here. Let's get to Kevin Green who joins me now for a bit of a data download. Let's just get this construction spending data out of the way first.KG, what are you seeing there. >> Yeah, for construction spending, this is actually still a healthy number just kind of like what we saw last month. It actually increased by 0.3% for the month of December. She was looking for 0.2% in the previous month uh that was actually reported because we did have some uh delay because of government shutdowns.It was actually 0 ...

Oil markets remain fixated on the threat of a U.S. attack on Iran — and this week could provide some clarity on the next move for crude prices, with talks between the two nations expected Thursday. ...

Group 1 - Oil prices have risen as traders respond to a US winter storm and a weaker dollar, with West Texas Intermediate trading near $62 [1] - Freezing conditions in the US have disrupted several refineries on the Gulf Coast, but the impact on domestic output is expected to be temporary [2] - Despite expectations of an oil glut, prices have rebounded due to disruptions in Kazakh exports and geopolitical tensions involving Iran [3] Group 2 - Concerns regarding Kazakh oil supplies have eased as a key Black Sea terminal has resumed operations and the largest producer is set to restart output at the Tengiz field [4] - Chevron Corp. is working to increase Venezuelan crude supply to a well-supplied market [4] - OPEC+ is expected to maintain steady oil production during their upcoming meeting, with no immediate need to adjust policies in response to events in Venezuela and Iran [5]

OPEC+ delegates say they’re currently expecting to stick with plans to keep oil production steady next month https://t.co/LFT81jZMw4 ...

Group 1 - European stocks are expected to open mixed on the first trading day of 2026 following the New Year's Day holiday [1] - The Stoxx 600 index experienced a significant increase of 17 percent in the previous year, marking its largest annual gain since 2021, driven by resilient economic growth and anticipated higher fiscal spending in the region [2] - Tesla is set to report its fourth-quarter delivery figures after a strong performance in Q3 [2] Group 2 - Asian stocks showed mostly positive movement, although trading volumes were low due to holidays in Japan, China, and New Zealand [3] - The dollar started 2026 on a weak note, experiencing its sharpest decline in eight years [3] - Investors are anticipating two additional Federal Reserve rate cuts in 2026, with key economic data releases, including the U.S. payrolls report and jobless data, expected to provide further insights into the interest rate outlook [5] Group 3 - Oil prices increased on the first trading day of 2026 following the largest annual drop since 2020, with attention on an upcoming OPEC+ meeting and geopolitical concerns [5] - U.S. stocks ended lower for the fourth consecutive session, influenced by the Federal Reserve's December policy meeting minutes revealing divisions among policymakers regarding interest rate direction [6] - New claims for unemployment benefits fell during the holiday week but remained within a consistent range over the past months [6]

Core Insights - The oil market is currently seeking new catalysts after a stagnant month, with geopolitical tensions failing to impact prices significantly [1][9] Price Forecasts - Analysts predict an average price of $62 per barrel for 2026, a decrease of $10 from earlier forecasts [3] - The IEA anticipates a significant oversupply of 4.2 million barrels per day (b/d) in 2026, while conservative estimates suggest a stock-build of 0.5 million b/d [3] Market Dynamics - US shale output is expected to decline next year, with WTI projected to average $59 per barrel, which is $3-4 below the breakeven cost for new Permian wells, potentially stabilizing prices [4] - High freight costs have limited the influx of Atlantic Basin oil into Asia, but a negative Brent-Dubai EFS spread indicates that easing freight costs may soon change this [4] Market Movements - Chevron is expanding its operations by entering two oil and gas exploration blocks in Nigeria, covering 2,000 km² [6] - Targa Resources has agreed to acquire Stakeholder Midstream for $1.25 billion, enhancing its natural gas processing capabilities [6] - BP has fully restarted its Olympic Pipeline system after a month-long halt due to a leak [7] - ExxonMobil is considering acquiring Lukoil's 75% stake in the West Qurna-2 project in Iraq [7] Recent Market Activity - November was characterized by low volatility, with ICE Brent trading within a narrow range of $62.48 to $65.16 [9] - The OPEC+ meeting met market expectations, and attention is now focused on diplomatic efforts between Moscow and Kyiv that could influence future market conditions [9]

Sunday’s OPEC+ meeting may prove to be a last moment of calm before the tumult arrives, writes @oil_gs01 https://t.co/zgRrtIYlz6 ...

Core Viewpoint - Brent crude oil futures remained stable as investors monitored the Russia-Ukraine peace talks and the upcoming OPEC+ meeting for indications of potential supply changes impacting prices [1] Group 1 - Investors are closely watching the progress of the Russia-Ukraine peace talks for potential implications on oil supply [1] - The outcome of the OPEC+ meeting scheduled for Sunday is anticipated to provide insights into future supply adjustments [1] - Current supply concerns are contributing to the pressure on oil prices [1]

Core Viewpoint - The oil market is currently perceived as "thin and directionless" in anticipation of the upcoming OPEC+ meeting and the U.S. Thanksgiving period [1] Group 1 - The market sentiment reflects uncertainty and lack of clear direction among investors [1] - The OPEC+ meeting is expected to influence market dynamics significantly [1] - The Thanksgiving period in the U.S. is contributing to a lull in trading activity [1]

Core Insights - The crude oil market experienced muted activity due to the US Thanksgiving celebrations [1] - The USO ETF continued to extend its previous gains after rebounding from a one-month low [1]