02 JAN 2025 Market Close & Major Financial Headlines: Markets Began Today’s Session On An Upbeat Note, But By Lunch-Time The Bottom Fell Out, Finally Closing After A feeble Attempt To Recover, Closing In The Red

What Next for US LNG After Ukraine Gas Transit Halts?

Exports of Russian gas via pipelines running through Ukraine finally came to an end on New Year’s Day, marking the end of an era of Moscow’s dominance over Europe’s energy markets. Russia’s gas firm Gazprom said it had supplying gas at 0500 GMT on Wednesday after Ukraine refused to renew a transit agreement. Ukraine will lose up to $1 billion a year in transit fees from Russia– which it hopes to offset by quadrupling its domestic gas transmission tariffs for consumers–while Gazprom will lose close to $5 billion in gas sales. Ukraine gas amounted…

Read more at: https://oilprice.com/Energy/Natural-Gas/What-Next-for-US-LNG-After-Ukraine-Gas-Transit-Halts.html

2025: A Pivotal Year for China’s Global Ambitions

It’s another new year and that means it’s time to look ahead into the coming year for the big stories that will shape China’s growing role across Eurasia. Here’s what’s at stake for 2025. Finding Perspective: While each new year brings its own set of questions, 2025 will inject an added layer with the return of Donald Trump as U.S. president in January. Trump has promised to pick up where he left office and raise tariffs on Chinese imports up to 60 percent and keep adding export controls on advanced technology. A tougher…

Read more at: https://oilprice.com/Geopolitics/International/2025-A-Pivotal-Year-for-Chinas-Global-Ambitions.html

CNOOC Launches Joint Development Project in South China Sea

CNOOC Limited has brought three Panyu oilfields online in the South China Sea, marking a significant step in its strategic development. The project integrates the Panyu 11-12, 10-1, and 10-2 oilfields, leveraging state-of-the-art facilities, including a “Typhoon Production Mode” and heavy oil intelligent processing system. The development is expected to peak at 13,600 barrels of oil equivalent per day (boepd) of medium and heavy crude oil in 2025, and improves efficiency and sharing costs by connecting new platforms with existing ones via a trestle…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/CNOOC-Launches-Joint-Development-Project-in-South-China-Sea.html

India’s Steel Industry Threatened by Record Chinese Imports

Via Metal Miner For India’s steel industry, what was feared is coming true. Initial government data shows that imports of finished steel from China hit a new record in the first eight months of the fiscal year ending March 2025. The news quickly sparked concerns among domestic steelmakers about the influx of cheaper Chinese shipments. India is the second-largest crude steel producer in the world. However, the subcontinent turned into a net importer during this period, with finished steel imports reaching an eight-year high. Altogether, imports…

Read more at: https://oilprice.com/Metals/Commodities/Indias-Steel-Industry-Threatened-by-Record-Chinese-Imports.html

Can U.S. Ports Catch Up with Global Competition?

The world has watched for decades as U.S. ports have lagged behind their international counterparts. As they have become increasingly plagued by congestion, delays, and rising costs, it becomes increasingly clear that the publicly-owned port authorities are failing to meet the demands of modern global trade. The solution lies in privatization, a much-needed approach that could revitalize our failing ports. The importance of ports to the U.S. cannot be overstated, as demonstrated by the sheer volume of trade passing through American ports. In 2023,…

Read more at: https://oilprice.com/Geopolitics/International/Can-US-Ports-Catch-Up-with-Global-Competition.html

Hammerfest Shutdown Freezes Europe’s LNG Lifeline

Another year, another hiccup at Hammerfest LNG. Equinor’s crown jewel in Arctic Norway is down again, this time thanks to a compressor failure, according to a regulatory statement from Gassco. Output has screeched to a halt until Jan. 9, leaving Europe’s largest LNG export plant offline for a week—because, apparently, the Arctic air isn’t the only thing freezing up. Hammerfest LNG, or Melkoeya if you prefer its less industrial moniker, packs a punch, delivering enough gas to heat 6.5 million European homes. That’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hammerfest-Shutdown-Freezes-Europes-LNG-Lifeline.html

Dallas Survey: The Oil & Gas Outlook Is Finally Improving

After a grim year, the latest Dallas Fed Energy Survey has revealed that the oil and gas outlook is finally brightening. According to the business activity index, the survey’s activity in Dallas’ energy sector increased from -5.9 in the third quarter to 6.0 in the fourth quarter. The company outlook index increased 19 points from -12.1 to 7.1, suggesting mild optimism among oil and gas companies while the outlook uncertainty index declined 26 points to 22.4. However, the oil production index declined from 7.9 in the third quarter to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Dallas-Survey-The-Oil-Gas-Outlook-Is-Finally-Improving.html

Iranian Minister in India to Discuss Boosting Energy Trade

Majid Takht Ravanchi, the deputy foreign minister of Iran, is on a visit to India to discuss a resumption of energy trade between the two countries. Bilateral trade between Iran and India has plunged since 2019 as Indian refiners pulled out of purchases of Iranian oil for fear of secondary U.S. sanctions. Now Majid Takht-Ravanchi, Iran’s deputy foreign minister for political affairs, is heading the Iranian delegation for high-level talks in India on January 2 and 3, India’s Hindustan Times reports. Bilateral India-Iran trade plunged…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iranian-Minister-in-India-to-Discuss-Boosting-Energy-Trade.html

Oil Rallies Despite Large Jump in Fuel Inventories

Crude oil prices ticked lower today, after the U.S. Energy Information Administration reported an inventory draw of 1.2 million barrels for the final week of 2024 but said gasoline and middle distillate stockpiles had added a sizeable volume. The crude inventory change compared with a draw of 4.2 million barrels for the previous week, when the authority also reported a build in gasoline inventories and a draw in middle distillate stocks. For the final week of the year, the EIA estimated a gasoline inventory build of 7.7 million barrels, with production…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Rallies-Despite-Large-Jump-in-Fuel-Inventories.html

Tesla Stock Dips as Annual Deliveries See First Decline Since 2011

Tesla stock is selling off prior to the cash open on Thursday after the company missed on its Q4 and annual delivery and sales number. Annual vehicle sales actually declined in 2024, marking the first drop in over a decade, despite achieving record deliveries in the fourth quarter. The company reported sales of 1.79 million vehicles for the year, falling short of the 1.8 million delivered in 2023 and missing analysts’ consensus estimate of 1.8 million. In the final quarter, Tesla delivered 495,570 vehicles, also below analysts’ projection of approximately…

Read more at: https://oilprice.com/Energy/Energy-General/Tesla-Stock-Dips-as-Annual-Deliveries-See-First-Decline-Since-2011.html

Equinor Secures $3-Billion Financing for U.S. Offshore Wind Project

Equinor has secured a project financing package of over $3 billion for its U.S. offshore wind project Empire Wind 1, Norway’s energy major said on Thursday. Empire Wind 1 is planned to power 500,000 New York homes and is expected to reach its commercial operation date in 2027. With a contracted capacity of 810 megawatts (MW), Empire Wind 1 will be the first offshore wind project to connect into the New York City grid. Equinor expects the total capital investments in the project, including fees for the use of the South Brooklyn Marine Terminal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-Secures-3-Billion-Financing-for-US-Offshore-Wind-Project.html

Putin’s Leverage Diminishes as Ukraine Halts Russian Gas Flows to Europe

Russian natural gas supplies to Europe via a pipeline traversing Ukraine are set to end on January 1 with the expiration of a contract signed before Russia launched its full-scale invasion. The pipeline, Russia’s oldest gas export route to Europe, was set to shut down at the end of 2024 with the expiration of the contract. Data from Ukraine’s gas transit operator on December 31 showed that Russia had not requested any gas flows for January 1. The operator said Russia had begun reducing gas flows through the pipeline hours ahead of the expiration…

Read more at: https://oilprice.com/Energy/Natural-Gas/Putins-Leverage-Diminishes-as-Ukraine-Halts-Russian-Gas-Flows-to-Europe.html

89% of New Cars Sold in Norway Last Year Were EVs

Norway set yet another record in electric vehicle (EV) market share in 2024, as nine out of ten new passenger car sales were battery EVs, data from the Norwegian Road Federation OFV showed on Thursday. A total of 88.9% of all new passenger car sales were battery EVs, up from 82.4% in 2023, according to the data. Tesla Model Y was the best-selling car in Norway last year, followed by Tesla Model 3, Volvo EX30, Volkswagen ID.4, and Toyota bZ4X. The EV sales in Norway are expected to reach new heights in 2025, said Christina Bu, head of the Norwegian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/89-of-New-Cars-Sold-in-Norway-Last-Year-Were-EVs.html

Europe’s Natural Gas Prices Rise as Russian Flows via Ukraine Cease

Europe’s benchmark natural gas prices rose on the first trading day for 2025 on Thursday, a day after Russian flows to Europe via Ukraine stopped after decades of pipeline deliveries through the route. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, surged in Amsterdam by as much as 4% in early trade on Thursday, before giving up some gains and rising by 1% as of 10:00 a.m. Amsterdam time. On December 31, the gas supply deal for Russian gas to Europe transiting Ukraine expired and deliveries stopped on January…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Natural-Gas-Prices-Rise-as-Russian-Flows-via-Ukraine-Cease.html

Iran’s Crude Oil Exports Rebounded in Late December

Crude oil exports out of Iran rebounded in the second half of December, from a slow start to the month, according to vessel-tracking firm TankerTrackers.com. “Iran’s crude oil exports have rebounded sharply after a slower first half of December 2024,” the tracking service has posted on X, without providing numbers. Iran’s crude is not going to Syria now, TankerTrackers.com added. Before the rebound in crude oil shipments observed by TankerTrackers.com in late December, Iranian oil exports were estimated to have slowed down in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Irans-Crude-Oil-Exports-Rebounded-in-Late-December.html

Stocks close lower in volatile start to 2025 as S&P 500 losing streak grows: Live updates

The major market averages gave up early gains on Thursday, as the S&P 500 fell for the fifth straight trading session.

Read more at: https://www.cnbc.com/2025/01/01/stock-market-today-live-updates.html

Tesla shares slide after it reports first drop in annual deliveries

Tesla’s fourth-quarter deliveries report follows a huge late-year rally in the stock that lifted its gain for 2024 to 63%.

Read more at: https://www.cnbc.com/2025/01/02/tesla-tsla-q4-2024-vehicle-delivery-and-production-numbers.html

Meta replaces Global Affairs President Nick Clegg with Joel Kaplan ahead of Trump inauguration

It’s the latest sign of how tech companies are positioning themselves for a new administration in Washington.

Read more at: https://www.cnbc.com/2025/01/02/meta-is-replacing-head-of-global-affairs-ahead-of-trump-inauguration.html

Warren Buffett’s Berkshire Hathaway beats S&P 500 in 2024, posts 9th straight up year

The conglomerate relied on solid operating earnings, boosted by strong investment income and underwriting earnings at auto insurance flagship Geico.

Read more at: https://www.cnbc.com/2025/01/02/buffetts-berkshire-hathaway-beats-sp-500-in-2024-posts-9th-sup-year.html

Regulatory clarity could drive bitcoin to $225,000 this year, says H.C. Wainwright

Regulatory clarity and institutional adoption could drive bitcoin this year to more than double its current price, according to H.C. Wainwright.

Read more at: https://www.cnbc.com/2025/01/02/regulatory-clarity-could-drive-bitcoin-to-225000-this-year-says-hc-wainwright.html

Mortgage demand dives nearly 22% to end 2024

Rising mortgage interest rates collided with the slowest month of the year for sales.

Read more at: https://www.cnbc.com/2025/01/02/mortgage-demand-dives-nearly-22percent-to-end-2024-.html

These airlines were the most on time in 2024

Supply chain issues and strong travel demand continued in 2024.

Read more at: https://www.cnbc.com/2025/01/02/these-airlines-were-the-most-on-time-in-2024.html

Crypto tokens climb as investors hopeful for friendlier U.S. regulation 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, Chris Kuiper, director of research at Fidelity Digital Assets, shares his 2025 outlook for bitcoin, ether, and stablecoins.

Read more at: https://www.cnbc.com/video/2025/01/02/crypto-tokens-climb-as-investors-hopeful-for-friendlier-us-regulation-in-2025-cnbc-crypto-world.html

Lilly asks to join lawsuit over compounded versions of its weight-loss drugs

Eli Lilly has asked to join in opposing a lawsuit brought by compounding pharmacies against the U.S. Food and Drug Administration.

Read more at: https://www.cnbc.com/2025/01/02/lilly-asks-to-join-lawsuit-over-compounded-versions-of-its-weight-loss-drugs.html

Jim Cramer’s top 10 things to watch in the stock market Thursday

The new trading year was getting off to a strong start.

Read more at: https://www.cnbc.com/2025/01/02/jim-cramers-top-10-things-to-watch-in-the-stock-market-thursday.html

Officials ID person who rented Cybertruck used in explosion outside of Las Vegas Trump hotel

The truck was rented to Matthew Alan Livelsberger, two senior law enforcement officials told NBC News. An Army spokesperson said Livelsberger was on approved leave at the time and assigned to the U.S. Army Special Operations Command.

Read more at: https://www.cnbc.com/2025/01/02/officials-id-person-rented-cybertruck-used-explosion-las-vegas-trump-.html

New Orleans attack suspect acted alone, supported Islamic State, FBI says

New Orleans officials said the Sugar Bowl that had been scheduled for Wednesday in a New Year’s Day tradition would take place on Thursday afternoon.

Read more at: https://www.cnbc.com/2025/01/02/police-probe-motive-in-new-orleans-truck-rampage.html

Cryptocurrencies jump to start 2025, bitcoin rises back above $97,000

Cryptocurrencies rose to start the year, rebounding from recent losses as investor optimism returned to the market.

Read more at: https://www.cnbc.com/2025/01/02/crypto-market-today.html

Guardian Angels To Return To NYC Subways After Multiple Assaults And Murders

In 1979-1980 at the height of the decade-long stagflationary crisis wrought by Richard Nixon and Jimmy Carter, New York City was reeling from a growing crime wave.  The mayor was Edward Irving Koch, a lifelong Democrat who described himself as a “liberal with sanity”.

During that same period the federal government passed the Refugee Act, which led to the infamous Mariel Boatlift in 1980 and a surge of 125,000 Cubans into the US.  A large number of these refugees were criminals from Cuban prisons, set loose by Fidel Castro and shipped off to Florida to relieve the Cuban prison system.

Many of these same violent criminals ended up in NYC, welcomed by the US immigration system with open arms.

City residents were hit with a crippling crime wave, then New York State and NYC passed stringent gun laws in 1980, making it nearly impossible for law abiding citizens to carry and protect themselves.  New York subways in particular were considered far too dangerous for the average person, though many were too poor to afford alternative transportation.

The situation was so bad that muggers were even getting robbed by other muggers, yet, city officials tried to diminish the threat as a matter of people using the subways at “the wrong time of day”.

When the Democrat controlled state government disarmed the population and then refused to provide practical protection for them, people took matters into their own hands and formed citizen security groups.  The m …

Read more at: https://www.zerohedge.com/political/guardian-angels-return-nyc-subways-after-multiple-assaults-and-murders

“Act Of Terror”: FBI Says Bourbon Street Attacker Lone Wolf, No “Definitive Link” To Vegas Cybertruck Bomber

Update (1407ET):

Deputy Assistant Director Christopher Raia of the FBI Counterterrorism Division told reporters on Thursday afternoon that the New Orleans massacre “was an act of terrorism” (14 dead, dozens injured) and stated, “My goal is to be as forthcoming as possible with you about what we’ve uncovered so far.”

FBI Deputy Assistant Director Christopher Raia on New Orleans Attack: “This was an act of terrorism. It was premeditated and an evil act…We do not assess at this point that anyone else is involved in this attack except for Shamsud-Din Jabbar.” pic.twitter.com/DF2H2YKDO2

— CSPAN (@cspan) January 2, 2025

Remember, hours after the terror incident on Bourbon Street, the FBI lied to the American people: “This was not a terrorist event.”

The FBI said it was NOT a terror attack 3 hours after an ISIS flag was seen on his truck….. 🤔
pic.twitter.com/0ZPLX15uJh

— End Wokeness (@EndWokeness) January 1, 2025

Read more at: https://www.zerohedge.com/political/feds-probe-possible-military-link-between-suspects-bourbon-street-massacre-trump-hotel

The CFPB Wants You To Pay For Mistakes Of Others

Authored by Jon Decker via RealClearMarkets.com,

Imagine receiving an email from a stranger offering you one hundred thousand dollars in a week if you send them ten thousand dollars today. Most of us would immediately recognize this as a scam and avoid it. However, what if you were guaranteed to get your initial ten thousand dollars back, even if it turned out to be a fraud? It seems obvious that removing such risk would encourage people to make reckless financial decisions – to everyone except President Biden’s Consumer Financial Protection Bureau (CFPB.) This is evidenced by their recent lawsuit against the fintech payment service Zelle.

The CFPB is suing Zelle arguing that it should be forced to reimburse anyone who unwittingly transfers their own money to a scammer. Its actions seem all the more disingenuous given that no federal law endorsed or approv …

Read more at: https://www.zerohedge.com/political/cfpb-wants-you-pay-mistakes-others

Make Lithium Great Again: Peer-Reviewed Study Reveals Whole-Body Benefits Of Supplementation

Lithium is best known as a medication for treating bipolar disorder, where it’s used in higher doses to stabilize mood and reduce the risk of suicide. But now, researchers are uncovering evidence that this humble mineral may offer benefits far beyond mental health – at doses much smaller than those used in traditional therapies. A 2023 study from Brock University explored these possibilities in depth.

Before we continue – yes, we sell low-dose lithium in a product called Mood from IQ Biologix. We take it. It works – really well. Whether or not you give it a try, please read on as the findings from the above study are legit, and this naturally occurring mineral can be a great alternative to prescription drugs for a variety of needs. If you’re into studies, we encourage you to read it.

Read more at: https://www.zerohedge.com/medical/make-lithium-great-again-peer-reviewed-study-reveals-whole-body-benefits-supplementation

House prices rose by 4.7% in 2024, says Nationwide

Housing market activity remained “remarkably resilient” despite affordability challenges, the lender says.

Read more at: https://www.bbc.com/news/articles/cn4xrj1l3pmo

Pigs in blankets and fizz help boost Lidl Christmas sales

The supermarket chain said it achieved its best Christmas on record in 2024, although growth has slowed.

Read more at: https://www.bbc.com/news/articles/cewxrz2xxeqo

Avanti passengers face disruption in fresh train strikes

Rail managers who are RMT union members are locked in a row over rest day working.

Read more at: https://www.bbc.com/news/articles/c1el19j59dyo

Sebi bans Ketan Parekh, 2 others from markets in front-running scam, impounds Rs 65 crore

SEBI barred Ketan Parekh, Rohit Salgaocar, and others from Indian capital markets for a front-running scam, impounding ₹65.77 crore. Parekh, notorious for the 2001 stock scam, faces fresh restrictions alongside key associates.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-bans-ketan-parekh-2-others-from-markets-in-front-running-scam-impounds-rs-65-crore/articleshow/116891317.cms

MOIL Q3 update: Sales jumps 13% YoY as PSU posts best ever quarterly performance

MOIL reported record-breaking Q3 and nine-month performance in FY25, achieving its highest-ever manganese ore production (4.6 lakh tonnes) and sales (3.88 lakh tonnes), with 13% growth YoY. Production and sales also increased 4.5% and 3.5%, respectively, during April-December.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/moil-q3-update-sales-jumps-13-yoy-as-psu-posts-best-ever-quarterly-performance/articleshow/116891653.cms

At 229x, Indo Farm Equipment IPO gets 2nd highest subscription among 2024 mainboard issues. Check status, GMP, other details

The Indo Farm Equipment IPO, subscribed 229.31 times, is the second most subscribed mainboard IPOs of 2024. Strong demand came from QIBs (503.39x) and NIIs (104.36x). Only Vibhor Steel Tubes saw higher subscription.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/indo-farm-equipment-ipo-gets-2nd-highest-subscription-among-2024-mainboard-issues-check-status-gmp-other-details/articleshow/116889515.cms

Why the U.S. economy is still strong despite the Fed’s 2022-23 rate hikes

Something surprising happened on the way toward the highest U.S. interest rates in more than a dozen years: Neither consumers nor businesses buckled under the weight of higher borrowing costs from the Federal Reserve’s 2022-23 hiking cycle.

Read more at: https://www.marketwatch.com/story/why-the-u-s-economy-is-still-strong-despite-the-feds-2022-23-rate-hikes-b3affa3a?mod=mw_rss_topstories

10-year Treasury yield ends not far from 7-month high as new trading year begins

Yields on U.S. government debt ended little changed on Thursday, leaving the benchmark 10-year rate near its highest level since late May.

Read more at: https://www.marketwatch.com/story/treasury-yields-dip-but-remain-near-seven-month-highs-as-new-trading-year-gets-underway-cf6238c6?mod=mw_rss_topstories

House speaker election looks tricky. It may spark doubts over ‘whether Congress can achieve anything market-friendly.’

The U.S. House of Representatives may again struggle to pick a speaker, and one veteran analyst is warning that a protracted election process wouldn’t bode well for market-moving matters that Congress must address later this year.

Read more at: https://www.marketwatch.com/story/house-speaker-election-looks-tricky-it-may-spark-doubts-over-whether-congress-can-achieve-anything-market-friendly-d50f047b?mod=mw_rss_topstories