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

  The energy sector is off to a lower start, pressured by weakness in the underlying commodities and in the major equity indices. U.S. stock index futures rose after a selloff in the previous session driven by hawkish comments from a Federal Reserve official that stoked fears of more aggressive rate interest hikes from the central bank.

  
  

  WTI and Brent crude oil futures are down in early trading weighed down by concern about weakening demand in China and further interest rate rises by the U.S. Federal Reserve. China, which sources say is looking to slow crude imports from some exporters, has seen a rise in COVID-19 cases, while hopes for the moderation of aggressive U.S. rate hikes have been dented by remarks from some Fed officials this week. Recession concerns have dominated this week even with the European Union's ban on Russian crude looming on Dec. 5 and OPEC+ tightening supply. OPEC+, which began a new round of supply cuts in November, holds a policy meeting on Dec. 4.

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• U.S. existing-home sales drop for record ninth straight month
  The numbers: Existing-home sales fell 5.9% to a seasonally adjusted annual rate of...
  The numbers: Existing-home sales fell 5.9% to a seasonally adjusted annual rate of 4.43 million in October, the National Association of Realtors said Friday. Compared with October 2021, home sales were down 28.4%.
  
  Economists polled by the Wall Street Journal had expected a decrease to 4.37 million units.
  
  The level of sales is the lowest since December 2011 excluding the 2020 pandemic. This is also the ninth straight monthly decline in sales, the longest streak on record.
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• White House Asks Congress for $500 Million to Modernize SPR
  The Biden administration has asked Congress for $500 million...
  The Biden administration has asked Congress for $500 million to modernize the U.S. strategic petroleum reserve (SPR), a document outlining the request shows.
  
  If approved by Congress, the request, issued by the White House on Nov. 14, provides the Department of Energy (DOE) with funding to improve the four SPR sites along the Texas and Louisiana coasts.
  
  The SPR oil is stored in hollowed-out, underground salt caverns that can shift and potentially require maintenance when petroleum is removed and replaced. The facility’s steel pumps and equipment are also subject to the constant lashing of moist, salty air, which can be corrosive.
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• ☕️What Else is Brewing Friday Morning
  Three men were found guilty of murder and sentenced to life in prison for shooting down a passenger...
  Three men were found guilty of murder and sentenced to life in prison for shooting down a passenger airplane that was flying over Ukraine in 2014, killing 298.
  
  Meta has fired or punished more than two dozen members of its staff for improperly hijacking user accounts, per the WSJ.
  
  The UK unveiled a new budget that’s a complete 180 from its previous one, which almost caused markets to implode. It’s now planning to raise taxes and cut spending as it tries to weather a recession.
  
  US rents grew in October at their slowest pace in 18 months, according to Realtor.com.
  
  
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• Pelosi is Out
  Pelosi to step down as top Democrat in Congress. House Speaker Nancy Pelosi said she...
  Pelosi to step down as top Democrat in Congress. House Speaker Nancy Pelosi said she will not seek a leadership position in the next Congress after nearly two decades serving as the party’s head honcho. Pelosi is a monumental figure on Capitol Hill: She was the first woman to become the Speaker of the House (in 2007) and she helped pass landmark legislation such as the Wall Street rescue plan during the financial crisis and trillions of dollars worth of stimulus during the Covid pandemic. She’s not leaving DC completely, though—she plans to continue representing San Francisco in Congress.
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