27Dec2024 Market Close & Major Financial Headlines: Week Closes Out With Market Declines

Sanctioned Russian LNG Cargo Stranded at Sea

The shadow fleet of liquefied natural gas carriers transporting blacklisted Russian LNG has encountered a major setback, with at least one ship’s cargo traveling around the world, finding no buyers as the cargo was deemed too risky.  Bloomberg reports that an LNG carrier called “Pioneer,” carrying a sanctioned shipment of Russian LNG, circumnavigated the world for four months, failing to find a buyer willing to breach US restrictions. “This vessel (called Pioneer) was spotted on satellite images picking up the first shipment from the Arctic…

Read more at: https://oilprice.com/Energy/Crude-Oil/Sanctioned-Russian-LNG-Cargo-Stranded-at-Sea.html

U.S. Oil, Gas Drillers Hold The Line During Holiday Week

The total number of active drilling rigs for oil and gas in the United States stayed the same again this week, according to new data that Baker Hughes published on Friday, after seeing no change in the two weeks prior. The total rig count remained flat at 589 total rigs, according to Baker Hughes, down 33 from this same time last year. The number of oil rigs held fast at 483—down by 17 compared to this time last year. The number of gas rigs also stayed the same, at 102, a loss of 18 active gas rigs from this time last year. Miscellaneous…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Drillers-Hold-The-Line-During-Holiday-Week.html

Oil Moves up on Inventory Dip

Crude oil prices ticked slightly higher today after the U.S. Energy Information Administration reported a large draw in crude oil inventories for the week to December 20. The change compares with a modest inventory dip of 900,000 barrels for the previous week and a draw of 3.2 million barrels as estimated by the American Petroleum Institute for the week to December 20. Total motor gasoline inventories added 1.6 million barrels in the period, with production averaging 9.9 million barrels daily. This compared with a build of 2.3 million barrels for…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Moves-up-on-Inventory-Dip.html

Ukraine Gets Its First U.S. LNG Cargo via Greek Terminal

Ukraine has taken delivery of its first U.S. LNG cargo at a Greek terminal as Ukraine and Europe look to bolster their energy security by reducing their dependence on Russian gas, Ukraine’s largest private energy company, DTEK, said on Friday.   The delivery of approximately 100 million cubic meters of gas, or 1 TWh of energy, onboard the Gaslog Savannah arrived at the Revithoussa LNG terminal in Greece on Friday morning. D.TRADING, DTEK’s pan-European trading subsidiary, has purchased the entire cargo. Working with Greek and other…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Gets-Its-First-US-LNG-Cargo-via-Greek-Terminal.html

India Keeps Coal Power at Full Throttle

India’s commitment to coal remains stronger than ever, and the government’s latest move to extend the mandate for coal-fired plants to run at full capacity until February 28 is proof of that. In a world where renewables may be slowly gaining ground, coal continues to power over 70% of India’s electricity needs. The mandate, which first kicked in this October, was meant to ensure the country didn’t fall into an energy crunch amid heatwaves and droughts that slashed hydropower generation. Now, its mandate been extended into…

Read more at: https://oilprice.com/Energy/Coal/India-Keeps-Coal-Power-at-Full-Throttle.html

Shell Closes Oil Unit at Singapore Refinery to Investigate Leak

Shell has shut down one of its oil processing units at its refinery complex in Singapore to investigate a suspected leak in the system, the Maritime and Port Authority of Singapore (MPA) said on Friday. The Shell Energy and Chemicals Park at Pulau Bukom, Singapore, is the supermajor’s only energy and chemicals park in Asia. Shell has informed MPA and the National Environment Agency (NEA) that it shut down one of the oil processing units, which produces refined oil products such as diesel. Water drawn from the sea is used as part of the process…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-Closes-Oil-Unit-at-Singapore-Refinery-to-Investigate-Leak.html

Oil Prices Rise on China Stimulus and Falling U.S. Inventories

Oil prices are on track to post a weekly gain on the back of China’s economic stimulus and forecasts of lower U.S. crude inventories.Oil prices were rising toward the end of the week, with WTI breaking back above $70 and Brent trading at $73.72. Optimism surrounding China’s economic growth after Beijing agreed to issue special treasury bonds worth roughly $411 billion helped to spark bullish sentiment in markets this week. Prices then rose even further on expectations of a crude draw in the U.S., with the EIA set to report at 13:00 EST…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Rise-on-China-Stimulus-and-Falling-US-Inventories.html

Mongolia and Orano Agree $1.6 Billion Uranium Mining Deal

Mongolia and French group Orano Mining have struck a preliminary agreement to develop a $1.6-billion uranium mining project in the Asian country, the Mongolian government said on Friday. The cabinet has sent a draft agreement on the project for approval by the Parliament, according to an official statement cited by Reuters. Mongolia is estimated to hold around 60,500 tU in reasonably assured resources plus inferred resources to $130/kgU, according to a 2020 joint report by the OECD Nuclear Energy Agency and the International Atomic Energy Agency…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mongolia-and-Orano-Agree-16-Billion-Uranium-Mining-Deal.html

Oil Majors Rethink Their Renewable Energy Ambitions

Oil Majors Downscale Their Renewable Ambition – One of the key trends in oil major strategies this year has been the notable divestment of renewable projects, at times even reversing climate commitments amidst shaky non-fossil energy economics.      – UK major BP which previously had committed to a 20-fold growth in renewable power buildout to 50GW, spun out its offshore wind projects into a JV with Japan’s JERA whilst Shell stopped new investments into wind.  – The return of Donald Trump to the Oval Office in January…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Majors-Rethink-Their-Renewable-Energy-Ambitions.html

Is China’s Fiscal Stimulus Enough to Drive Oil Prices Higher in 2025?

Crude oil markets reacted positively this week to the announcement of a $411 billion fiscal stimulus package from China, aimed at boosting economic growth through infrastructure and industrial expansion. As the world’s largest oil importer, China plays a pivotal role in shaping global demand, and traders were quick to price in optimism surrounding increased crude consumption. However, the key question remains: will this stimulus be sufficient to counteract headwinds from other regions? While the injection of capital may spur industrial output…

Read more at: https://oilprice.com/Energy/Energy-General/Is-Chinas-Fiscal-Stimulus-Enough-to-Drive-Oil-Prices-Higher-in-2025.html

China’s Secret Weapons-for-Oil Deal With Libyan General

Politics, Geopolitics & Conflict Tensions continue to rise in Syria after the fall of Assad, with various internal and external forces jockeying for position in a power vacuum. Earlier this week, Assad loyalists ambushed and killed 14 interior ministry troops near the Mediterranean port city of Tartous. Israel has continued to bombard Houthi targets in Yemen, with a barrage on Thursday that struck Sanaa International Airport, killing at least six people according to Houthi statements. The Telegraph this week published what it claimed to be…

Read more at: https://oilprice.com/Energy/Energy-General/Chinas-Secret-Weapons-for-Oil-Deal-With-Libyan-General.html

Peace in Ukraine Remains a Long Way Off

It’s been a busy Christmas season on the Russia-Ukraine front line. It’s still a stalemate, whether it becomes frozen in time this year or not will change little. This year, the war has been different, with a sustained Ukrainian counteroffensive and air strike campaigns on Russian territory on the Kyiv side, and a continual increase in aggression on the Moscow side. There has been a fair amount of chatter that we could see a ceasefire deal this year, but such a notion is largely bereft of meaning. It would simply mean pressing pause…

Read more at: https://oilprice.com/Energy/Energy-General/Peace-in-Ukraine-Remains-a-Long-Way-Off.html

European Gas Prices Soar as Putin Says a New Ukraine Transit Deal Is Unlikely

Europe’s benchmark natural gas prices soared on Friday by the most in a week after Russian President Vladimir Putin said on Thursday that the chances of a new deal for Russian gas flows to Europe via Ukraine are low. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, jumped early on Friday in Amsterdam by as much as 5%, before giving up some of the gains by midday. As of 12:24 p.m. Amsterdam time, prices were still rising, by 3.3% on the day, at $49.27 (47.23 euros) per megawatt-hour (MWh). On Thursday, Putin said…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Gas-Prices-Soar-as-Putin-Says-a-New-Ukraine-Transit-Deal-Is-Unlikely.html

Estonian Navy Guards Subsea Power Link After Cable Damage

Estonia is sending its navy close to the Estlink 1 subsea power link to defend and secure its energy connection with Finland, Estonian Defense Minister Hanno Pevkur said on Friday after power and data cables went offline earlier this week. On Wednesday, the Estlink-2 power link went offline. By early Thursday afternoon investigations were ongoing in both Finland and Estonia on the cause of the damage. On Friday, the Estonian Defence Forces said “The Estonian Navy is commencing the protection of the Estlink 1 sea cable with the patrol ship…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Estonian-Navy-Guards-Subsea-Power-Link-After-Cable-Damage.html

India’s BPCL to Invest $11 Billion in New Refinery Complex

India’s Bharat Petroleum Corporation Ltd (BPCL) plans to invest as much as $11 billion in a new refining and petrochemical complex in south India, the chairman of the country’s second-largest fuel retailer told Reuters in an interview. “We feel there is a big opportunity in refining sector. India’s primary energy demand itself is also going to increase three to four times as its economy expands,” BPCL chairman G. Krishnakumar told Reuters this week. The refiner has already launched some preliminary work on the project, including…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-BPCL-to-Invest-11-Billion-in-New-Refinery-Complex.html

The economic lookout for 2025 is strong, but there’s still a lot that could go wrong

With a fair share of familiar obstacles and challenges ahead, 2025 will begin with a largely optimistic view for the U.S. economy.

Read more at: https://www.cnbc.com/2024/12/27/the-economic-lookout-for-2025-is-strong-but-plenty-could-go-wrong.html

Dow drops more than 300 points, but on track for a winning holiday week: Live updates

Friday’s sell-off cut into major average’s gains earlier this week.

Read more at: https://www.cnbc.com/2024/12/26/stock-market-today-live-update.html

OpenAI says it needs ‘more capital than we’d imagined’ as it lays out for-profit plan

OpenAI said in a blog post Friday that heading into 2025, “we have to become an enduring company,” which requires changing its structure.

Read more at: https://www.cnbc.com/2024/12/27/openai-needs-more-capital-than-wed-imagined-moves-to-for-profit.html

Google CEO Pichai struggled to navigate a pressure-filled year

Google CEO Pichai notched some AI wins but struggled to navigate a pressure-filled year.

Read more at: https://www.cnbc.com/2024/12/27/how-googles-sundar-pichai-navigated-a-pressure-filled-year.html

Goldman Sachs’ top software and hardware picks for 2025 include an array of AI infrastructure builders

Goldman Sachs highlighted AI infrastructure builders and IT distributors as two areas likely to succeed in the software and hardware sector for 2025.

Read more at: https://www.cnbc.com/2024/12/27/goldmans-top-software-and-hardware-picks-for-2025-include-ai-builders.html

Ad revenue should stabilize for media companies in 2025 — if they have sports

Live sports and events are key to garnering ad revenue for media companies in 2025.

Read more at: https://www.cnbc.com/2024/12/27/advertising-revenue-media-companies-in-2025.html

Credit card debt set to hit record levels as consumer holiday spending rises

Consumers are on track to set a spending record this holiday season. But leaning on credit cards could come at a high cost.

Read more at: https://www.cnbc.com/2024/12/27/credit-card-debt-set-to-hit-record-levels-as-consumer-holiday-spending-rises.html

These crypto projects could get the most venture capital funding in 2025: 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, Robert Le of PitchBook discusses which crypto projects are likely to get the most attention from venture capital firms in 2025.

Read more at: https://www.cnbc.com/video/2024/12/27/these-crypto-projects-could-get-the-most-venture-capital-funding-in-2025-cnbc-crypto-world.html

Elon Musk and Vivek Ramaswamy open rift with MAGA loyalists over skilled worker visas

The backlash escalated Thursday, when Vivek Ramaswamy, in a post on X, criticized an American culture that he said “venerated mediocrity over excellence.”

Read more at: https://www.cnbc.com/2024/12/27/elon-musk-and-vivek-ramaswamy-open-rift-with-maga-loyalists-over-skilled-worker-visas.html

Netflix sets streaming record with Christmas Day NFL games

Netflix set records for the most streamed NFL games with its two Christmas Day matchups, according to Nielsen.

Read more at: https://www.cnbc.com/2024/12/27/netflix-sets-streaming-record-with-christmas-day-nfl-games.html

15 major U.S. cities where home prices have risen the most in 2024

Home prices have increased in 48 of the 50 largest U.S. cities, even with high mortgage costs squeezing out potential buyers.

Read more at: https://www.cnbc.com/2024/12/27/major-us-cities-where-home-prices-have-risen-the-most.html

You have until Dec. 31 to make 3 moves to lower your 2024 taxes

Making a few savvy moves before the end of the year can help lower the tax bill you pay in April.

Read more at: https://www.cnbc.com/2024/12/27/year-end-moves-to-lower-tax-bill.html

10-year Treasury yield rises, hovering near a seven-month high

Treasury yields were higher Friday as traders assess data on jobless claims and wholesale inventories.

Read more at: https://www.cnbc.com/2024/12/27/10-year-treasury-yield-27-december-2024.html

The Deep State, The Media, And Academics Circle Their Wagons Against Kash Patel

Authored by Andrea Widburg via AmericanThinker.com,

Kash Patel has promised that, if he becomes head of the FBI, he will reveal the secrets it’s unlawfully hidden, call to account the FBI employees (from the top down) who have violated the law, and end illegal FBI activities.

Deep State operatives and their friends in the media and academia call this a form of impermissible loyalty to Donald Trump. Americans, however, call this laudable loyalty to the American people and the rule of law. It’s to be hoped that Republicans in the Senate listen to the American people and not to the siren song of the Swamp.

One of the Deep Staters who seems very worried that the FBI will be forced onto the straight and narrow is William Webster, one of the deepest of the Deep Staters.

Webster started working for the federal government in the early 1950s and retired only 70 years later, in 2020. Over the course of his career, this centenarian has been a US Attorney in Missouri, a district court judge in Missouri, an appellate judge in Missouri, the director of the FBI, the director of the CIA, and the chair of the Homeland Security Advisory Council. I do not consider this a glowing resume. I consider it a terrifying one and wouldn’t trust Webster as far as I could throw him.

According to Politico, Webs …

Read more at: https://www.zerohedge.com/political/deep-state-media-and-academics-circle-their-wagons-against-kash-patel

Houthis Target Israel’s Ben Gurion Airport In Overnight Ballistic Missile Attack

Despite yesterday’s wide-ranging Israel aerial assault on Yemen, the Houthis have hit back – showing they remain undeterred in their willingness to attack Israel – having launched an overnight ballistic missile on Tel Aviv.

The missile was reportedly intercepted by air defenses before it entered Israeli airspace, but a Houthi spokesman claimed that Ben Gurion international airport was targeted in a significant escalation. The Houthis even claim it was hit.

Times of Israel notes that the population of central Israel has been on edge: “For the fifth night in the last eight days, sirens sounded in large swathes of central Israel overnight Thursday-Friday, after another ballistic missile attack by Yemen’s Houthis.”

Via CBCThe same report indicated that some 20 people were hurt amid t …

Read more at: https://www.zerohedge.com/geopolitical/houthis-target-israels-ben-gurion-airport-overnight-ballistic-missile-attack

A Tale Of Two Economies: The ‘Vibecession’ Of The Past 4 Years

Authored by Andrew Moran via The Epoch Times,

Economists have described the past four years as the “vibecession,” a disconnect between Americans’ feelings about the economy and the data.

It was the consensus view on Wall Street that the economy would slide into a recession, but economic conditions have defied expectations. Gross domestic product (GDP) has expanded at a solid pace, the labor market has added millions of new jobs, and the inflation growth rate has eased from its June 2022 peak.

If this is the current state of the world’s largest economy, why have U.S. households been down?

Federal Reserve Chair Jerome Powell was asked about this at the December post-policy meeting press conference, and he attributed this pessimistic view to the “tremendous pain” of high prices.

� …

Read more at: https://www.zerohedge.com/personal-finance/tale-two-economies-vibecession-past-4-years

WTI Extends Gains After Another Crude Draw, Cushing ‘Tank Bottoms’ Loom

Oil prices were slightly higher on Friday as Israeli strikes against Yemen’s Houthi rebels triggered what Tom Essaye, founder and president of Sevens Report Research described as a “fear bid” for the commodity.

“This is a geopolitics-driven market,” Melek said.

“We’re a little worried about events around the Red Sea and potentially getting shipments interrupted in the broader region,” he added.

U.S. crude oil inventories fell by more than expected last week and product stocks were mixed as refineries raised their capacity use, according to official data released (on a delay due to the holiday) from DOE.

• Crude -4.24mm
• Cushing -320k
• Gasoline +1.63mm
• Distillates -1.69mm

This is the 5th straight week of crude stock drawdowns and sixth straight week of gasoline builds…

Source: Bloomberg

Read more at: https://www.zerohedge.com/energy/wti-extends-gains-after-another-crude-draw-cushing-tank-bottoms-loom

Elon Musk’s ‘social experiment on humanity’: How X evolved in 2024

New users? New algorithms? Or something else going on behind the scenes? The story behind the new changes on the social media site

Read more at: https://www.bbc.com/news/articles/c1elddq34p7o

High Street suffers Boxing Day hit as shoppers stay home

Boxing Day shoppers stay away from the High Street and shopping malls compared with 2023, data shows.

Read more at: https://www.bbc.com/news/articles/clygz4dwl59o

‘I work alone in my pub because of staff shortages’

Hotel and restaurants say they are struggling to attract enough staff.

Read more at: https://www.bbc.com/news/articles/cql50wg9p6wo

Top 10 passive mutual funds offer up to 60% return in 2024

In 2024, 300 passive funds were considered, including debt and equity, with top 10 funds showcasing outstanding performance.

Read more at: https://economictimes.indiatimes.com/mf/analysis/top-10-passive-mutual-funds-offer-up-to-60-return-in-2024/slideshow/116710208.cms

4 Tata stocks where investors lost at least 15% in 2024. Will they rebound in 2025?

Tata Technologies, which made a stellar debut in 2023 with 180% gains, has seen its stock drop 23% this year and 26% from its peak of ₹1,217.95. Tata Elxsi follows with a 22% decline in 2024 and a 24% drop from its 52-week high.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/4-tata-stocks-where-investors-lost-at-least-15-in-2024-will-they-rebound-in-2025/articleshow/116709116.cms

Singh is King! Sensex surged nearly 5 times when Manmohan Singh was Prime Minister

Under PM Manmohan Singh (2004-2014), BSE Sensex surged 398%, closing positive 8 out of 10 years. The highest returns were 81% (2009) and 47% (2006, 2007). Singh, India’s fourth longest-serving PM, held several prestigious positions, including RBI Governor and Finance Minister.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/singh-is-king-sensex-surged-nearly-5-times-when-manmohan-singh-was-prime-minister/articleshow/116713499.cms

Oil prices rise as Israeli strikes against Yemen’s Houthis triggers ‘fear bid’

Oil prices climbed on Friday as Israeli strikes against Yemen’s Houthi rebels triggered what one strategist described as a “fear bid” for the commodity.

Read more at: https://www.marketwatch.com/story/oil-prices-rise-as-israeli-strikes-against-yemens-houthis-triggers-fear-bid-3af23e02?mod=mw_rss_topstories

Biden’s gift to Trump: a golden opportunity to supercharge the economy

Dismantling Biden’s industrial policies would greatly harm U.S. economic growth.

Read more at: https://www.marketwatch.com/story/bidens-gift-to-trump-golden-opportunity-to-supercharge-the-economy-85d34589?mod=mw_rss_topstories

I’m 51 and didn’t adjust my 403(b) and 457(b) contributions to max them out. What can I do before year-end?

‘Can I contribute $7,500 to a traditional IRA to make up some of the missed contributions?’

Read more at: https://www.marketwatch.com/story/im-51-and-didnt-adjust-my-403-b-and-457-b-contributions-to-max-them-out-what-can-i-do-before-year-end-2a91d2f4?mod=mw_rss_topstories