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• Energy Sector Commentary
  The energy sector is off to a lower start, pressured by weakness...

  The energy sector is off to a lower start, pressured by weakness in the crude complex. Meanwhile, the major equity futures are edging higher and treasury yields are lower as investors cheer falling labor costs.  In sector news, JP Morgan issued several rating changes across its E&P coverage universe. At the same time, ExxonMobil updated its corporate plan outlook, upping its buyback program to $20 billion in stock for 2024, and updating 2024 capex to $23 billion to $25 billion versus the 2023 budget of $23 billion.

  
  

  WTI and Brent crude oil futures are extending losses for the fifth consecutive session as market participants do not expect recent voluntary cuts to have a major impact on oil prices, amid a weakening demand outlook. Concerns over China's economic health following yesterday’s credit rating decrease by Moody’s also weighed on prices. Traders will now turn to inventory data due later today after digesting last night’s API print, which showed a build of 594K barrels and greatly differs from Reuter’s 1.4-million-barrel draw estimate.

  
  

  This morning, natural gas futures are higher as analysts expect a large-than-average decline in storage levels. Consensus is looking for a draw of (104) Bcf vs the 5-yr average of (48) Bcf.

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• Israel Expands Offensive
  Israeli forces have ...
  Israeli forces have entered Gaza's second-largest city of Khan Younis as Israel's ground offensive expands into the south. Officials say the latest fighting between Israel and Hamas has been the most intense since the war began two months ago as Israel seeks to dismantle what it says is Hamas' last major stronghold. Israel reportedly has made preparations to flood Gaza's tunnels with seawater as part of efforts to destroy an underground tunnel system used by Hamas. 
  
  More than 1.87 million Palestinians—roughly 80% of Gaza's population—have been displaced from their homes so far, according to the UN. The death toll in Gaza has risen to at least 15,800, according to the Hamas-run Health Ministry; the death toll in Israel stands near 1,400. At least 137 of the more than 240 hostages Hamas abducted in its Oct. 7 attack remain captive.
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• US job openings hit a two-year low
  In another sign of a cooling labor market, available positions in the US ...
  In another sign of a cooling labor market, available positions in the US dropped to 8.7 million in October, the lowest since 2021 and well below estimates for the month. That was music to the ears of the Fed, which wants to see the labor market soften alongside easing inflation before it considers cutting interest rates. Meanwhile, the unemployment rate remained near historic lows, though it climbed to 3.9% last month—its highest level since January 2022.
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• The US will deny visas to violent Israeli settlers
  The Biden administration on Tuesday said it will impose ...
  The Biden administration on Tuesday said it will impose travel bans on Israeli settlers and Palestinians who have committed violence in the West Bank. Secretary of State Antony Blinken said the new policy will target “individuals believed to have been involved in undermining peace, security, or stability” in the West Bank, where violence has spiked during Israel’s war against Hamas in Gaza. In October, President Biden said Israeli settlers were “attacking Palestinians in places that they’re entitled to be” and has reportedly pressured Israeli officials to take more action against settlers.
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• ☕️What Else is Brewing Wednesday Morning
  Historybook: 13th Amendment of the US Constitution is ratified, abolishing slavery...
  Historybook: 13th Amendment of the US Constitution is ratified, abolishing slavery (1865); Washington Monument completed (1884); Hollywood actress Agnes Moorehead born (1900); NBA star Giannis Antetokounmpo born (1994); NASA photographs suggest presence of liquid on Mars (2006).
  
  Sen. Tommy Tuberville (R-AL) finally gave up on his monthslong obstruction of hundreds of US military appointments.
  
  Panera’s caffeinated Charged Lemonade was blamed for a second death after a man in Florida drank three and suffered a fatal heart attack.
  
  A group of activist nuns sued gun-maker Smith & Wesson to get the company to change how it makes and markets its AR-15 rifle.
  
  Zepbound, Eli Lilly’s weight loss drug, is now available in the US as an alternative to Novo Nordisk’s Wegovy.
  
  Lionel Messi was named Time’s 2023 Athlete of the Year.
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