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• Midstream, refining at core of Phillips 66's 2026 CAPEX plan
  Phillips 66 raised its 2026 capital budget guidance to $2.4 ‌billion,...
  Phillips 66 raised its 2026 capital budget guidance to $2.4 ‌billion, with plans to allocate $1.1 billion each into midstream and refining. Midstream investments include the 300 MMcf/d Iron Mesa gas processing plant in the Permian Basin, an expansion of the Coastal Bend natural gas liquids pipeline and a proposed Corpus Christi fractionator. Refining capital will fund the Humber gasoline quality improvement project along with a broad slate of smaller projects focused on expanding crude slates, optimizing feedstocks and increasing clean product volumes.
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• DAILY OIL PRICE: December 17, 2025
  Crude Oil: 55.94   (+0.67)....
  
  
  • Crude Oil: 55.94   (+0.67).
  
  
  • Nymex MTD AVG: 58.2565.
  
  
  • Natural Gas: 4.024   (+0.138).
  
  
  • Gasoline: 1.6943   (+0.0134).
  
  
  • Spreads: January/February (+0.13)     February/March (+0.10).
  
  
  • Plains WTI Posting: 52.42   (+0.67).
  
  

  
  Source: Odessa American
  
  
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• Dow, S&P 500 end lower for 4th straight day, as tech drags Nasdaq sharply lower
  U.S. stocks tumbled on Wednesday as investors continued...

  U.S. stocks tumbled on Wednesday as investors continued their exodus from artificial intelligence stocks following a troubling report about Oracle's data center financing, intensifying concerns about AI infrastructure funding and debt levels.

  
  🔴 S&P 500: fell 1.16%
  
  🔴 Nasdaq Composite: lost 1.81%
  
  🔴 Dow Jones Industrial Average: slipped 228 points, or 0.47%
  
  Market Drivers: Once-hot AI stock Oracle dropped 5% after the Financial Times reported that Blue Owl Capital's plans to finance the cloud infrastructure company's $10 billion Michigan data center fell through, with people familiar with the matter pointing to concerns about Oracle's debt and spending levels. Oracle has since disputed the report and said the project is moving forward.
  
  Risky financing schemes tied to companies' data center buildout plans have kept investors on edge in recent weeks as scrutiny intensifies over the use of debt and off-balance-sheet moves to fund massive AI infrastructure spending.
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• EU under pressure to delay methane law for US oil, gas
  The US is pressing the European Union to delay enforcement of its new...
  The US is pressing the European Union to delay enforcement of its new methane emissions requirements on US oil and natural gas imports until 2035, citing heavy compliance burdens and risks to transatlantic energy trade. The US is also seeking automatic recognition of its own methane regulations and limits on penalties for noncompliance. EU officials say they are open to easing implementation but have ruled out exemptions or rolling back the regulation.
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• The delayed jobs report is finally here. It’s not great
  The October and November ...
  The October and November jobs reports and the October retail sales report arrived yesterday, painting a shaky picture of the US economy. Payrolls rose 64,000 in November, but declined by 105,000 in October, while the unemployment rate ticked up to 4.6%—the highest since 2021. Meanwhile, retail sales stalled.
  
  According to the Bureau of Labor Statistics, job cuts pushed ~160,000 federal workers off payrolls in October. Over the last two months, the private sector gained 121,000 jobs—mostly in healthcare and education—but manufacturing payrolls fell to their lowest levels since 2022.
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