30Dec2024 Market Close & Major Financial Headlines: Santa Claus Rally Fizzles – What Does It Bode For 2025?

Biden Administration’s Final Aid Package to Ukraine Aims to Bolster Defense

The White House has announced a $2.5 billion aid package to Ukraine and pledged to “continue surging” aid to get it to the authorities in Kyiv “as quickly as possible.” The White House said in a statement on December 30 that the pledge includes an additional $1.25 billion drawdown package for the Ukrainian military and a $1.22 billion Ukraine Security Assistance Initiative (USAI) package. “I’ve directed my Administration to continue surging as much assistance to Ukraine as quickly as possible — including drawing down older U.S. equipment for Ukraine,…

Read more at: https://oilprice.com/Geopolitics/International/Biden-Administrations-Final-Aid-Package-to-Ukraine-Aims-to-Bolster-Defense.html

Carlos Slim Invested $1B In American Oil & Gas Companies In 2024

Carlos Slim, Latin America’s richest man, boosted his stakes in American energy companies in the current year as the world’s leading tycoons continue betting on fossil fuels. Slim invested $602 million in Parsippany, New Jersey-based refiner PBF Energy Inc. (NYSE:PBF), boosting his stake to 25%, and also bought $326 million worth of shares in Houston-based oil producer Talos Energy Inc. (NYSE:TALO). Last year, the Mexican billionaire’s Grupo Carso SAB agreed to acquire PetroBal SAPI’s stake in two oil fields in Campeche…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Carlos-Slim-Invested-1B-In-American-Oil-Gas-Companies-In-2024.html

Ukraine To Quadruple Gas Transport Fees After Russia Deal Expires

Ukraine will quadruple its domestic gas transmission tariffs for consumers from Jan. 1 as it tries to offset the impact of lost revenue after its gas transit deal with Russia came to an end on Monday. The Ukrainian regulator has approved a decision to increase domestic gas transmission tariffs to about 502 hryvnias ($11.95) for 1,000 cubic meters, up from 124 hryvnias ($2.95) previously. “In 2024, 85% of our revenue came from transporting gas originating in the Russian Federation. It means that only 15% remains for us from domestic customers,”…

Read more at: https://oilprice.com/Energy/Natural-Gas/Ukraine-To-Quadruple-Gas-Transport-Fees-After-Russia-Deal-Expires.html

Cheniere Energy Commences LNG Production At Corpus Christi Stage 3 Project

Cheniere Energy  (NYSE:LNG) has for the first time started producing liquefied natural gas (LNG) from the first train (Train 1) of its Corpus Christi Stage 3 Liquefaction Project. As of Nov. 30, the overall project completion for the project was close to 76%; however, the company expects substantial completion of achieved at the end of the first quarter of 2025. The project consists of seven midscale trains, projected to produce over 10 million tonnes per annum (mtpa) of LNG. Meanwhile, in a long-awaited report, released on Tuesday, the Energy…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Cheniere-Energy-Commences-LNG-Production-At-Corpus-Christi-Stage-3-Project.html

Exxon and Chevron Expand Global Hiring Push

The U.S. oil and gas supermajors, Exxon and Chevron, have seen their employee numbers grow in the United States in 2024, but they have also posted job openings overseas, including in India, the Philippines, and Argentina, new research by data and analytics company GlobalData showed. Overall, the number of job postings at Exxon and Chevron declined this year, but hiring trends remain positive and relatively better compared to pre-Covid numbers, according to the analytics firm.     These hiring trends are valid for the entire global…

Read more at: https://oilprice.com/Energy/Energy-General/Exxon-and-Chevron-Expand-Global-Hiring-Push.html

Europe Faces Coldest Winter Spell As Gas Supply Concerns Mount

Northwest Europe is bracing itself for what is expected to be later this week the coldest snap so far this winter, hours ahead of the expiry of the deal for Russian gas transit via Ukraine to central Europe.   Temperatures in the UK, France, and Germany are expected to plunge at the end of this week, which would raise gas demand for heating and electricity generation. This happens as Europe is burning through its natural gas in storage at the fastest pace in years. As of December 28, the natural gas storage sites across the EU were full at…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europe-Faces-Coldest-Winter-Spell-As-Gas-Supply-Concerns-Mount.html

U.S. Gasoline Prices Set for Lowest Annual Average Since 2021 Next Year

The average U.S. gasoline price is expected to fall in 2025 from this year and average $3.22 per gallon, marking the lowest annual average since 2021, the latest projections by GasBuddy shared exclusively with CNN showed on Monday. The year 2024 ends with a U.S. national average price of $3.33 per gallon, according to the fuel savings platform. “2025 looks to continue the trend of slow-but-steady improvement at the pump,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CNN in an interview. U.S. gasoline prices have dropped…

Read more at: https://oilprice.com/Energy/Energy-General/US-Gasoline-Prices-Set-for-Lowest-Annual-Average-Since-2021-Next-Year.html

Senegal’s First Oil Exports Push Economic Growth to Record High

Senegal is seeing a record jump in economic growth after its first oil project and oil exports were launched in the middle of 2024. Senegal’s gross domestic product surged by 8.9% in the third quarter compared to the second quarter and soared by 11.5% compared to the same quarter of 2023, data from the National Agency of Statistics and Demography, ANSD, showed on Monday. Non-oil GDP rose by 2.1% in Q3 compared to the second quarter, according to the official data. Senegal’s record-high growth rates follow the start-up of the Sangomar…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Senegals-First-Oil-Exports-Push-Economic-Growth-to-Record-High.html

U.S. Natural Gas Futures Soar Ahead of Historic Cold Front

US natural gas futures surged Monday morning as weather models continued to show a significant cold blast set to sweep across the Lower 48 in the coming days. The arctic air mass is expected to linger for weeks in the eastern half of the US, with increasing chances of wintery precipitation in some parts of the US. Traders appear to be responding to updated heating degree day forecasts, signaling a massive spike in heating demand over the next few weeks. In early Monday trading, NatGas futures for February delivery surged as much as 12.3% to $3.80…

Read more at: https://oilprice.com/Energy/Natural-Gas/US-Natural-Gas-Futures-Soar-Ahead-of-Historic-Cold-Front.html

Turkey Says It’s Ready to Supply Electricity to Syria and Lebanon

Turkey is working to resolve the energy supply issues in Syria and is ready to provide electricity to the country, where Ankara supported the rebels who toppled Bashar al-Assad earlier this month, Turkish Energy Minister Alparslan Bayraktar said on Monday. “The vast majority of people meet their electricity needs with generators, so there is actually a very serious need for electricity,” Reuters quoted Bayraktar as telling reporters in Turkey. Currently, Turkey supplies power to some parts of northern Syria. Now Turkey has vowed to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Turkey-Says-Its-Ready-to-Supply-Electricity-to-Syria-and-Lebanon.html

China Issues Second Batch of Crude Oil Import Quotas

China has just given a potential boost to its crude oil imports as it has issued a second batch of import quotas for 2025 to its independent refiners, trade sources told Reuters on Monday. Unlike the state refiners, private refiners in China need to be granted import quotas to be able to import crude to process at their refineries. The Chinese authorities have now issued at least 152.49 million metric tons of crude oil import quotas to the independent refiners, the so-called teapots, according to Reuters’s sources. These add to at least another…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Issues-Second-Batch-of-Crude-Oil-Import-Quotas.html

Eni Raises Oil and Gas Production Offshore Cote d’Ivoire

Italian energy major Eni has started production from the second phase of its oil and gas development Baleine offshore Cote d’Ivoire, boosting output from the field in West Africa. This weekend, Eni announced the successful start-up of Phase 2 at the Baleine field, which will raise production to 60,000 barrels of oil per day (bpd) and 70 million cubic feet of associated gas (equivalent to 2 million cubic meters). Phase 2 is being developed via the Floating Production, Storage and Offloading Unit (FPSO) Petrojarl Kong which is deployed alongside…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Eni-Raises-Oil-and-Gas-Production-Offshore-Cote-dIvoire.html

Indian BPCL Boosts Middle East Oil Purchases as Russian Supply Dwindles

India’s state-run refiner Bharat Petroleum Corporation Limited (BPCL) has increased procurement of crude grades from the Middle East as Russian supply has declined in recent weeks, the head of finance of the second-largest Indian fuel retailer told Reuters. BPCL, which buys cheap Russian crude on the spot market, is not receiving its full supply of Russian oil, as it did earlier this year, the refiner’s head of finance Vetsa Ramakrishna Gupta told Reuters in an interview published on Monday. “There may be a shortage of two to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indian-BPCL-Boosts-Middle-East-Oil-Purchases-as-Russian-Supply-Dwindles.html

Slovakia and Ukraine Exchange Energy Threats Ahead of a Gas Supply Squeeze

Slovakia threatened to suspend electricity deliveries to the Ukraine after the latter’s president, Volodymyr Zelensky reiterated his decision to not extend a natural gas transit deal with Russia’s Gazprom. The deal, which expires tomorrow, provides for vital supplies to Slovakia, whose president has been hard at work trying to secure the deliveries beyond December 31. Robert Fico has noted that alternative deliveries of natural gas would make it more expensive for the Central European state and lead to transit fee losses to the tune…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Slovakia-and-Ukraine-Exchange-Energy-Threats-Ahead-of-a-Gas-Supply-Squeeze.html

Oil Prices Flatline as 2024 Draws to a Close

Crude oil prices started the last week of 2024 with a modest gain in anticipation of the last economic reports for the year from China and the United States, but prices quickly reverted back to where they had started. Brent crude was trading at $74.00 per barrel at the time of writing, and West Texas Intermediate was changing hands for $70.42 per barrel, both only slightly down from Friday’s close. Both benchmarks are set to end the year pretty much where they started it, with Brent crude set for a more noticeable decline than WTI, with the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Flatline-as-2024-Draws-to-a-Close.html

Stocks trim losses, Dow down 250 points in thin trading Monday: Live updates

Stocks sank on Monday but are headed for another winning year.

Read more at: https://www.cnbc.com/2024/12/29/stock-futures-today-live-updates.html

NYSE to close on Jan. 9 in honor of the late former President Jimmy Carter

It is customary for the NYSE to close trading to honor the passing of a president.

Read more at: https://www.cnbc.com/2024/12/30/nyse-to-close-on-january-9-in-honor-of-former-president-jimmy-carter.html

Boeing 737-800, the model that crashed in South Korea, is one of the world’s most popular aircraft

Accident investigators are trying to find the cause of a Jeju Air fatal crash landing that killed 179 of the 181 on board the flight.

Read more at: https://www.cnbc.com/2024/12/30/jeju-air-crash-boeing-737-800-common-aircraft.html

Last Madoff victim fund payout brings recovery to nearly 94% of Ponzi scheme losses, DOJ says

More than 40,000 victims lost billions of dollars to Bernie Madoff, whose Ponzi scheme has been called the largest in the world.

Read more at: https://www.cnbc.com/2024/12/30/bernie-madoff-victim-fund-ponzi-scheme-doj.html

5 stocks that hedge funds and big investors are long heading into 2025

LPL Financial stood out as the most concentrated hedge fund long position in the financial sector.

Read more at: https://www.cnbc.com/2024/12/30/5-stocks-that-hedge-funds-and-big-investors-are-long-heading-into-2025.html

Natural gas surges as much as 20% on expectations for colder-than-usual January on the East Coast

Natural gas futures prices surged Monday, hitting a new 52-week high following reports of a colder-than-usual temperature outlook for January.

Read more at: https://www.cnbc.com/2024/12/30/natural-gas-surges-20percent-on-expectations-for-colder-than-usual-january-on-the-east-coast.html

Jimmy Carter, the farmer, president and Nobel-winning peace crusader, dies at age 100

Jimmy Carter, the nation’s 39th president, lived longer than any other occupant of the Oval Office.

Read more at: https://www.cnbc.com/2024/12/29/jimmy-carter-dies-at-age-100.html

Treasury yields dip as final trading week of 2024 kicks off

U.S. Treasury yields were slightly lower Monday as the final trading days of the year got underway.

Read more at: https://www.cnbc.com/2024/12/30/us-treasurys-final-trading-week-of-2024-kicks-off.html

Jeju Air crash: Boeing shares fall after South Korea orders 737-800 inspection

Uncertainty surrounds the exact circumstances of the crash, which killed 179 of 181 people on board the flight on Sunday.

Read more at: https://www.cnbc.com/2024/12/30/jeju-air-crash-boeing-falls-as-south-korea-orders-b737-800-inspection.html

U.S. announces $5.9 billion in military and budget aid to Ukraine

The U.S. announced nearly $6 billion in military and budget assistance for Ukraine as President Joe Biden uses his final weeks in office to surge aid to Kyiv.

Read more at: https://www.cnbc.com/2024/12/30/us-announces-5point9-billion-in-military-and-budget-aid-to-ukraine.html

Jimmy Carter quotes: ‘I could have wiped Iran off the map’

“I could have wiped Iran off the map,” Jimmy Carter told CNBC in 2014. Memorable quotes from the 39th president.

Read more at: https://www.cnbc.com/2024/12/29/jimmy-carter-quotes-i-could-have-wiped-iran-off-the-map.html

Here’s how to pick the right student loan repayment plan for you

The Department of Education announced it was reopening two student loan repayment plans, leaving borrowers with more choices for ways to tackle their debt.

Read more at: https://www.cnbc.com/2024/12/30/heres-how-to-decide-on-the-right-student-loan-repayment-plan-for-you.html

Treasury small business ownership rule on hold as court eyes constitutionality

A Jan. 13 deadline for businesses to report “beneficial ownership information” was delayed again following a court order.

Read more at: https://www.cnbc.com/2024/12/30/treasury-delays-beneficial-ownership-reporting-deadline-for-small-businesses.html

Biden’s Weaponized J6 Prosecutor Reportedly Resigns

US Attorney Matthew Graves – who presided over the prosecution and imprisonment of hundreds of Jan. 6 defendants – has reportedly resigned, according to journalist Julie Kelly.

Sources tell me DC US attorney Matthew Graves has resigned.

Don’t go too far, buddy.

— Julie Kelly 🇺🇸 (@julie_kelly2) December 30, 2024

Graves, appointed by President Biden in November 2021, notably declined to halt proceedings against J6 defendants until President-elect Donald Trump is sworn in next month.

Read more at: https://www.zerohedge.com/political/bidens-weaponized-j6-prosecutor-reportedly-resigns

Javier Blas: Prepare For A Turbulent 2025 In Coffee, Oil, & Other Commodity Markets

The soft agricultural market has seen a rollercoaster of performances, with orange juice, cocoa, cattle, and coffee hitting record highs amid persistent global supply concerns. These trends show little sign of abating and are expected to continue into 2025.

“Before it’s too late, order your espresso. It will be more expensive in 2025, and anyone trading — or observing — energy and commodity markets into the new year will need caffeine to survive,” Bloomberg Opinion and commodities columnist Javier Blas wrote in a note.
Read more at: https://www.zerohedge.com/commodities/javier-blas-prepare-turbulent-2025-coffee-oil-other-commodity-markets

Government Spending Will Cause The Next Financial Crisis

Authored by Daniel Lacalle,

Crises are never caused by building excessive exposure to high-risk assets. Crises can only happen when investors, government bodies, and households accumulate risk in assets where most believe there is little to no risk.

The 2008 crisis did not occur due to subprime mortgages. Those were the tips of the iceberg. Moreover, Freddie Mac and Fannie Mae, state-owned entities, guaranteed the subprime mortgage packages, which prompted numerous investors and banks to invest in them. Nobody can anticipate a crisis stemming from the potential decline in the Nvidia share price or the value of Bitcoin. In fact, if the 2008 crisis had been created by subprime mortgages, it would have been absorbed and offset in less than two weeks.

The only asset that can really create a crisis is the part of banks’ balance sheets that is considered “no risk” and, as such …

Read more at: https://www.zerohedge.com/markets/government-spending-will-cause-next-financial-crisis

Deep State Freezes Over: John Brennan Praises Trump Transition Team

If you had Obama-era Deep State operatives praising the man who the establishment has demonized as a “threat to democracy” on your bingo card, come on down to claim your prize.

In what is sure to raise eyebrows across the political world, former CIA director John Brennan issued rare kind words for President-Elect Donald Trump’s second transition team, saying it has thus far operated in “more serious and professional fashion than in 2016.”

“I know that there is engagement between the Biden Department of State and the incoming Trump team,” Brennan told MSNBC’s Alicia Menendez over the weekend.

Former CIA Director Brennan: Trump Transition “More Serious And Professional” Than 2016

Read his full comments – https://t.co/TW26WHXljY

“You have people like Marco Rubio, who has been named to be the next secretary of state, who is well steeped in these issues and also… pic.twitter.com/kueGWTaymF

— RCP Video (@rcpvideo) December 29, 2024

“You want to make sure that the incoming team has as much intelligence and analysis as possible that’s available so that when they take over on day one that they are fully informed about what the situation …

Read more at: https://www.zerohedge.com/political/deep-state-freezes-over-john-brennan-praises-trump-transition-team

Avanti West Coast strike to hit New Year’s Eve trains

Rail passengers will face a “significantly reduced” service due to a strike by train managers.

Read more at: https://www.bbc.com/news/articles/ckgzpwdkl01o

What are my rights if my flight is cancelled or delayed?

If you face disruption because flights are cancelled or delayed you could be entitled to help.

Read more at: https://www.bbc.co.uk/news/business-61646214

HS2 in ‘very serious situation’, boss says

Mark Wild said the high-speed project needed a “fundamental reset” as HS2 issued an update.

Read more at: https://www.bbc.com/news/articles/c62wxypnxk0o

S&P 500’s 2024 rally shocked forecasters expecting it to fizzle

Wall Street strategists were surprised by the S&P 500’s continued rally, soaring to a 23% gain in 2024, contrary to modest expectations. Forecasters revised their targets upward, driven by strong economic expansion, AI advancements, and Trump’s tax promises. Few expect the rally to end in 2025.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sp-500s-2024-rally-shocked-forecasters-expecting-it-to-fizzle/articleshow/116805547.cms

Tech View: Nifty’s short-term trend negative; 23,400 in sight. How to trade on Tuesday

The 200-day EMA support at 23,700 has been breached again amid choppy movements, with the downside gap from December 19 remaining unfilled after seven sessions. This unfilled gap is likely a bearish run-away gap, typically signaling the midpoint of a downtrend. According to Nagaraj Shetti of HDFC Securities, this pattern suggests that further declines may be on the horizon.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-niftys-short-term-trend-negative-23400-in-sight-how-to-trade-on-tuesday/articleshow/116799786.cms

Fabtech Technologies Cleanrooms IPO opens on Friday. Check price band, GMP, other details

Fabtech Technologies Cleanrooms will launch its IPO on January 3, aiming to raise Rs 27.74 crore. The issue comprises a fresh issue of equity shares. The company will utilize the proceeds for working capital, acquisitions, and general corporate purposes.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/fabtech-technologies-cleanrooms-ipo-opens-on-friday-check-price-band-gmp-other-details/articleshow/116798977.cms

Natural-gas prices see biggest jump in nearly 3 years, leading oil higher

Natural-gas prices soared on Monday, tallying their biggest percentage-point gain in nearly three years.

Read more at: https://www.marketwatch.com/story/natural-gas-prices-see-biggest-jump-in-more-than-2-years-leading-oil-higher-b97ef2ca?mod=mw_rss_topstories

My mother is giving my son $100K for a down payment. Can she wait until the last minute to put the money in his account?

“She really doesn’t want to send it to them until they’re ready to make the purchase.”

Read more at: https://www.marketwatch.com/story/my-mother-is-giving-my-son-100k-for-a-down-payment-can-she-wait-until-the-last-minute-to-put-the-money-in-his-account-73537eb2?mod=mw_rss_topstories

Stocks are skipping the ‘Santa Claus rally’ again this year. That doesn’t bode well for January.

Santa Claus is leaving investors in the lurch once again in 2024 as U.S. stocks have struggled during the typically bullish home stretch of the year.

Read more at: https://www.marketwatch.com/story/stocks-are-skipping-the-santa-claus-rally-again-this-year-that-doesnt-bode-well-for-january-ee018756?mod=mw_rss_topstories