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• Far-Right G.O.P. Faction Throws House Into Chaos as McCarthy Is Ousted
  The House on Tuesday voted to oust Kevin McCarthy from the speakership, a move without...

  The House on Tuesday voted to oust Kevin McCarthy from the speakership, a move without precedent in modern history that left the chamber without a leader and plunged it into chaos.

  
  

  Democrats joined with a small group of hard-liners in Mr. McCarthy’s own party to strip the California Republican of the speaker’s gavel in a 216 to 210 vote. It was the culmination of a bitter power struggle between Mr. McCarthy and members of a far-right faction who tried to block his ascent to the speakership in January and have tormented him ever since, trying to stymie his efforts to keep the government funded and the nation from defaulting on its debt.

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• Closing Oil and Gas Prices
  Benchmark U.S. crude oil for November delivery...
  Benchmark U.S. crude oil for November delivery rose 41 cents to $89.23 a barrel Tuesday. Brent crude for December delivery rose 21 cents to $90.92 a barrel.
  
  Wholesale gasoline for November delivery fell 5 cents to $2.36 a gallon. November heating oil fell 2 cents to $3.20 a gallon. November natural gas rose 11 cents to $2.95 per 1,000 cubic feet.
  
  
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• Dow post worst day since March, stocks fall as bond yields surge
  Major U.S. stock indexes closed sharply lower on Tuesday as a...
  Major U.S. stock indexes closed sharply lower on Tuesday as a surge in Treasury yields continued, pushing long-term benchmark rates to their highest level since the fall of 2007.
  
  The Dow Jones Industrial Average shed about 430 points, or 1.3%, ending near 33,003, according to preliminary FactSet data. That marked the blue-chip index's biggest daily drop since the March banking crisis, according to Dow Jones Market Data. It also erased the Dow's yearly gain, with the index now down 0.4% in 2023.
  
  Other equity gauges also skid Tuesday, with the S&P 500 index ending down 1.4% and the Nasdaq Composite Index closing 1.9% lower. Stocks have been under pressure from the continued climb in longer 10-year and 30-year Treasury yields since the Federal Reserve signaled rates could stay high through 2024 and beyond at its September meeting.
  
  The 10-year Treasury yield rose 11.9 basis points Tuesday to 4.801%, the highest since August 2007, while the 30-year Treasury yield gained 14.2 basis points to 4.936%, the highest since September 2007, according to Dow Jones Market Data.
  
  
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• EIA: US sets first-half record in petroleum product exports
  The US exported nearly 6 million barrels per day of petroleum...
  The US exported nearly 6 million barrels per day of petroleum products in the first six months of 2023, up 2% year over year to reach the highest first-half level on record, according to the Energy Information Administration. The surge was primarily fueled by a rise in propane and other hydrocarbon gas liquids exports, as exports of motor gasoline, distillate fuel, and other major petroleum products declined on an annual basis.
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• US refinery downtime to rise this fall amid maintenance
  The US is set to lose almost 2.5 million barrels per day of refining...
  The US is set to lose almost 2.5 million barrels per day of refining capacity between September and December, according to Energy Aspects data, an increase of 11% from the same time last year to mark the busiest fall maintenance season since before the coronavirus pandemic. Refinery maintenance activity could break records in the first quarter of 2024, fueled by a backlog of deferred work and routine turnarounds.
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