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• China’s Gasoline Exports Plummeted 51.7% in November
  Recent data from Chinese customs reveals a...

  Recent data from Chinese customs reveals a complex landscape for the nation’s downstream sector. Total refined product exports in November reached 5.12 million tons, marking a 13.3% increase from October despite a slight 2.2% year-on-year decline. For the first eleven months of 2025, cumulative exports have contracted by 3.2% to 52.65 million tons.

  
  

  Market performance remains bifurcated across product lines. Jet fuel continues to lead growth, with November exports surging 53.6% to 2.43 million tons. Conversely, gasoline exports plummeted 51.7% in November, reflecting a broader 16% year-to-date decline. On the processing side, refinery throughput remains robust. November runs averaged 14.86 million barrels daily, a 39% increase over 2024 levels, even as maintenance sidelined 1.2 million barrels of daily capacity. These figures underscore China’s strategic pivot toward high-demand middle distillates while navigating fluctuating global gasoline requirements and aggressive crude stockpiling.

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• ☕️What Else is Brewing Thursday Morning
  WBD board urged shareholders to reject Paramount’s hostile...
  WBD board urged shareholders to reject Paramount’s hostile takeover bid. It could be back to the drawing board for Paramount Skydance and CEO David Ellison’s quest to buy rival Warner Bros. Discovery after the latter’s board told investors that Netflix’s bid is better. In a letter to shareholders, the WBD board said Paramount’s offer contains “gaps, loopholes, and limitations” that put the company at risk. WBD also accused Paramount of misleading it about financing. Paramount’s latest offer included billions in funding from three Middle East sovereign wealth funds, as well as backing from Affinity Partners, the private equity firm founded by President Trump’s son-in-law Jared Kushner, though Affinity pulled out of the deal on Tuesday. Ellison said he believes the Paramount offer is still superior to Netflix’s and was “encouraged” by feedback he received from WBD shareholders.
  
  President Trump sought to ease economic concerns with a prime-time address, in which he announced a “warrior dividend” for every US soldier and promised “aggressive housing reform” next year.
  
  Tricolor executives were charged with “systemic fraud” after the subprime auto lender was found to have pledged the same loans to multiple lenders and falsified data.
  
  Nick Reiner appeared in an LA courtroom for the first time yesterday after being charged with two counts of murder in the deaths of his parents, beloved filmmaker and actor Rob Reiner and photographer Michele Singer Reiner.
  
  The Senate passed a $901 billion defense spending bill that also pressures Defense Secretary Pete Hegseth to show lawmakers unedited video of the controversial strikes on alleged drug boats in the Caribbean.
  
  X updated its Terms of Service to mention Twitter and countersued a startup, Operation Bluebird, that claimed X relinquished its right to the name after it rebranded itself.
  
  Pardon My Take and two other Barstool podcasts will put videos of their episodes on Netflix after the sports media company signed a multiyear partnership with the streaming giant.
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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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