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SPY

USO

The U.S. Energy Information Administration (EIA) reported that oil production in the Permian Basin for February is expected to increase by 5,500 barrels per day, reaching a total of 5.974 million barrels per day. This is a slight decrease from the 6,200 barrels per day rise seen in January.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:32 pm

SPY

USO

The U.S. Energy Information Administration (EIA) reported that oil production from the Eagle Ford region is expected to decrease by 2,000 barrels per day in February, reaching 1.147 million barrels per day, compared to a decline of 1,400 barrels per day in January.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:31 pm

ETHUSD

On Monday, 4,768.82 Ether (ETH) valued at $12.2 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The Ethereum network currently has a 4% annual issuance rate of new Ether, expected to drop to 0.5-1% with Ethereum 2.0, potentially making ETH deflationary. The net annualized issuance rate for Ether was -3.82% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 6:00 pm

XOM

Exxon Mobil has reported that oil loading at the Caspian Pipeline Consortium terminal has ceased. This halt in operations could potentially affect the company's oil distribution and sales from that particular terminal.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 5:42 pm

FM

First Quantum Minerals has temporarily halted operations at its Ravensthorpe nickel mine in Western Australia due to financial strain and a decline in nickel prices. The company will reduce the mine's workforce by 30% and continue nickel sales from existing stockpiles. Operations will resume once stockpiles are depleted, which may take 18 to 24 months. First Quantum also suspended its dividend and is considering the sale of smaller mines to strengthen its financial position.

Portfolio Pulse from Stjepan Kalinic

January 16, 2024 | 5:36 pm

TSN

Tyson Foods has reduced operations at some of its meatpacking facilities due to winter weather conditions. The company is making efforts to meet customer orders from other locations.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 5:20 pm

MS

Morgan Stanley's head of digital assets, Andrew Peel, warns of the U.S. dollar's declining global dominance due to the rise of digital assets like Bitcoin and CBDCs. He cites the approval of Bitcoin ETFs and the global adoption of Bitcoin as factors, along with the potential of CBDCs to enable rapid cross-border payments without the dollar. Peel also highlights the significance of stablecoins in reshaping international finance.

Portfolio Pulse from Murtuza Merchant

January 16, 2024 | 5:17 pm

DOGEUSD

Dogecoin (DOGE) is experiencing significant whale activity and a surge in daily active addresses, suggesting a potential big move. A transfer of 990 million DOGE ($79.8 million) occurred between unknown wallets. Daily active addresses peaked at 250,289 on Dec. 19, a substantial increase. Dogecoin's liquidity ranking is fourth among the top 50 crypto assets. Elon Musk's AI chatbot Grok on platform X endorsed Dogecoin for Twitter use, citing Musk's support and the active Dogecoin community. Despite recent stability, Dogecoin may be poised for a price move, with a potential rally to $0.10 predicted by a crypto analyst.

Portfolio Pulse from Khyathi Dalal

January 16, 2024 | 5:11 pm

LYB

LyondellBasell Industries NV (NYSE:LYB) has announced a $500 million deal to acquire a 35% stake in National Petrochemical Industrial Company (NATPET) in Saudi Arabia. The joint venture will enhance LYB's access to advantaged feedstocks and markets, and is aligned with Saudi Arabia's 2060 carbon reduction strategy. The deal is pending regulatory approval. Additionally, LYB and Alujain are considering building a new propylene production facility at the NATPET site. As of September 30, LYB had $2.84 billion in cash and liquid investments. LYB's stock saw a slight decrease of 0.10% to $94.34.

Portfolio Pulse from Lekha Gupta

January 16, 2024 | 4:46 pm

GSK

HLN

GSK has announced its intention to sell approximately 300 million shares in Haleon, a consumer healthcare business. This move is part of GSK's strategy to reduce its stake in Haleon and focus on its core pharmaceutical and vaccine businesses.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:44 pm