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U.S. durable-goods orders rose 1% in October, 0.7% at core
The numbers: Orders at American factories for long-lasting goods such as autos and...
The numbers: Orders at American factories for long-lasting goods such as autos and computers jumped 1% in October, marking a strong showing that probably isn’t sustainable because of a slowing U.S. economy.

Economists polled by the Wall Street Journal had forecast a 0.5% increase. Durable goods are items such as autos, appliances and computers meant to last at least three years.

Big picture: Manufacturers are able to produce more of what their customers want after two years of chronic shortages, but mostly because demand has softened. Rising U.S. interest rates have curbed sales at home while a strong dollar has dented exports.

The situation could get worse. The Federal Reserve is jacking up interest rates to bring down high inflation, but higher borrowing costs are expected to slow the economy even further.
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API Reports Large Crude Draw of Inventories
The American Petroleum Institute (API) reported a larger-than-expected draw of 4.8 million barrels. ...
The American Petroleum Institute (API) reported a larger-than-expected draw of 4.8 million barrels.

American Petroleum Institute (API) data showed on Tuesday, after dropping 5.8 million barrels in the week prior. Analysts anticipated a smaller 2.2 million barrel draw.

U.S. crude inventories may have grown by roughly 21 million barrels so far this year, according to API data, but crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 10 times that figure so far this year— by 203 million barrels. The SPR now contains the least amount of crude oil since March 1984.

Cushing inventories fell 1.4 million barrels in the week to Nov 18, on top of last week’s reported decrease of 842,000 barrels.
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Closing Oil & Gas Prices for Tuesday
Benchmark U.S. crude oil for January delivery...
Benchmark U.S. crude oil for January delivery rose 91 cents to $80.95 a barrel Tuesday. Brent crude for January delivery rose 91 cents to $88.36 a barrel.

Wholesale gasoline for December delivery rose 10 cents to $2.54 a gallon. December heating oil fell 3 cents to $3.47 a gallon. December natural gas was unchanged at $6.78 per 1,000 cubic feet.
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Energy Sector Commentary for Tuesday
The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the crude complex and in the major equity futures.

After four consecutive days of declines, WTI and Brent crude oil futures turned this morning, regaining ground amid comments from Saudi Arabia that OPEC+ was sticking with output cuts and could take further steps to balance the market. Their statement was echoed by other OPEC+ members UAE and Kuwait who also denied any talks on changing the latest OPEC+ agreement ahead of their next meeting on December 4th. The meeting is set to take place a day before the start of European and G7 measures in retaliation for Russia's invasion of Ukraine, which could support the market. Lingering global recession worries and concern about China's rising COVID-19 case numbers kept a cap on gains.

Natural gas futures are down ~2% in early trading, pulling back from yesterday’s 7.5% rally on a slightly moderating forecast in key consuming regions and ahead of tomorrow’s storage report.
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☕️What Else is Brewing This Tuesday Morning
The suspect in this weekend’s shooting at Club Q, a gay nightclub in Colorado Springs, will ...
The suspect in this weekend’s shooting at Club Q, a gay nightclub in Colorado Springs, will face five murder charges and five hate crime charges.

An earthquake in Java, Indonesia, left at least 162 people dead, and the death toll is expected to rise as more is learned about its impact on rural regions.

Coinbase shares hit their lowest price ever yesterday as FTX’s implosion continues to rattle the crypto sector.

Domino’s Pizza is buying a fleet of 800 Chevrolet Bolts and hoping the electric cars will help attract more delivery drivers.

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OklahomaMinerals.com

Faster Decline Rates Challenge Energy Security Worldwide

Canada Bets Big on LNG Export Capacity Growth

Natural Gas and Batteries Anchor Data Center Growth

$550MM Canvas Acquisition Expands Diversified Energy’s Oklahoma Footprint

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EIA: Number Of DUCs 🦆Falls To Lowest On Record

Gasoline Prices: Fitch Solutions Makes Substantial Gasoline Price Forecast Revision

Opinion: Why the United States is reluctant to become the Saudi Arabia of natural gas

U.S. natural gas is trading at an ‘insane’ price — Here’s why it just hit a nearly 14-year high

Reuters: U.S. oil drilling, output moving higher with energy prices

Saipem Crane Vessel Nearly Sinks With 275 People Onboard

Oil prices extend gains, supplies in focus

Labor shortages capped central US oil, gas production in Q1, execs say

Saudi Arabia leads OPEC decision to drop IEA data as US ties fray

Russian Oil Rerouting Would Require Dozens Of Supertankers — That Don’t Exist

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Ten Counties in the Permian Basin Account for 93% of U.S. Oil Production Growth Since 2020

N.M. Braces for Revenue Losses From Royalty Rate Cuts

Enbridge Backs Northeast Supply and Gulf LNG Demand

Targa Advances Forza Pipeline Linking Delaware to Waha

$550MM Canvas Acquisition Expands Diversified Energy’s Oklahoma Footprint

U.S. Gas Power Capacity Set for Big Jump as Renewables Growth Slows

California Puts Oil Price-Gouging Rule on Hold to Keep Pumps Supplied

Natural Gas and Batteries Anchor Data Center Growth

U.S. Oil Producers Slash 2025 Spending as Prices Slide and Consolidation Mounts

Powering the US Data Center Boom With Wasted Natural Gas

Shale expected to weather ‘lower for longer’ oil prices

Canada Bets Big on LNG Export Capacity Growth

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