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• Energy Sector Commentary for Monday
  The energy sector is off to a...

  The energy sector is off to a higher start, supported by strength in the crude complex and the major market futures which are up as investors wait for more third-quarter results.

  
  

  WTI and Brent crude oil futures are kicking off the week in positive territory as market participants keep a close eye on the conflict in the Middle East to see if it escalates further. Israeli air strikes on Gaza intensified on Monday, after diplomatic efforts to arrange a ceasefire in southern Gaza to allow foreign passport holders to leave failed. Elsewhere, the United States last week imposed the first sanction on owners of tankers carrying Russian oil prices above the G7’s price cap of $60 a barrel. This afternoon the EIA will release its Drilling Productivity Report which will include updated shale oil production estimates for October and November.

  
  

  Natural gas futures are trading lower on milder than normal weather and on estimates for a weekly storage build of 88 Bcf to 92 Bcf vs the 5-yr average of 85 Bcf.

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• India, Indonesia Risk Biggest Fallout From Geopolitical Shocks
  (Bloomberg) -- A triumvirate of high oil prices, a surging dollar, and geopolitical instability are set...
  (Bloomberg) -- A triumvirate of high oil prices, a surging dollar, and geopolitical instability are set to weigh on India and Indonesia among Asia’s emerging markets, while energy exporter Malaysia may prove a rare beneficiary.
  
  “If higher oil prices persist for a prolonged period, we see India, Thailand, the Philippines, and Indonesia more vulnerable to terms of trade deterioration,” said Lavanya Venkateswaran, a senior economist at Oversea-Chinese Banking Corp. Ltd. “Moreover, as ‘twin deficit’ economies — current account and fiscal deficits — they may be more vulnerable to capital outflows.”
  
  
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• Shell shares soar on renewed focus on oil
  Shell PLC shares hit a record high as rising energy prices and the new chief...

  Shell PLC shares hit a record high as rising energy prices and the new chief executive’s stronger focus on the core oil and gas business attracted investors.

  
  Shares of the company rose as high as 2,763 pence in London today, marking a threefold increase from the pandemic-era low of 878.3 pence three years ago.
  
  The rally in Shell shares has been driven by higher commodity prices, particularly for natural gas in Europe, “and the strategic changes announced by the new CEO in June, which is likely drawing in more investors,” said Morningstar analyst Allen Good.
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• Stock Market Outlook
  S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +24.00. The S&P 500 futures...
  S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +24.00.
  
  The S&P 500 futures are up 13 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 24 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 163 points and are trading 0.5% above fair value.
  
  The Empire State Manufacturing index fell to -4.6 in October (Briefing.com consensus -4.0%) from 1.9 in September.
  
  The 2-yr note yield is unchanged from Friday at 5.05% and the 10-yr note yield is up four basis points to 4.67%.
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• ☕️What Else is Brewing Monday Morning
  Killers of the Flower Moon hits theaters: The...
  Killers of the Flower Moon hits theaters: The much-anticipated film opens for wide release on Friday and brings Oscar buzz with it. Based on the 2017 best-selling novel of the same name, the film stars Leonardo DiCaprio and Robert De Niro and is directed by superhero movie enthusiast Martin Scorsese. The plot centers around the murders of members of the Osage Tribe in Oklahoma after oil was discovered on tribal land.
  
  The World Series draws closer, and the ALCS and NLCS will both be in full swing today. In the American League, it’s a battle of Texas with the Rangers taking on the Astros. In the National League, the Diamondbacks face the Phillies, who could be eight wins away from sending the country into a recession.
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