Daily Brief Macro: Supply Glut to Press Down WTI Crude Prices in 2025 and more

• Trump’s pro-oil stance is expected to weigh on prices by boosting U.S. output in an oversupplied market. Like in his first term, he aims to expand drilling in federal lands.
• During Trump’s first term, federal land leases averaged 1.62 million acres annually, a stark contrast to Biden’s 138,000 acres, implying a dramatic 91% decline.
• Rising U.S. oil production has reduced OPEC+ share to 48% from 55% in 2016. OPEC+ fears further U.S. output growth under Trump could weaken its ability to sustain prices.

• Private credit is transforming the world of debt, creating concerns for investors and the broader economy
• Chicken wing prices are volatile due to the poultry industry focusing on breast meat demand, making wings a fall-off product
• Companies like Elf Bar evade FDA regulation by flooding the market with products and rebranding under different names

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Nickel market focusing on developments in Indonesia, China, and US policies
• Impact of policy changes on nickel demand in the battery sector
• Potential diversification in ownership of Indonesian nickel projects due to concerns over Chinese stakeholding.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• US natural gas prices fell by 9.7% for the week ending 27/Dec, as volatile weather forecasts and a smaller-than-expected drawdown in natural gas inventories offset rising LNG exports.
• Henry Hub Put/Call volume ratio jumped to 1.05 from 0.60 (20/Dec) the previous week as call volumes dropped by 73.1% WoW, while put volumes fell by 52.4%. 
• Henry Hub OI PCR inched up to 0.85 from 0.84 compared to last week. Call OI fell by 17.1% WoW, while put OI decreased by 16.5%.

• We discuss the end of the mandatory lock-up periods for 57 stocks in Korea in January 2025, among which four are in KOSPI and 53 are in KOSDAQ. 
• The ban on short selling of Korean stocks which is still in place is likely to be lifted on 31 March 2025.
• Some of the companies mentioned in this insight which highlights the end of the major lockup periods could help to narrow down the list of candidates for potential shorting. 

• WTI futures rose 1.6% for the week ending 27/Dec, led by China’s planned stimulus initiative and declining U.S. crude oil stockpiles.  
• WTI options Put/Call volume ratio rose to 0.97 from 0.95 (20/Dec) last week, as call volume grew by 22.3% WoW while put volume increased by 25.2%.  
• WTI OI PCR rose to 0.89 from 0.87 last week. Call OI inched up by 1.8% WoW, while put OI rose by 3.6%.

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• CEAT buys Off-Highway Tires (OHT) business and Camso brand for US$225 million
• CEAT to access 40 global OEMs and a vast network of OHT distributors
• Michelin expands Chennai TBR tire plant, spending US$66 million