Author: BlackMask Financial

Oil extended a rally that has brought it to the highest in more than two months as shrinking US crude stockpiles and a risk-on tone in broader markets overshadowed signs of a misfiring Chinese economy. West Texas Intermediate climbed for the fifth straight session, approaching $74 a barrel and settling at the highest closing price since mid-October. A push above key technical levels earlier in the week spurred fresh buying from quantitative funds, while strength in equity markets and a slump in the dollar aided Friday’s gain. WTI’s prompt spread firmed to almost $75  a barrel in a sign of a tightening supply outlook.

Capping oil’s advance, the onshore yuan weakened past a level that China had been defending throughout December, fanning concerns over the nation’s economic struggles.

The outlook for 2025 remains uncertain, however, with expectations for oversupply, the possible revival of idled OPEC+ production and lackluster demand from top importer China. The return of Donald Trump to the White House later this month also adds unpredictability for global markets. NN: Drill baby DRILL

The United States State Department sent an informal notification to Congress about plans to conclude an $8 billion arms deal with Israel that will include fighter jet munitions, attack helicopters, and artillery shells, Axios reported, citing sources familiar with the matter.  It was said the deal would aim to boost “Israel’s long-term security by resupplying stocks of critical munitions and air defense capabilities.” It would also involve shipments of AIM-120C-8 AMRAAM air-to-air missiles for fighter jets which can be used against drones. In addition, the supply of JDAM bombs which are used to convert unguided bombs into precision munitions. The deal would require both House and Senate confirmation to enter into force. Some of the munitions would take up to one or more years to deliver, according to sources.

United States President-elect Donald Trump commented via his profile on TruthSocial on the decision by New York Supreme Court Judge Juan Merchan to throw out his bid to dismiss his hush-money case calling it a “rigged charade” and denouncing Merchan as a “radical partisan” guilty of violating the constitution. “Merchan has so little respect for the Constitution that he is keeping in place an illegal gag order on me, your President and President Elect, just so I cannot expose his and his family’s disqualifying and illegal conflicts. I am the only Political Opponent in American History not allowed to defend myself – A despicable First Amendment Violation!” wrote Trump. The president-elect once again called for the end of “lawfare” against him, stressing the importance of achieving unity ahead of his return to the White House on January 20.

Trump’s team: NY judge ruling violates SCOTUS decision

United States President-elect Donald Trump’s communications director Steve Cheung condemned in a statement the decision of New York Supreme Court Judge Juan Merchan to deny Trump’s bid to dismiss his hush-money case as a “direct violation of Supreme Court’s immunity decision.”

“This lawless case should have never been brought and the Constitution demands it immediately dismissed. President Trump must be allowed to continue the Presidential Transition process and to execute vital duties of the presidency,” Cheng stated.

The judge scheduled Trump’s sentencing for January 10 in New York City. At the same time, Trump will be sworn in as the 47th president on January 20.

 

The United States Federal Bureau of Investigation (FBI) said on Thursday that Shamsud-Din Jabbar, who killed at least 14 people in New Orleans yesterday, said he joined the Islamic State (IS) last year. A flag of the terrorist organization was found in the truck used in the attack. Jabbar was also a US Army veteran and lived in Texas. He was killed when he opened fire on the police officers who responded to the incident. The FBI said it now believes Jabbar acted alone and there is no further danger to the citizens of New Orleans. It confirmed there is currently no link between the attack and the Cybertruck explosion outside the Trump Tower in Las Vegas but that the investigation is still in the early stages.

NN: They are all declaimed lone wolves. Of curse he belonged to a Mosque of peaceful loving members of the Islamic terrorhood. Do you hear laughter?

Summary of Data for the week ending December 27, 2024

U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending December 27, 2024, which was 41 thousand barrels per day more than the previous week’s average. Refineries operated at 92.7% of their operable capacity last week. Gasoline production
decreased last week, averaging 9.0 million barrels per day. Distillate fuel production increased last week, averaging 5.4 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 455 thousand
barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 1.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 665 thousand barrels per day, and distillate fuel imports averaged 197 thousand barrels per day. Total motor gasoline inventories increased by 7.7 million barrels from last week and are slightly below the five year average for this time of year. Finished gasoline inventories decreased last week while blending components inventories increased last week. Distillate fuel inventories increased by 6.4 million
barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories decreased by 0.6 million barrels from last week and are 10%
above the five year average for this time of year.

Total commercial petroleum inventories increased by 9.3 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 1.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, up by 0.6% from the same period last year.

Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 8.4% from the same period last year.

Jet fuel product supplied was up 6.1% compared with the same four-week period last year

US President-elect Donald Trump reiterated on Tuesday night his warning to Hamas to release the hostages it is holding in Gaza.

At a New Year’s Eve gala at his Mar-a-Lago resort in Florida, Trump was asked by a CNN reporter whether he had spoken recently to Israeli Prime Minister Benjamin Netanyahu about a potential ceasefire and hostage deal, talks on which appear to have hit a snag.

Trump first made a similar threat at the Republican National Convention in July and repeated it again last month, saying then that “there will be all hell to pay in the Middle East and for those in charge who perpetrated these atrocities against humanity” if the hostages were not released by the time he takes office. Trump’s reiterated threat comes as Israeli and US officials have said Israel and Hamas are unlikely to reach a hostage deal before Trump’s return to office, as a renewed round of negotiations has appeared to once again fizzle out. Israeli officials have charged that Hamas backed away from a softening of its stance that could have enabled a deal, and instead returned to a position that is holding up progress. The terror group has accused Israel of making new demands in the negotiations and causing delay. Arab mediators told The Wall Street Journal on Tuesday that negotiations had reached an impasse as both sides have doubled down on demands the other would not accept. According to the report, Israel has insisted that only living hostages be released in the first stage of a potential deal, while Hamas has insisted that the first 30-odd hostages returned include dead bodies. It has also gone back to its demand that the deal lead to a permanent end in fighting, to which Israel refuses to commit. While mediators have said a deal is unlikely to be reached before the end of US President Joe Biden’s term this month, they told the Journal that they expected the sides to return to negotiations once Trump takes office.

NN: To make natters worse Hamas used a hospital to conduct military terrorist activity against Israel, former IDF spokesperson says. 

BlaskMask Pod Cast:

TRUMP “THEY BETTER LET THE HOSTAGES GO”

 

Ukrainian Ministry of Energy confirmed on Wednesday in a statement that the transit of Russian gas through the Ukrainian territory has been suspended. The ministry noted that this was done in order to uphold the national security interests, adding that Kiev’s international partners have already been informed about the decision. “We stopped the transit of Russian gas, this is a historic event. Russia is losing markets, it will suffer financial losses. Europe has already decided to abandon Russian gas,” Ukraine’s Energy Minister Herman Halushchenko commented.

Gazprom stops gas transit via Ukraine

PJSC Gazprom announced it halted gas deliveries to Europe via the territory of Ukraine after the transit agreement between Russia and Ukraine officially expired on January 1, 2025. The state-owned company said the supply of gas was stopped because technical and legal requirements for its continuation were not met. “Since 08:00 Moscow time, the supply of Russian gas for its transportation through the territory of Ukraine has not been carried out,” the company said in a statement. Ukraine previously announced the transit agreement would not be renewed.

Yemen-based Houthis said on Tuesday that they carried out another attack on Israel using hypersonic ballistic missiles, the rebel group’s spokesperson Yahya Saree (pictured) said in a statement. Saree shared that the group targeted Ben Gurion Airport and a power plant in Jerusalem, claiming that “the two missiles successfully hit their targets. Additionally, he revealed that Houthi forces also struck the US aircraft carrier USS Harry S. Truman while the US forces “were preparing to launch a major air attack against” Yemen. In recent days, the Houthis have launched multiple attacks on Israel prompting senior Israeli officials to warn that Houthi leaders will become targets of Israeli forces, with Prime Minister Benjamin Netanyahu emphasizing that Israel is “just getting started with the Houthis”

Israeli forces have intercepted two Houthi missiles fired from Yemen, according to Israeli Army Radio.One of the projectiles was downed before it managed to enter Israeli airspace and the other after. The Magen David Adom ambulance service reported that two people were injured in the panic after the sirens sounded warning of the Houthi missile launch. One of the victims was hit by a car and lightly wounded while running to the bomb shelter, the ambulance service added that they were taken to Kaplan Medical Center.