And welcome back to Worldwide Exchange. A check on a few other big stories that we are following this morning. Oil reversing earlier gains after the US confirmed it seized a sanctioned oil tanker off the coast of Venezuela.The Venezuelan government calling that move an act of piracy. Venezuelan OPEC member holds the world's largest oil reserves and exported around 586,000 barrels a day last month. Most of that went to China.Shares of Adobe under some pressure this morning despite delivering an upbeat outloo ...

Core Points - The Federal Reserve cut the Funds rate by 25 basis points, bringing it to a range of 3.50%-3.75%, the lowest since late 2022, aimed at supporting the job market and boosting home sales [2][5] - Major stock indices experienced gains, with the Dow Jones up 1.05% at 48,057, S&P 500 up 0.67% at 6,886, and Nasdaq up 0.33% at 23,564, following the rate cut [2] - Treasury bond yields decreased across the curve, with the 30-year bond closing at 4.79% and the 10-year note at 4.16%, driven by solid buying and expectations of slower inflation [3] - The energy sector saw a rally, with Brent Crude closing at $62.66 (up 1.6%), West Texas Intermediate at $58.95 (up 1.20%), and natural gas at $4.63 (up 1.29%), supported by supply concerns and expectations of higher future demand [4]

Core Insights - EOG Resources, Inc. has appointed John D. Chandler to its Board of Directors effective December 10, 2025, bringing significant experience from the energy sector [1] - Chandler's previous roles include Senior Vice President and Chief Financial Officer at The Williams Companies, enhancing EOG's leadership with his financial expertise in oil and gas [2] Company Overview - EOG Resources, Inc. is one of the largest crude oil and natural gas exploration and production companies in the United States, with proved reserves located in the United States and Trinidad [3]

Core Viewpoint - The Organization of the Petroleum Exporting Countries (OPEC) has maintained its oil-demand outlook while preparing to pause output increases in early 2026, but has slightly raised its supply forecast for this year [1] Group 1: Oil Demand Outlook - OPEC has left its oil-demand outlook unchanged, indicating stability in expected consumption levels [1] - The decision reflects confidence in the current market dynamics and demand trends [1] Group 2: Supply Forecast - OPEC has modestly increased its forecast for oil supply for the current year, suggesting a response to market conditions [1] - This adjustment may indicate an anticipation of higher production levels to meet demand [1] Group 3: Output Policy - The organization is preparing to pause output hikes in early 2026, signaling a strategic approach to managing production levels [1] - This pause may be aimed at balancing supply and demand in the oil market [1]

Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on Dec. 10, 2025 in Washington, DC. Chip Somodevilla | Getty ImagesThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Here are five key things investors need to know to start the trading day:1. Holding out for a hero2. Diverging pathsA sign is posted in front of the Oracle headquarters in Redwood Shores, California, on ...

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Financial Sector - First Eagle Investments has agreed to acquire Diamond Hill Investment Group, Inc. for approximately $473 million in an all-cash transaction, with a purchase price of $175 per share, representing a 49% premium over Diamond Hill's closing share price on December 10, 2025. This acquisition aims to expand First Eagle's presence in traditional fixed income and complement its equity capabilities. Diamond Hill will retain its headquarters and brand, with no changes to its investment philosophy or team [2]. Energy Sector - Chevron Corp. has had its price objective revised by BofA Global Research, with the target adjusted to $180 from $183, reflecting a slight recalibration of expectations in the oil and gas industry [3]. Geopolitical Developments - The German Foreign Minister has called for increased support for Ukraine from European allies, highlighting ongoing geopolitical tensions and the need for a unified response [4]. - Bulgaria is experiencing significant political instability as Prime Minister Rosen Zhelyazkov is expected to resign following budget protests, raising concerns about the country's political stability and its path to Eurozone entry [5]. Trade and Labor Developments - The UK government is committed to passing a Workers' Rights Bill by Christmas, which will introduce protections against unfair dismissal for workers with six months of service, effective January 1, 2027 [6]. - India-US trade negotiations are reportedly progressing well, with discussions aimed at finalizing the initial phase of a bilateral trade agreement [6].

The projected global crude oil surplus in the fourth quarter of 2025 has narrowed due to a halt in production, the International Energy Agency said on Thursday. Meanwhile, the forecast for global cru... ...

Core Viewpoint - Cenovus Energy Inc. has announced its 2026 capital budget and corporate guidance, focusing on production growth, cost control, and balancing debt reduction with shareholder returns [1][2][3] 2026 Guidance Highlights - Capital investment is projected to be between C$5.0 billion and C$5.3 billion, including approximately C$350 million for turnaround costs [6][7] - Excluding turnaround costs, capital investment is expected to be between C$4.7 billion and C$5.0 billion, with C$850 million allocated to the Christina Lake North asset [6][7] - Upstream production is forecasted to be between 945,000 BOE/d and 985,000 BOE/d, reflecting a year-over-year growth rate of approximately 4% [7][8] - Downstream crude throughput is expected to be between 430,000 bbls/d and 450,000 bbls/d, with a utilization rate of approximately 91% to 95% [7][14] Upstream Production and Costs - Oil sands production guidance for 2026 is set at 755,000 bbls/d to 780,000 bbls/d, with non-fuel operating costs expected to be between C$8.50/bbl and C$9.50/bbl [9][10] - Conventional production is anticipated to be between 120,000 BOE/d and 125,000 BOE/d, with operating costs ranging from C$11.00/BOE to C$12.00/BOE [11] - Offshore production is expected to be between 70,000 BOE/d and 80,000 BOE/d, including 20,000 bbls/d to 25,000 bbls/d from the Atlantic region [12][13] Downstream Operations - Total downstream capital investment is projected to be between C$600 million and C$700 million, with a focus on safety and reliability initiatives [14][16] - Canadian refining throughput is expected to be between 105,000 bbls/d and 110,000 bbls/d, while U.S. refining throughput is forecasted to be between 325,000 bbls/d and 340,000 bbls/d [15][16] Corporate Financial Framework - General and administrative expenses are expected to remain flat at C$625 million to C$675 million, with cost reductions offsetting the impact of the MEG acquisition [17][24] - The company aims to balance deleveraging with shareholder returns, targeting to return approximately 50% of excess free funds flow when net debt exceeds C$6.0 billion [24]

The supertanker market has tightened this year as crude supply from OPEC+ and the Americas rises and vessels make increasingly longer trips. So much has the market tightened that several new-built very large crude carriers (VLCC) have made empty maiden voyages from yards in Asia to pick supply from producing countries in the Middle East, the Americas, and Africa, instead of loading fuels made in Asia on their first journey. As many as six VLCC, or supertankers as they are commonly known, have traveled th ...