MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for January 9th:

Updated at 5:00 PM ET 

HEADLINES:

— Chevon, Exxon Give OK To Trump’s Venezuela Plan

— LA Jet Fuel Basis Slips After Multi-Year High This Week

— BTS: U.S. Carriers Had 84.1M Passengers in October

— Baker Hughes: North America Rig Count Up 94 on Week

— EIA: NatGas 2025 Prices Up 56% on Winter Demand, Exports

— CEC: California Gasoline Stocks Fall 1.03M Bbl on Week

— CEC: California Diesel Stocks Rise 196,000 Bbl on Week

— University of Michigan: Consumer Sentiment Ticks Up in Jan

— U.S. Dec Nonfarm Payrolls Up 50,000, Jobless Rate at 4.4%

— PBF’s Torrance Refinery Planned Flaring to End Jan. 18

— Trump: U.S. Oil Majors to Invest $100B on Venezuela

NEWS:

Chevon, Exxon Give OK To Trump’s Venezuela Plan

Oil majors Chevron and Exxon stated their willingness on Friday (1/9) to help boost production in Venezuela at a meeting called by U.S. President Donald Trump to assess industry support for reviving the fortunes of the South American nation remotely run now by his administration.

Chevron’s Vice President Mark Nelson told Trump it could start boosting its lifting of crude oil in Venezuela, where it was already operating on a limited partnership, according to media reports.

Exxon’s CEO Darren Woods said the company was ready to put a team on the ground in Venezuela over the next couple of weeks, although he voiced inhibitions about reinvesting in a country where the company had its assets seized twice previously by the local government.

ConocoPhillips CEO Ryan Lance also spoke of losing $12 billion of assets previously in Venezuela.

Venezuela’s oil production used to be as high as 3.5 million bpd in the late 1990s before it expelled U.S. production partners under an aggressive nationalization move. It currently produces around 1 million bpd or less, according to OPEC.

The meeting at the White House capped a week of whirlwind activity that begin with U.S. military forces’ capture of Venezuelan president Nicolas Maduro on Saturday (1/3). It was accentuated by Trump’s social media post on Friday (1/2) that U.S. oil majors had indicated in conservations with him their willingness to invest a total of some $100 billion in Venezuela.

None of the industry executives at the White House meeting spoke openly of any financial commitments for Venezuela though and reporters were cleared from the room before Trump began earnest discussions on how to proceed with his agenda.

LA Jet Fuel Basis Slips After Multi-Year High This Week

Los Angeles jet fuel basis edged up on Friday (1/9), but remained well below multi-year price highs reached earlier this week, as seasonal demand stayed subdued.

Los Angeles prompt jet fuel traded this afternoon at 40cts premium to NYMEX RBOB futures on Friday (1/9), 5cts higher than the prior trading session, following a sharp rally earlier in the week that pushed basis values to three-year highs.

On Tuesday (1/6) Los Angeles jet fuel basis traded at a 75cts premium against the NYMEX RBOB futures contract for February, the strongest level since September 22, 2022, when the basis it traded at 80cts premium to October RBOB futures.

Despite the pullback at the end of the week, traders said the Los Angeles jet fuel market has remained historically tight. Jet fuel inventories in PADD 5 slipped by 100,000 bbl to 11.2 million bbl last week and were 700,000 bbl lower than the same week last year. 

BTS: U.S. Carriers Had 84.1M Passengers in October

U.S. airlines carried 84.1 million systemwide in October, slightly lower than the prior month and well below the record highs of last summer, the Bureau of Transportation Statistics (BTS) announced Friday (1/9).

BTS reported 74.2 million domestic passengers and 9.9 million international passengers on U.S. airlines flights in October, not adjusting for seasonality.  

When adjusted for seasonality, October enplanements are up 0.3% from September and down 2.7% from the all-time high reached in June 2024, the agency said.

Separately, the International Air Traffic Association reported on Thursday (1/8) that the domestic U.S. air passenger market experienced a 1.8% slide in volumes for November.

Baker Hughes: North America Rig Count Up 94 on Week

North American drilling activity jumped by 94 rigs this week, with the surge driven almost entirely by higher activity in Canada, according to Baker Hughes’ weekly rig count report released Friday (1/9).

The combined change in U.S. and Canadian rig counts left the total North American rig count at 741, versus the prior week’s tally of 647. Year-on-year, North American rigs were lower by 59 from the 800 rigs operating during the same week last year.

Canada’s total rig count rose by 96 week-on-week to 197. By contrast, the U.S. rig count slipped by two to 544, slightly offsetting the broader North American surge.

In the United States, land-based drilling activity fell by two rigs to 525 for the week. Activity offshore and in inland waters were both unchanged at 16 and three, respectively.

Year-on-year, U.S. rigs were lower by 40 from the 584 reported during the same week last year.

U.S. rigs drilling for oil fell by three to 409 for the week. Those drilling for gas slid by one to 124. The miscellaneous rig count rose by two to 11.

By drilling type, horizontal rigs decreased by one to 475. Directional rigs rose by one to 57, while vertical rigs fell by two to 12.

EIA: NatGas 2025 Prices Up 56% on Winter Demand, Exports

U.S. natural gas spot prices surged by 56% last year, driven by winter demand and higher export capacity, the Energy Information Administration said in analysis Friday (1/9) that underscored the market’s growth since its last peak in 2021.

Benchmark Henry Hub spot gas averaged $3.52 per million British thermal units in 2025, compared to the inflation-adjusted average of $2.26 per mmBtu recorded during 2024.

The jump represents the highest annual run-up in gas prices since 2021, when the market rebounded by 57% following the demand destruction caused by the 2020 coronavirus outbreak.

In 2025, increased liquefied natural gas exports and late-year polar vortex provided the structural support necessary to lift prices from the prior year.

Despite the annual increase, record levels briefly pressured prices during the summer months of 2025, with spot Henry Hub reaching a low of $2.62 mmBtu in August.

Domestic output expanded by an estimated 4.5 billion cubic feet per day to also meet global needs. EIA records show LNG exports surged by 25% to reach a record 14.9 billion cubic feet per day in 2025 as new liquefaction facilities expanded national export capacity to 15.4 Bcfd.

A polar vortex between late November and early December pushed gas prices above the $5 mmBtu mark. The spike from the mid-summer price drop reflected the volatility in supply-demand following the comfortable surplus supply of the previous two years.

Regional gas prices, however, saw stark divergences in 2025. Hubs near New York City and Boston saw surges that far outpaced the national benchmark due to persistent regional pipeline constraints.

In contrast, the Northwest Sumas pricing point saw gas prices decline as ample Canadian supply met lower demand. Record production in Western Canada’s Montney shale basin also anchored prices near the northern border.

CEC: California Gasoline Stocks Fall 1.03M Bbl on Week

California gasoline inventories declined in the week ending January 2, pressured by draws in both Northern and Southern California, according to the California Energy Commission’s Weekly Fuels Report released Thursday (1/8).

Statewide gasoline stocks, including CARB reformulated, non-California, and blending components, tumbled by 1.029 million bbl to 10.446 million bbl, but were still 0.1% higher than a year earlier.

Northern California gasoline inventories slipped by 49,000 bbl to 5.405 million bbl, remaining 15% above levels a year earlier.

Northern CARB reformulated gasoline stocks fell by 119,000 bbl to 2.981 million bbl. Northern non-California gasoline stocks edged higher by 2,000 bbl to 338,000 bbl, while Northern blending components climbed by 68,000 bbl to 2.086 million bbl.

Southern California gasoline inventories declined by 980,000 bbl to 5.041 million bbl, standing 12% below last year.

Southern CARB reformulated gasoline stocks dropped by 365,000 bbl to 2.252 million bbl. Southern non-California gasoline fell by 36,000 bbl to 522,000 bbl, while Southern blending components declined by 579,000 bbl to 2.267 million bbl.

Statewide gasoline production fell by 460,000 bbl to 5.458 million bbl, 12% lower than last year.

Southern California gasoline production declined by 153,000 bbl to 3.546 million bbl, down 5% annually.

Southern CARB reformulated gasoline production fell by 154,000 bbl to 3.182 million bbl, while Southern non-California gasoline production edged higher by 1,000 bbl to 364,000 bbl.

Northern California gasoline production dropped by 307,000 bbl to 1.912 million bbl, standing 22% below levels a year earlier.

Northern CARB reformulated gasoline production decreased by 345,000 bbl to 1.681 million bbl, while Northern non-California gasoline production rose by 38,000 bbl to 231,000 bbl.

CEC: California Diesel Stocks Rise 196,000 Bbl on Week

California diesel inventories climbed in the week ending January 2, driven by gains in Northern California, according to the California Energy Commission’s Weekly Fuels Report released Thursday (1/8).

Statewide CARB diesel and other diesel fuel stocks rose by 196,000 bbl to 2.688 million bbl, up 6% from last year.

Northern California diesel inventories increased by 174,000 bbl to 1.436 million bbl, up 44% from levels a year earlier.

CARB diesel stocks in the North climbed by 90,000 bbl to 1.001 million bbl, while Northern other diesel fuel stocks rose by 84,000 bbl to 435,000 bbl.

Southern California diesel inventories edged higher by 22,000 bbl to 1.252 million bbl, but were down 19% from the previous year.

Southern CARB diesel stocks rose by 37,000 bbl to 701,000 bbl, while Southern other diesel fuel stocks fell by 15,000 bbl to 551,000 bbl.

Statewide diesel production slipped by 8,000 bbl to 1.395 million bbl, down 4% from last year.

Southern California diesel production declined by 58,000 bbl to 844,000 bbl, down 8% annually.

Southern CARB diesel production fell by 53,000 bbl to 471,000 bbl, while Southern other diesel fuel production edged lower by 5,000 bbl to 373,000 bbl.

Northern California diesel production rose by 50,000 bbl to 551,000 bbl, but was up 2% from last year.

Northern CARB diesel production increased by 207,000 bbl to 370,000 bbl, and Northern other diesel fuel production slipped by 157,000 bbl to 181,000 bbl.

University of Michigan: Consumer Sentiment Ticks Up in Jan

U.S. consumer sentiment continued to improve in January, with the Index of Consumer Sentiment rising 1.1 points to a four-month high 54, according to preliminary data from the University of Michigan’s Surveys of Consumers released Friday (1/9) morning. This marked the second consecutive monthly improvement after the index in November plummeted to the lowest reading in three and a half years. Year-over-year, the index was down 17.7 points, or 24.7%.

The Index of Consumer Expectations, which reflects the economic outlook over the next 12 months, rose 0.4 points to 55, up 0.7% month-on-month but down 20.9% compared to the same month last year. 

The Current Economic Conditions Index, measuring sentiment about personal finances and buying conditions, rose 2 points to 52.4. Year-on-year, the index was down 30.2%.

“Consumers continue to be focused primarily on kitchen table issues, like high prices and softening labor markets. Although consumers’ worries about tariffs appear to be gradually receding, they remain guarded about the overall strength of business conditions and labor markets,” said Surveys of Consumers Director Joanne Hsu.

Year-ahead inflation expectations were unchanged at 4.2%, the lowest reading since January 2025, when they were at 3.3%. Long-run inflation expectations, meanwhile, rose from 3.2% to 3.4%.

U.S. Dec Nonfarm Payrolls Up 50,000, Jobless Rate at 4.4%

The U.S. labor market recovered slightly in December to add 50,000 jobs, pushing the unemployment rate down to 4.4% from November’s four-year high of 4.6%, the Bureau of Labor Statistics (BLS) announced Friday (1/9).

Economists on Wall Street had predicted on the average a jobs growth of 70,000 and a jobless rate of 4.5%.

December employment trended higher in food services and drinking places as well as in health care and social assistance, while the retail sector lost jobs, the BLS said.

The number of people who had been jobless for less than 5 weeks edged down to 2.3 million. Those employed part time for economic reasons were little changed at 5.3 million.

The December jobs data will be scrutinized closely for the impact it could have on the Federal Reserve’s upcoming interest rate decision on January 28.

Futures markets have priced in a more than 90% probability that the Fed will hold U.S. rates steady in a range of between 3.5% and 3.75%.  But some economists had been optimistic that the central bank might consider a 25-basis point cut this month – like it did three times between September and December – had the unemployment rate worsened from November’s 4.5%.

PBF’s Torrance Refinery Planned Flaring to End Jan. 18

PBF Energy’s ongoing planned flaring at its 166,000 bpd Torrance, California refinery, which began January 8 at 8:29 a.m. PT, is estimated to end on Sunday, January 18, at 11:59 p.m., a filing with the South Coast Air Quality Management District said.

The flare was due to a “startup/shutdown,” according to the filing. The emission event follows a series of flares reported at the Torrance facility in recent months.

Trump: U.S. Oil Majors to Invest $100B on Venezuela

The largest oil companies in the United States have pledged to invest $100 billion in all to boost Venezuelan production, U.S. President Donald Trump announced Friday (1/9).

“At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House,” Trump wrote on his Truth Social media site.

The White House has asserted its control over Venezuela since U.S. military forces captured Venezuelan President Nicolas Maduro last weekend.

Venezuela’s oil production used to be as high as 3.5 million bpd before falling to around 1 million bpd or less now, according to OPEC.

Trump’s statement about the financial pledges made by U.S. oil majors towards Venezuela comes even as his Treasury Secretary Scott Bessent admits such companies had been slow to respond to the White House’s initiatives for the South American nation.

 “The big oil companies who move slowly, who have corporate boards, are not interested,” Bessent said in a speech to the Economic Club of Minnesota on Thursday (1/8).

On the contrary, U.S. wildcatters and other companies and individuals were keen to develop Venezuelan oil, the treasury secretary added.