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Written on: January 2, 2026
Friday, January 2, 2026
Energy oil futures are trading lower as of this writing on Friday morning amid some strength in the US dollar index and despite gains in global equities. Market traders are looking ahead to the final December US Manufacturing PMI and US construction spending data for further direction.
The Shanghai and Tokyo Stock Exchanges were closed for a holiday. Meanwhile, Hong Kong’s Hang Seng rallied 2.76%. The final Manufacturing PMI for December for India came in at 55.0, below the 55.7 flash reading. In economic news from Europe, the final S&P Global Manufacturing PMI for December in the Eurozone (48.8), Germany (47.0) and UK (50.6) all saw downward revisions from their 49.2, 47.7, and 51.2 flash estimates, respectively. Meanwhile, the index for France (50.7) beat expectations, coming in above their flash reading of 50.6. The UK Halifax Home Price Index for December showed a 0.3% month-on-month decrease in house prices, down from a 0.3% rise in prices seen in November. European shares were trading higher this morning as the French CAC 40 and the German DAX had both risen 0.3% and the UK FTSE 100 had added 0.4%.
Futures for the major US stock market indexes are seeing gains of between 0.4% (Dow futures) and 1.0% (Nasdaq futures) as of this writing. The US dollar index was up 0.1% this morning.
Crude futures fell on Wednesday amid losses in US shares, lower trade in European equities, and further strength in the US dollar index, despite bullish crude oil stock data in the weekly inventory report released by the Energy Information Administration (EIA). Brent crude shed 48 cents to settle at $60.85 a barrel, WTI crude lost 53 cents to close at $57.42 a barrel, heating oil fell 2.99 cents to hit a $2.1206 per gallon settlement, gasoline futures ended 1.56 cents lower to settle at $1.7054 per gallon and natural gas futures prices plummeted 7.2% or 28.6 cents to settle at $3.686 per MMBTU. Propane prices made mixed moves on Wednesday as Mt. Belvieu TET shed 13 points to average 64.63c/g (47.3% of crude), while Conway prices rose by 25 points to 59.00c/g (43.2% of crude).
GEFS outlook continues to call for mostly below-normal temperatures in the Northeast, while more mixed temperatures are seen in the Midwest. The 6-10 day forecast is unsupportive as well-above-normal temperatures are forecasted in both the Northeast and the Midwest.