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• Dow slides nearly 600 points as traders pare bets on large Fed rate cut
  The Dow Jones Industrial Average was tumbling on Wednesday...

  The Dow Jones Industrial Average was tumbling on Wednesday morning, down nearly 600 points, or 1.4% as investors digested a hotter-than-expected August core inflation reading that may derail the chance of a jumbo interest-rate cut by the Federal Reserve next week.

  
  

  Fed-funds futures traders saw an 85% chance that the Fed will lower its rate by a quarter percentage point to a target range of 5% to 5.25% in September. The chance of a half percentage point move fell to 15% from 34% a day ago, according to the CME FedWatch Tool.

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• APA Divests $950 Million in Non-core Permian Basin Assets
  APA Corp. has agreed to sell non-core producing Permian Basin assets...
  APA Corp. has agreed to sell non-core producing Permian Basin assets to an undisclosed buyer for $950 million before customary closing adjustments.
  
  APA said on Sept. 10 that it is selling Central Basin Platform, Texas and New Mexico Shelf, and Northwest Shelf assets, with estimated net production averaging 21,000 boe/d, of which approximately 57% is oil.
  
  APA is engaged in a divestiture campaign after buying Callon Petroleum for $4.5 billion on April 1. As part of the deal, APA took out term loans totaling about $2 billion. According to the company, it owes an additional $4.8 billion in debt.
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• 🌀Hurricane Francine hits the Gulf Coast
  After nearly a monthlong lull in the named storm season that mystified...
  After nearly a monthlong lull in the named storm season that mystified meteorologists, Tropical Storm Francine turned into a hurricane and is expected to make landfall in Louisiana this afternoon. Forecast as a Category 1 or 2 storm, Francine brings strong winds of up to 95 mph and heavy rain with a risk of flash flooding in large parts of Louisiana and Mississippi through tomorrow. A coastal flood warning has been in effect from east of Houston to the Mississippi–Alabama border. Francine comes as predictions of a super active 2024 hurricane season have failed to materialize, prompting weather scientists to revisit their computer models.
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• ☕️What Else is Brewing 9.11.2024
  Planned Fed rules are a win for big banks. The likes...
  Planned Fed rules are a win for big banks. The likes of JPMorgan and Bank of America celebrated the Fed walking back some of its proposals for tighter banking rules yesterday. The central bank is working with the Federal Deposit Insurance Corporation to raise requirements for the share of big banks’ assets that must be parked in easily sold securities to avert banking crises. The regulators have now loosened the proposal for big banks and exempted banks with under $250 billion in assets from parts of it after lenders complained that stricter rules would’ve made their operations more costly.
  
  Wildfires in the Los Angeles area forced some schools to close and thousands of people to evacuate their homes.
  
  Australia plans to set a minimum age for social media use, which experts warn could drive children to more dangerous apps instead.
  
  Starbucks CEO Brian Niccol, aka “the Lebron James of the restaurant industry,” outlined his strategic vision for the coffee giant, which includes making cafes more welcoming.
  
  Two Delta planes collided on the tarmac while taxiing at Atlanta’s airport, damaging one of them. No one was injured in the incident.
  
  US household income rose last year for the first time since 2019, though it’s still slightly below the pre-Covid high.
  
  Secretary of State Antony Blinken demanded Israel change how it operates in the West Bank after the Israeli military admitted that it likely “unintentionally” shot and killed a Turkish American citizen.
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• Crude Oil Prices Plummet to 21-Month Low Amid OPEC+ Forecast Revision
  On Tuesday, crude oil prices...

  On Tuesday, crude oil prices plunged to their lowest levels since December 2021, with both major benchmarks falling nearly 4%. This sharp decline came in the wake of OPEC+ downgrading its demand forecast for 2024 and 2025, a move that overshadowed supply concerns arising from Tropical Storm Francine, as reported by Reuters.

  
  

  Key market movements:

  
  

  West Texas Intermediate (WTI) crude: Closed at $65.75 per barrel on the New York Mercantile Exchange, dropping $2.96 or 4.31% At one point, WTI futures fell over 5%, touching their lowest levels since May 2023

  
  

  Brent crude futures: Settled at $69.19 per barrel on ICE Futures Europe, and fell $2.65 or 3.69%. Earlier in the trading session, Brent declined by more than $3 per barrel.

  
  

  This significant price drop underscores the market's sensitivity to demand projections, particularly those from influential bodies like OPEC+. The revised forecast appears to have outweighed immediate supply disruption concerns, highlighting the complex interplay of factors influencing global oil prices.

  
  

  Analysts will closely monitor how these price movements might impact production decisions and investment in the oil sector in the coming weeks.

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