Wall Street’s top investment banks predict tough years ahead for the oil industry in 2026 and 2027. JPMorgan sees Brent crude oil falling to $58 per barrel in 2026 and another $1 drop in 2027. Goldman Sachs forecasts Brent and WTI trading at $56 and $52 next year, with prices rising to $80 and $76 by 2028. Oversupply remains a challenge, with OPEC+ increasing production and US shale reaching record levels. Macquarie analysts expect punishing oversupply in 2026, with prices potentially dropping to the $30s. Market stabilization efforts may be needed to prevent further price declines. 1. The CDC reports a record-breaking 4.5 million COVID-19 cases in the U.S. in a single week, with hospitalizations soaring to over 100,000. The surge is being driven by the Omicron variant, which is highly transmissible but less severe than previous strains. Health officials urge vaccination and booster shots to combat the spread.
2. In economic news, the U.S. added 199,000 jobs in December, falling short of expectations. The unemployment rate dropped to 3.9%, the lowest in over two years. Wage growth also increased by 4.7% over the past year, signaling a strong labor market recovery.
3. SpaceX successfully launched 49 satellites into orbit for its Starlink internet constellation, breaking the record for the most satellites deployed in a single mission. The satellites will provide high-speed internet access to remote areas around the world, expanding global connectivity.
4. In sports, the NFL playoffs are in full swing, with the divisional round set to begin this weekend. The top teams, including the Green Bay Packers, Kansas City Chiefs, and Tampa Bay Buccaneers, are gearing up for intense matchups as they vie for a spot in the conference championships. Fans are eagerly anticipating the thrilling games ahead.
Read more at 1. Tesla’s stock hits record high after strong delivery numbers for the second quarter. – CNBC
2. Amazon Prime Day sales surpass last year’s numbers, with over 250 million items sold. – Wall Street Journal
3. Apple announces plans to release new iPhone models with 5G capabilities later this year. – Reuters
4. Federal Reserve keeps interest rates unchanged, citing economic uncertainty due to COVID-19. – CBS MarketWatch
5. Facebook faces backlash as major advertisers boycott platform over handling of hate speech. – Barchart: Oil prices expected to fall in 2026 as Wall Street sees ‘punishing oversupply’ risking return to COVID levels