US Daily Oil Summary: US Launches Maritime Security Force

The US on Tuesday launched a multinational operation to safeguard start in the Red Sea as attacks by Iran-backed Houthi rebels forced major shipping companies to pause trade in the Red Sea.

• Yemen’s Houthi rebels have warned the US and all members of a newly formed maritime security force that they will be legitimate targets if they interfere in its ongoing operations against Israel-linked vessels, according to Argus.
• Oil output in the major US shale oil basins is forecast to fall by 1kbpd to 9.692mbpd in January according to the EIA drilling productivity report released yesterday.
• US gasoline average pump prices are down 5.3 cents/gal from the previous week’s average to be $3.057/gal, according to GasBuddy.
• USD: An extension of recent risk optimism across equity markets on Tuesday weighed on the greenback, with the USD index falling around 0.35%, narrowing back in on last week's four-month lows.
• Atlanta Fed GDPNow for real GDP growth in Q4 revised up a tenth to 2.7% from the 2.6% of Dec 14, a new high for the Q4 vintage. It's driven by private domestic investment growth revised up from 0.5% to 0.8%.
• Senate Majority Leader Chuck Schumer (D-NY) will keep the Senate in session today hoping for a deal on border security. If a deal doesn't materialise early this week, then Schumer will likely dismiss the chamber until the new year, punting President Biden's USD$110 billion national security supplemental funding package into a hectic session of Congress where lawmakers will have around 10 days to avoid a partial government shutdown.