- Oil is higher this morning, near $73.50, and heading for a weekly gain
- Following yesterday's EIA crude inventory report, US inventories are about 2% below the five-year average
- Maersk warns Red Sea issues will persist, extends diversion (BBG)
- Shipping company Maersk has said they will continue diverting ships away from the Red Sea “for the foreseeable future” due to attacks on vessels by the Houthis
- In a statement on its website, the company said, “All available intelligence at hand confirms that the security risk continues to be at a significantly elevated level”
- Ships have had to reroute around Africa, leading to higher shipping rates
- Texas Railroad Commission suspends water disposal wells in two West Texas counties (BBG)
- Citing an increased risk of earthquakes, the regulatory body has announced the suspension of water disposal wells in Reeves and northern Culberson counties
- The ban, which will take effect January 12, applies to 23 deep disposal wells in the area
- Waste water will have to be trucked or piped further away to be disposed of
- This is the strongest action the RRC has taken regarding water disposal wells, having in the past only mandated reduced volumes and not an outright ban
