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• Dow ends higher, S&P 500 and Nasdaq fall as Fed rate cut triggers volatile trade
  U.S. stocks closed mixed on Wednesday after the Federal...

  U.S. stocks closed mixed on Wednesday after the Federal Reserve's first interest-rate cut in about nine months, with the Dow Jones Industrial Average easing back to end with a modest gain after hitting an intraday record.

  
  

  The Dow Jones Industrial Average gained 260.42 points, or 0.6%, closing at 46,018.22. It briefly touched a fresh intraday record high of 46,261.95.

  
  

  The S&P 500 shed 6.41 points, or 0.1%, ending at 6,600.35.

  
  

  The Nasdaq Composite fell 72.63 points, or 0.3%, finishing at 22,261.33.

  
  

  The small-cap Russell 2000 ended 0.1% higher, after briefly surging 2.1% — a level that would have marked its first record close since 2021.

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• Hurricane Gabrielle to threaten millions along East Coast as map reveals projected path
  A tropical depression has erupted in the Atlantic and forecasters warn...

  A tropical depression has erupted in the Atlantic and forecasters warn it could soon turn into the next named hurricane to threaten the US East Coast.

  
  

  Officials announced that Tropical Depression Seven formed around 5am ET Wednesday morning, the first step before severe weather systems become a named storm. Depressions are the beginnings of a tropical cyclone, where a low-pressure area forms with thunderstorms and relatively low winds.

  
  

  However, meteorologists said Seven is quickly building into a tropical storm, with sustained winds of 35 mph and growing stronger, and it could officially become Gabrielle by Wednesday night.

  
  

  The National Hurricane Center (NHC) expects the storm to reach hurricane strength by this weekend, with winds exceeding 75 mph.

  
  
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• IEA: Output decline rate for oil, gas fields increasing
  The International Energy Agency reports that the natural decline rate...
  The International Energy Agency reports that the natural decline rate of oil and natural gas field output is increasing because of a reliance on shale and deepwater resources. The average annual post-peak decline rate is 5.6% for oil and 6.8% for natural gas, the IEA says, noting that 80% of oil production and 90% of natural gas production come from fields that have passed peak production.
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• Will CRC Sell Berry’s 100K Oily Uinta Acres After Deal Closes?
  California Resources Corp. agreed on Sept. 15 to acquire...

  California Resources Corp. agreed on Sept. 15 to acquire Berry Corp. for about $717 million, including net debt, creating a larger California-focused producer while raising questions about Berry’s 100,000 net acres in Utah’s Uinta Basin. TD Cowen estimates CRC could divest the Uinta position in 2026 for $400 million to $500 million, and Jefferies also sees divestiture potential given CRC’s California focus. Uinta activity has accelerated, with more than $4.6 billion in 2024 transactions, including SM Energy and Northern Oil & Gas buying XCL Resources for $2.6 billion and Ovintiv selling to FourPoint Resources for $2 billion. Other Uinta operators include Crescent Energy, Scout Energy Partners, and Uinta Wax Operating. Berry, which retains 20,000 net acres in California, has advanced Uinta development via farm-ins. In the third quarter, four Uteland Butte horizontal wells came online at about 3,800 boe/d gross, 93% oil, with peak rates expected late September or early October. Second quarter Uinta output averaged 4,200 boe/d, and Berry added a 30% farm-in at Castle Peak.

  
  

  Summary of an article from Hart Energy

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• Israel launched a ground offensive in Gaza City
  Following weeks of heavy bombardment and calls for civilians to evacuate,...
  Following weeks of heavy bombardment and calls for civilians to evacuate, Israel began its ground incursion in Gaza’s most populous city, arguing it was necessary to stop Hamas from planning more attacks. Hundreds of thousands of Palestinians were photographed fleeing southward, clogging roadways. The operation, which Israeli Prime Minister Benjamin Netanyahu admitted will take “several months” and could leave the country isolated from allies, was condemned by the UK, Germany, and other European nations. Axios reported that the US supports the operation, but prefers that it end quickly. When asked about the news yesterday, President Trump did not offer a view. “I have to see,” he said. “I don’t know too much about it.”
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