Kevin Hanks is live at the CBOE, has our pre-bell playbook and the reaction to the slightly cooler than expected CPI. Let's talk a little bit about this. Good morning. >> Good, good morning, Nicole.I, you know, I think this was a pretty solid number from CPI dominated by energy. Here's the numbers. Headline month overmonth CPI up 2/10en of a percent.That is a tenth less than expected. Year-over-year headline CPI comes in 2.4%. 4% that is 3/10en lower than than last uh month and a tenth lower than the expect ...

Core Insights - The energy composite, which includes various energy commodities, experienced a decline of 7.06% in Q4 and is projected to be 10.99% lower in 2025 [1] - Crude oil prices fell significantly in Q4 and are expected to continue declining into 2025, while natural gas prices showed an upward trend [2][3] Crude Oil Market - Nearby NYMEX crude oil futures dropped by 7.94% in Q4 2025, influenced by seasonality and increased production [3] - NYMEX WTI crude oil prices decreased by 19.34% in 2025, closing at $57.42 per barrel, with early 2026 prices around $59 per barrel [4] - ICE Brent crude oil prices fell by 9.41% in Q4 and 18.49% in 2025, settling at $60.84 per barrel by the end of 2025, with early 2026 prices exceeding $63 per barrel [5] Oil Products and Crack Spreads - Gasoline prices fell more sharply than heating oil prices in Q4, with NYMEX gasoline futures down 13.07% in Q4 and 14.64% lower in 2025, while heating oil futures dropped 9.05% in Q4 and 8.41% in 2025 [6] - The gasoline crack spread decreased by 21.06% in Q4 but increased by 13.98% in 2025, while the distillate refining spread fell by 9.32% in Q4 and rose by 24.78% in 2025, indicating improved refinery earnings [7]