforce Committee at the Rayburn House Office Building in Washington on Dec. 5, 2023. (Kevin Dietsch/Getty Images)According t …

Read more at: https://www.zerohedge.com/political/new-york-post-says-harvard-made-legal-threats-over-its-plagiarism-probe-claudine-gay

Trans Athlete To Become First Male Recipient Of Women’s Division 1 Scholarship

Via The College Fix,

A transgender volleyball player and high school junior from California verbally committed to play for the University of Washington, which could make him the first known male recipient of a women’s Division 1 athletic scholarship.

If the university signs athlete Tate Drageset’s offer next fall, he will take one of 12 National Collegiate Athletic Association DI volleyball scholarships available for women at the school, Reduxx reported Wednesday.

An anonymous source whom Reduxx identified as “the parent of a minor player within the Southern California Volleyball Association (SCVA) communi …

Read more at: https://www.zerohedge.com/political/trans-athlete-become-first-male-recipient-womens-division-1-scholarship

“He Will Unravel The Institutions Of Our Democracy!”: Supercut Of Dramatic Dems Freaking Out Over ‘Dictator’ Trump

Here we go again…

In a hilarious repeat from 2016, ivory tower leftists are absolutely freaking out about the prospect of Donald Trump getting back into the White House, now that multiple polls show that Trump isn’t just on track to sweep the GOP primary field – but he’d smoke Biden if a malarkey-free 2024 election were held today.

In early December, several news outlets published articles warning that a second Trump term would turn America into a dictatorship.

They’re obviously green-lighting assassination. pic.twitter.com/rSocx7WFKc

— Matt Gaetz (@mattgaetz)

Read more at: https://www.zerohedge.com/political/he-will-unravel-institutions-our-democracy-supercut-dramatic-dems-freaking-out-over

Fake Vendors And Cash Kickbacks: Ex-Facebook DEI Manager Stole More Than $4 Million In ‘Elaborate’ Criminal Scheme

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

A former diversity manager at Facebook has pleaded guilty to stealing more than $4 million from the company in what the Justice Department says was an elaborate scheme involving fake vendors and cash kickbacks.

In this illustration photo taken in Los Angeles on Oct. 28, 2021, a person watches on a smartphone Facebook CEO Mark Zuckerberg unveil the META logo. (Chris Delmas/AFP via Getty Images)Barbara Furlow-Smiles, who led Facebook’s diversity, equity, and inclusion (DEI) programs for years, has pleaded guilty to defrauding the company of more than $4 million using fictitious charges and …

Read more at: https://www.zerohedge.com/political/fake-vendors-and-cash-kickbacks-ex-facebook-dei-manager-stole-more-4-million-elaborate

Energy bills could rise by £16 to cover customers’ debts

Regulator Ofgem wants households to pay an extra £16 a year as debt levels reached nearly £3bn.

Read more at: https://www.bbc.co.uk/news/business-67725424?at_medium=RSS&at_campaign=KARANGA

Shipping firms pause Red Sea journeys over attacks

Maersk temporarily stops its ship using the route – and a German company follows suit.

Read more at: https://www.bbc.co.uk/news/world-middle-east-67731853?at_medium=RSS&at_campaign=KARANGA

Parcel firm Evri admits it has earned its poor reputation

The parcel delivery firm claims deliveries and customer communication has now improved.

Read more at: https://www.bbc.co.uk/news/business-67726537?at_medium=RSS&at_campaign=KARANGA

Beyond IPOs and FPOs, Ashish Kacholia, Zerodha invest in NPO which gives zero return

Smallcap czar Ashish Kacholia, known for his multibagger picks, invested Rs 30 lakh while Zerodha generously invested Rs 1 crore. Other two investors are NABARD and HNI Govind Vaidiram Iyer.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/beyond-ipos-and-fpos-ashish-kacholia-zerodha-invest-in-npo-which-gives-zero-return/articleshow/106009146.cms

Tech View: Nifty RSI hints at overbought zone. What traders should do next week

Further upsides are likely once the immediate resistance of 2,1492 is taken out. Caution is however warranted for the near term as the 14-day RSI at 84.93 is in overbought territory.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-rsi-hints-at-overbought-zone-what-traders-should-do-next-week/articleshow/106024309.cms

Nifty Bank projection goes up to 50,000 after Friday’s rally. Key levels to track

Analysts say that any retracements towards the 47,500 support level can be seen as a buying opportunity. The upside potential for the index is projected to reach 50,000, indicating continued optimism among market participants, said Kunal Shah of LKP Securities.

Read more at: https://economictimes.indiatimes.com/markets/options/nifty-bank-projection-goes-up-to-50000-after-fridays-rally-key-levels-to-track/articleshow/106023140.cms

10-year Treasury yield ends with biggest weekly decline in a year, following Fed’s dovish pivot

Ten- and 30-year Treasury yields finished Friday with their biggest weekly declines in more than a year as government debt rallied on the prospect of rate cuts in 2024 by the Federal Reserve.

Read more at: https://www.marketwatch.com/story/treasury-yields-hover-at-summer-lows-after-dovish-fed-drives-bond-rally-2932e7a8?mod=mw_rss_topstories

Intel’s stock sheds a bear as a key catalyst awaits

Intel’s bear camp got a little smaller Friday as a BofA Securities analyst ended his negative call on the stock.

Read more at: https://www.marketwatch.com/story/intels-stock-sheds-a-bear-as-a-key-catalyst-awaits-4e32570d?mod=mw_rss_topstories

Top Fed officials says the Fed isn’t ‘really talking about cutting interest rates right now’

New York Federal Reserve President John Williams on Friday said interest rates are “at or near the right place” to get inflation under control and keep the economy growing.

Read more at: https://www.marketwatch.com/story/williams-says-the-fed-isnt-really-talking-about-cutting-interest-rates-right-now-1a668c69?mod=mw_rss_topstories