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• U.S. oil prices settle at their lowest since late September
  Oil futures on Thursday tallied back-to-back declines, with U.S....
  Oil futures on Thursday tallied back-to-back declines, with U.S. prices ending at their lowest since late September, as China’s zero-COVID policy continued to dull the outlook for energy demand.
  
  Natural-gas futures bucked the downtrend for the energy sector, finishing higher as U.S. government data showed a weekly increase in domestic supplies that generally met with market expectations.
  
  West Texas Intermediate crude for December delivery CL.1 fell $3.95, or 4.6%, to settle at $81.64 a barrel on the New York Mercantile Exchange. Prices marked the lowest settlement for a front-month contract since Sept. 30, according to Dow Jones Market Data.
  
  January Brent crude  BRN00, declined by $3.08, or 3.3%, to $89.78 a barrel on ICE Futures Europe, settling at the lowest since Oct. 3.
  
  December gasoline  RBZ22, lost 2.1% to $2.4547 a gallon, while December heating oil HOZ22, settled at $3.5248 a gallon, down 2.5%.
  
  December natural gas NG00, rose 2.7% at $6.369 per million British thermal units, extending a nearly 2.8% gain from a day earlier.
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• Energy Commentary for Thursday
  Energy stocks opened lower, tracking weaker oil prices and broader index...
  Energy stocks opened lower, tracking weaker oil prices and broader index futures. S&P 500 futures are lower by more than 1%, as equities are set to sell off today amid rising rates and expectations of slowing economic activity heading into 2023.  The 10-year treasury yield is up 2% this morning, to 3.76%.

  
  

  In sector news, earnings are reaching their conclusion, while Diamondback Energy Inc said it has agreed to buy all leasehold interest and related assets of Lario Permian, a unit of Lario Oil & Gas Company, for around $1.5 billion in cash and stock.

  
  

  Oil extended declines on Thursday as geopolitical tensions eased slightly and rising numbers of COVID-19 cases in China added to worries over demand in the world's largest crude importer. Poland and NATO on Wednesday said a missile that crashed inside NATO member Poland was probably a stray fired by Ukraine's air defenses and not a Russian strike, easing fears of the war between Russia and Ukraine spilling across the border. "It looks like we aren't seeing an immediate escalation from the Russians and that has tentatively removed some of the short-term supply risks," said Edward Moya, senior market analyst at OANDA.

  
  

  Natural gas futures are higher by nearly 2%, trading just above $6.30.  Weekly inventory data is due out later this morning.
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• Wyoming Plans To Plug 1,500 Orphaned Oil & Gas Wells
  Wyoming officials plan to use $25 million in federal funds to...
  Wyoming officials plan to use $25 million in federal funds to plug and reclaim the state’s remaining 1,500 orphaned oil and gas wells. (Cowboy State Daily)
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• ☕️What Else is Brewing This Thursday Morning
  Four University of Idaho students who were found dead off-campus on Sunday likely died from an “...
  Four University of Idaho students who were found dead off-campus on Sunday likely died from an “edged weapon such as a knife,” investigators said. But information surrounding the case is still scarce.
  
  Goldman Sachs paid more than $12 million to a departing exec who accused senior leaders of overseeing a toxic workplace for women and making vulgar comments about them, according to Bloomberg.
  
  Estée Lauder will buy Tom Ford for $2.8 billion in a “testament to the enduring power of perfume,” the NYT writes.
  
  Ticketmaster temporarily crashed when hordes of Taylor Swift fans tried to buy tickets to her 2023 tour. Now Swifties have beef with Ticketmaster.
  
  France unveiled the mascots for the 2024 Olympic Games, and people are trying to figure out whether they’re historic hats as described or…something else.
  
  
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• The Changing Tech World
  Futuristic projects that were once a staple of Big Tech line items are getting squeezed in this “we...
  Futuristic projects that were once a staple of Big Tech line items are getting squeezed in this “we definitely can’t afford that anymore” economy, and this becomes clearer as......
  
  1. As part of its anticipated mass layoffs this week, Amazon began to cut employees who were working on its AI assistant, Alexa. That division has an operating loss of more than $5 billion per year.
  
  2. The hedge fund TCI Fund Management, which has a $6 billion stake in Alphabet, urged Google’s parent company to join its Big Tech peers in laying off workers yesterday, saying it’s overstaffed and paying its employees too much. It took specific aim at Google’s famous Other Bets division that incubated “moonshot” projects like Waymo, the autonomous vehicle company. That Other Bets unit brought in $3 billion in revenue over the last five years, but incurred $20 billion in operating losses, TCI’s letter to CEO Sundar Pichai said.
  
  Big picture: While Snap and Microsoft are also nixing riskier long-term bets, the big Big Tech exception is Meta. Zuck has cut back on some experimentation but is staying committed to spending billions on the metaverse, despite investor concerns.
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