Morning Call For Friday, Dec. 28

Feb crude oil prices (CLG19 +1.03%) this morning are up +84 cents (+1.88%) and Feb gasoline (RBG19 +0.53%) is up +1.57 (+1.22%). Thursday's closes: Feb WTI crude oil (CLF19) on Thursday closed down by -1.61 (-3.48%) and Feb Brent crude (CBG19) closed down -2.31 (-4.24%). Feb RBOB gasoline (RBF19) closed down -3.49 cents per gallon (-2.64%). The energy complex moved lower Thursday on negative carry-over from the early decline in U.S. stock indexes, which reduced confidence in the economic outlook and energy demand. Comments from Russian Energy Minister Novak were another negative for crude prices when Novak said Russia may keep its 2019 oil production flat year-on-year at 11.166 million bpd, even under the current OPEC+ agreement to cut output. Crude oil prices found underlying support on Thursday from a weaker dollar and expectations that Friday's weekly EIA data will show that U.S. crude inventories fell -3.0 million bbl last week. Regarding products, the consensus is for Friday's EIA report to show a +850,000 bbl gain in gasoline inventories and -1.5 mln bbl decline in distillate inventories. U.S. oil production in last week's EIA report (for the week ended Dec 14) was 11.6 million bpd, which was just slightly below November's record high of 11.7 million bpd.

Overnight U.S. Stock Movers

Adobe (ADBE +0.98%) was upgraded to 'Buy' from 'Hold' at DZ Bank AG with a price target of $260.

Wingstop (WING -0.35%) was upgraded to 'Outperform' from 'Neutral' at Wedbush with a price target of $69.

Casella Waste Systems (CWST +0.34%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $32.

First Republic Bank (FRC -0.55%) climbed more than 2% in after-hours trading when it was announced it will replace Scana in the S&P 500 effective prior to the open of trading on Wednesday, Jan 2.

Oxford Industries (OXM +1.61%) was rated a new 'Buy' at CL King with a price target of $80.

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