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• U.S. stocks close higher Tuesday, but Dow books worst October since 2020
  U.S. stocks closed higher Tuesday ahead of the Federal Reserve’s statement on monetary policy, with...
  U.S. stocks closed higher Tuesday ahead of the Federal Reserve’s statement on monetary policy, with all three major benchmarks booking gains on the last day of October but still slumping for the month. The Dow Jones Industrial Average DJIA closed 0.4% higher, while the S&P 500 SPX gained 0.7% and the Nasdaq Composite COMP rose 0.5%. The Dow fell around 1.4% in October, while the S&P 500 slumped 2.2% and the Nasdaq dropped 2.8%. That marked a third straight monthly drop for all three indexes and the worst October for the Dow since 2020. Meanwhile, investors await the Fed’s monetary policy statement, expected to be released at 2 p.m. Eastern Time on Wednesday ahead of Fed Chair Jerome Powell’s press conference that same day.
  
  
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• Oil prices post a loss for the month as fears of wider Israel-Hamas war fade
  Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied...
  Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded.  Prices based on the front-month contract for WTI, finished at their lowest since Aug. 28, down 10.8% for the month, while Brent Crude settled 8.3% lower for the month after four consecutive monthly gains.
  
  Benchmark U.S. crude oil for December delivery fell $1.29 to $81.02 per barrel Tuesday. Brent crude for January delivery fell $1.33 to $85.02 per barrel.
  
  Wholesale gasoline for November delivery was basically flat at $2.22 a gallon. November heating oil rose 2 cents to $2.99 a gallon. December natural gas rose 22 cents to $3.58 per 1,000 cubic feet.
  
  
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• Exxon Seeks Drilling Efficiencies, Lower Costs on Pioneer’s Midland Acreage
  Exxon Mobil Corp. is seeking greater drilling efficiency—and lower drilling costs—in the Midland...
  Exxon Mobil Corp. is seeking greater drilling efficiency—and lower drilling costs—in the Midland Basin with its massive acquisition of Pioneer Natural Resources.

  
  

  The transaction represents the Spring, Texas-brd supermajors’ largest acquisition since Exxon’s merger with Mobil in 1999.

  
  

  By combining Pioneer’s leading basin position and Exxon’s technology and development expertise, the combined company will aim to achieve about $2 billion in annual synergies over the coming decade.
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• Home prices in top U.S. cities up for sixth straight month: Case-Shiller
  Home prices in the 20 biggest U.S. metros rose for the sixth month in a row, as the housing market continues...
  Home prices in the 20 biggest U.S. metros rose for the sixth month in a row, as the housing market continues to deal with a shortage of homes for sale.  The S&P CoreLogic Case-Shiller 20-city house price index rose 1% in August, as compared with the previous month. 
  
  On a year-over-year basis, home prices in the 20 major metro markets in the U.S. were up 2.2% nationally.
  
  A broader measure of home prices, the national index, rose on a month-over-month basis in August by 0.9%, but rose 2.6% over the past year. All numbers are seasonally adjusted.
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• Colorado oil and gas operator ordered to post $133 million bond for unplugged wells
  State regulators recently ordered the E&P operator ...
  State regulators recently ordered the E&P operator K. P.  Kauffman to post a $133 million bond to assure its 1,089 wells will be properly plugged. The order came from the Colorado Energy and Carbon Management Commission, formerly known as the Colorado Oil and Gas Conservation Commission.
  
  In response, the oil and gas company said it would challenge the move, arguing, “If the commissioners’ order were to stand, KPK would be the highest-bonded oil and gas operator in the U.S. The company was given 90 days to post at least 10% of the total amount or $13.3 million. It would also be required to add another 10% each year for the next 10 years.
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