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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery rose $1.65 to $85.39 a barrel Wednesday. Brent crude for December delivery rose $2.06 to $90.13 a barrel.
  
  Wholesale gasoline for November delivery rose 1 cent to $2.28 a gallon. November heating oil fell 1 cent to $3.03 a gallon. November natural gas rose 4 cents to $3.01 per 1,000 cubic feet.
  
  
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• Nasdaq finishes in correction territory after worst day since February
  U.S. stocks tumbled on Wednesday, with the Nasdaq Composite seeing its biggest pullback since February,...
  U.S. stocks tumbled on Wednesday, with the Nasdaq Composite seeing its biggest pullback since February, as Google parent Alphabet Inc. GOOGL, -9.51% shares cratered, weighing on the broader market. The Nasdaq Composite COMP fell 318.65 points, or 2.4%, to 12,821.22, finishing in correction territory for the first time since late December 2022, according to preliminary closing data from FactSet. The S&P 500 SPX fell 60.91 points, or 1.4%, to 4,186.77. The Dow Jones Industrial Average DJIA fell 105.45 points, or 0.3%, to 33,035.93.
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• Israel reportedly agrees to delay ground invasion of Gaza
  Israel ...
  Israel continued to pound Gaza on Wednesday, launching more airstrikes ahead of a possible ground invasion as the conflict with Hamas entered its 19th day.
  
  Israeli warplanes struck more than 400 targets in Gaza in a 24-hour span, military officials said Tuesday. The Gaza Health Ministry, which is run by Hamas, said more than 700 people were killed in the bombardment.
  
  Israel has reportedly agreed to a request by the United States to delay its ground offensive to allow more time for hostage negotiations, humanitarian aid to reach civilians in Gaza, and for the U.S. to move air defense systems into the region.
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• Otis, a ‘Catastrophic’ Hurricane, Cuts Off Communications with Acapulco
  Otis made landfall near the resort city of Acapulco on the southern...

  Otis made landfall near the resort city of Acapulco on the southern Pacific Coast of Mexico as a Category 5 hurricane around 1 a.m. local time.

  
  

  The storm grew very strong very quickly. Forecasters said it had “explosively intensified” by 110 miles per hour in 24 hours, far surpassing the standard definition of rapid intensification, which is when a storm grows by 35 m.p.h. in 24 hours.

  
  
  

  
  

  ⚠️ Esta hora, #Otis se degradó a #Huracán categoría 1 en tierra sobre #Guerrero.
  
  Toda la información en ⬇️https://t.co/VVYNAkgh8w pic.twitter.com/mYC2ynAnNy

  
  — CONAGUA Clima (@conagua_clima) October 25, 2023

  
  
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• Energy Sector Commentary
  The energy sector is off to a slightly higher start, supported...

  The energy sector is off to a slightly higher start, supported by an uptick in oil futures. Meanwhile, the major equity futures are mixed as Wall Street digests fresh earnings reports. Within energy, investors are digesting Q3 results from E&Ps and oilfield services.

  
  

  Following three consecutive sessions of losses, WTI and Brent crude oil futures are edging higher as concerns over escalating tensions in the Middle East offset global demand worries related to the economic outlook in Europe. U.S. and Saudi Arabia leaders on Tuesday discussed efforts to prevent the conflict from widening to potentially include major oil producer Iran. Meanwhile, recent manufacturing and services activity data from Europe served as a reminder that a weak macroeconomic backdrop may potentially impact oil demand.  Markets will also be keeping an eye out for EIA data due later this morning, as yesterday’s API figures showed a draw of 2.7 million barrels last week.

  
  

  Natural gas futures are extending weekly gains on forecasts for cooler weather next week that should increase heating demand.

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