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STOCK MARKET NEWS: Markets closed, 2023 oil gains, gas higher, Musk's next Twitter File release

Report: Oil gains minimal in 2023, next Twitter File focus on Fauci. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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Crypto prices higher on first Monday of the new year

Cryptocurrency prices were higher early Monday.

At approximately 5 a.m. ET, Bitcoin was trading at nearly $16,712 (+0.66%), or higher by $110.

For the week, Bitcoin was trading lower by nearly 1.3%. For the month, the cryptocurrency was lower by more than 2.05%.

Ethereum was trading at approximately $1,216.8 (+1.44%), or higher by about $17.3.

For the week, Ethereum was trading lower by more than 1.5%. For the month, it was trading lower by approximately 6%.

Dogecoin was trading at $0.07202 (+02.79%), or higher by approximately $0.001956. 

For the week, Dogecoin was lower by almost 7.75%. For the month, the crypto was lower by nearly 31%.

Posted by FOX Business Team

Gas prices edge higher, diesel falls slightly overnight

The price of gasoline continues to tick higher.

The nationwide price for a gallon of gasoline bumped up on Monday to $3.216. On Sunday, the price was $3.208, according to AAA.

The average price of a gallon of gasoline on Saturday was $3.195.

A year ago, the price for a gallon of regular gasoline was $3.288.

One week ago, a gallon of gasoline cost $3.102. A month ago, that same gallon of gasoline cost $3.448.

Gas hit an all-time high of $5.016 on June 14.

Diesel has been rising, but remains below $5.00 per gallon at $4.678. On Sunday, it stood at  $4.681, but that is still a far cry from the $3.572 of a year ago.

Posted by FOX Business Team

Elon Musk teases release of latest Twitter Files report on Fauci

Elon Musk, on Sunday, teased that this week’s Twitter Files report would focus on the now former director of the National Institute of Allergy and Infectious Diseases, Anthony Fauci, in what could be known as the Fauci Files. 

Musk turned to Twitter to tell users, "Hope you’re having a great day 1 2023! One thing’s for sure, it won’t be boring." 

One Twitter user replied to Musk’s tweet, saying she was,"Waiting… … for #FauciFiles." 

"Later this week," Musk replied.

 In what is now called the "Twitter Files," journalists tapped by Musk address various controversies including internal discussions at Twitter regarding the censorship of the Hunter Biden laptop story during the 2022 presidential election and the social media company's decision to ban former President Trump from tweeting after his role in the Capitol invasion on Jan. 6, 2021. 

The most recent Twitter File release focused on how both the Trump and Biden administrations leaned on Twitter to moderate content during the COVID-19 pandemic. 

Recent tweets from Musk also appear to be growing in numbers as he attacks Fauci. On Dec. 29, Musk asserted that Twitter employees had an internal "Fauci Fan Club," before tweeting that Twitter’s new policy was "to follow the science, which necessarily includes reasoned questioning of the science."

Posted by FOX Business Team

Look for oil prices to show small gains in new year: report


Oil prices are set for small gains in 2023 as a darkening global economic backdrop and COVID-19 flare-ups in China threaten demand growth and offset the impact of supply shortfalls caused by sanctions on Russia, a Reuters poll showed. 

A survey of 30 economists and analysts forecast Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey. The global benchmark has averaged $99 per barrel in 2022. U.S. crude is projected to average $84.84 per barrel in 2023, versus the previous month's $87.80 consensus. 

Brent has fallen more than 15% since early November and was trading around $84 a barrel on Friday as surging COVID-19 cases in China depressed the outlook for oil demand growth in the world's largest crude oil importer. 

"The oil market is still tight despite a weakening global demand outlook as recession fears run wild," said Edward Moya, senior analyst with OANDA, adding that China will be the primary focus in the first quarter of next year.

 Most analysts said oil demand will grow significantly in the second half of 2023, driven by the easing of COVID-19 restrictions in China and by central banks adopting a less aggressive approach on interest rates. 

The impact of Western sanctions on Russian oil is expected to minimal, the poll showed. 

"We do not expect an impact from the price cap, which was designed to give bargaining power to third-country buyers," analysts at Goldman Sachs said in a note. Moscow this week signed a decree that bans the supply of oil and oil products to nations participating in the Group of Seven (G7) price cap from Feb. 1 for five months. 

"In the event of a severe drop to Russian exports (which we do not expect to occur), OPEC+ will likely be ready to increase output to prevent prices from rising too high," data and analytics firm Kpler said.

Posted by Reuters

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