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• Munich Re to stop its backing for new oil, gas fields
  Munich Re, one of the world's biggest insurance companies, said Thursday that it will stop backing...
  Munich Re, one of the world's biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April.  The company said it will also no longer invest in or insure new oil pipelines and power plants that weren't already under construction by Dec. 31, 2022.
  
  Munich Re said the moves were part of its effort to reduce the harmful impact its business has on the environment. The burning of oil and gas is one of the main sources of greenhouses gases fueling climate change.
  
  Munich Re provides so-called reinsurance contracts that help other insurers spread risks. It also invests the insurance premiums it receives from customers and third-party assets, making it a major institutional investor.
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• Dow ends down roughly 350 points ahead of September jobs report
  U.S. stocks finished lower on Thursday for the second day in a row as Minneapolis Federal Reserve Bank...
  U.S. stocks finished lower on Thursday for the second day in a row as Minneapolis Federal Reserve Bank President Neel Kashkari played down the odds of the Fed pausing its interest-rate hikes, while investors awaited an update on the state of the U.S. labor market due out Friday. The S&P 500 SPX, -1.02% finished down 38.76 points, or 1%, at 3,744.52. The Dow Jones Industrial Average DJIA, -1.15% retreated 346.93 points, or 1.2%, to 29,926.94, while the Nasdaq Composite COMP, -0.68% fell 75.33 points, or 0.7%, to 11,073.31.
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• California gas prices are soaring again, averaging $6.42 a gallon. But 'welcome relief' is coming.
  Gas prices hit record highs in many parts of California on Wednesday, with greater Los Angeles seeing...
  Gas prices hit record highs in many parts of California on Wednesday, with greater Los Angeles seeing an unprecedented average of $6.49 per gallon for regular. Prices in some southern California locations spiked at more than $8.00 per gallon. But experts said Golden State drivers whose tanks aren't near empty may want to hold off on filling up, because relief may be on the way.
  
  Statewide, prices reached $6.42 per gallon, up a penny from the day before, and just under the record average of $6.44 set June 14. That's nearly $3 higher than the national average of $3.83, according to AAA.
  
  By midday, however, there was good news: Wholesale spot prices for gasoline sold by refineries and others in the Golden State dropped by as much as $1.25 per gallon off recent highs and could fall further. The single biggest factor contributing to the decline was likely California Gov. Gavin Newsom directing state air regulators to allow oil refineries to immediately switch to producing cheaper "winter blend" gasoline a month earlier than normal. A costlier "summer blend" of gasoline that produces less dangerous smog when it mixes with hot summer sunshine is normally required in California from May until the end of October.
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• EIA Reports Inventory Draw
  The Energy Information Administration reported an inventory draw...
  The Energy Information Administration reported an inventory draw of 1.4 million barrels for the week of September 30. The EIA also reported large draws in fuel stocks.
  
  The crude oil inventory change compared with a modest draw of 200,000 barrels for the previous week and it came after OPEC+ agreed a cut of 2 million barrels to daily production, which was also bullish for prices.
  
  A day before the EIA published its weekly report, the American Petroleum Institute estimated crude oil inventories had shed 1.77 million barrels in the last week of September, with gasoline and middle distillate fuel inventories seen shedding even more in the reporting period.
  
  Gasoline stocks were estimated to shed 4.7 million barrels in the last week of September, compared with a draw of 2.4 million barrels for the previous week.
  
  Gasoline production averaged 10 million barrels daily last week, compared with 9.6 million bpd for the previous week.
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• ☕️What Else is Brewing This Thursday Morning
  North Korea fired two ballistic missiles in response to the US redeploying an aircraft carrier in the...
  North Korea fired two ballistic missiles in response to the US redeploying an aircraft carrier in the area…in response to North Korea’s missile launch over Japan.
  
  Ford again jacked up the starting price for its electric F-150 Lightning.
  
  US intelligence agencies believe that the Ukrainian government authorized the fatal August car bombing of Daria Dugina, the daughter of a nationalist Russian philosopher.
  
  A pumpkin weighing in at 2,554 pounds set the record for the heaviest pumpkin ever recorded in the US.
  
  
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