Market news: The U.S. House of Representatives has moved forward with a $1.2 trillion package that includes funding for U.S. Immigration and Customs Enforcement after Republicans overcame internal divisions.

Energy: 1. Sources: Reliance Industries of India will resume receiving Russian oil in February and March after a one-month suspension. 2. Sources: Kazakhstan's Kashagan oil field, due to a bottleneck in the CPC pipeline, has for the first time diverted crude oil to the domestic market. 3. US President Trump: Gasoline prices will soon fall below $2 per gallon. The US is "vigorously" developing nuclear energy. He has signed executive orders approving the construction of several new nuclear power plants. 4. IEA Monthly Report: Raised its 2026 global oil supply growth forecast from 2.4 million barrels per day to 2.5 million barrels per day; raised its 2026 average oil demand growth forecast to 930,000 barrels per day, up from the previous forecast of 860,000 barrels per day. 5. Sources: The US Energy Secretary told oil industry executives at the Davos conference that Venezuelan oil production is expected to increase by 30% in the short to medium term from the current 900,000 barrels per day. 6. Central Bank of Egypt: Egypt's imports of petroleum products are projected to decrease by $448.9 million from July to September 2025, while natural gas imports are projected to increase by $1.1 billion. 7. Valero Energy makes its first purchase of Venezuelan crude oil; the agreement aims to buy up to 50 million barrels of Venezuelan crude. Precious Metals and Mining: 1. Swiss National Bank President: There are currently no plans to increase or decrease gold reserves. 2. US uranium producer Energy Fuels acquires Australian company ASM to expand its rare earth supply chain. 3. Bank of Thailand Governor: The daily gold trading limit will be set at 50 million baht or 100 million baht. Gold trading rules will be released on January 29. 4. Data released Wednesday by the International Lead and Zinc Study Group (ILZSG) shows that the global lead market surplus narrowed from 29,200 tons in October to 8,900 tons in November. 5. International Copper Study Group: The global refined copper market will have a surplus of 94,000 tons in November 2025, compared to a surplus of 48,000 tons in October. 6. The Trump administration on Wednesday accelerated a move to encourage deep-sea exploration in the United States, expediting licensing approvals for companies exploring for critical minerals in international waters. 7. Goldman Sachs raised its year-end gold price target to $5,400, citing continued strengthening demand from central banks. Agriculture: 1. China's Ministry of Agriculture and Rural Affairs: Increased corn production is the main driver of increased grain production in 2025. Middle East Situation: 1. Joint Statement: Saudi Arabia, Turkey, Egypt, Jordan, Indonesia, Pakistan, and Qatar accepted the invitation to join US President Trump's Peace Commission. Tariffs: 1. Trump: A framework for a future agreement on Greenland has been reached; tariffs originally scheduled to take effect on February 1 will not be imposed.

US President Trump: The United States will have all the military passages it needs in Greenland.