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• S&P 500 ekes out gain, stocks extend longest win streak in two years
  U.S. stocks finished mostly higher on Wednesday, extending a rally fueled by falling U.S. bond yields...
  U.S. stocks finished mostly higher on Wednesday, extending a rally fueled by falling U.S. bond yields and their longest win streak in two years. The Dow Jones Industrial Average DJIA shed about 39 points, or 0.1%, ending near 34,112, according to preliminary FactSet data. The S&P 500 Index SPX closed up 0.1%, after flipping between small gains and losses, while the Nasdaq Composite Index COMP also gained 0.1%. The S&P 500 and Nasdaq on Tuesday logged their longest string of wins since November 2021. Investors remained focused on what clarity Federal Reserve officials might offer on the potential path of interest rates, with Fed Chairman Jerome Powell set to deliver a closely watched speech on Thursday. The recent rally in stocks came as benchmark rates used as a peg to finance the economy continued to ease. The 10-year Treasury yield TMUBMUSD10Y pulled back to 4.522% on Wednesday, after briefly touching a 16-year high of 5% in October.
  
  
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• Diamondback seeks to position itself as buyer in M&A wave
  As deal-making activity in the shale industry picks up, Diamondback...
  As deal-making activity in the shale industry picks up, Diamondback Energy intends to remain a consolidator rather than becoming an acquisition target, CEO Travis Stice told stakeholders. The company reported higher-than-anticipated earnings of $5.49 per share for the third quarter and lifted its 2023 net production forecast to about 447,000 barrels of oil equivalent per day after Q3 production levels beat expectations.
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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a lower start, pressured by further declines in the underlying commodities while major equity futures were again little changed after the S&P 500 registered its longest winning streak since 2021.

  
  

  WTI and Brent crude oil futures have extended their steep slide lower for the second-straight session and are now sitting at three-month lows, slipping on lingering concern over waning demand in the United States and China and following last night’s API. After revising expectations that crude oil production in the US will rise slightly less than previously expected, the EIA also said they now anticipate that U.S. petroleum consumption will fall by 300,000 bpd this year, down from its previous forecast of a 100,000 bpd increase.

  
  

  Natural gas futures are on pace for their third consecutive day of declines, continuing to reel on reports showing record output and on forecasts for mild weather to continue through late November. The lack of a storage report this week from the EIA has also added to the market volatility with investors having to rely mainly on weather forecasts.

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• Supertankers race to US ports amid oil export boom
  Bloomberg data show that a record 48 supertankers are set to sail for the US over the next three months...
  Bloomberg data show that a record 48 supertankers are set to sail for the US over the next three months to load oil, with shipments from the US Gulf Coast projected to increase by 100,000 barrels per day year over year to 4.1 million bpd in December. "US slate-optimization is forcing further volumes of US light sweets to the waterborne market," explains Energy Aspects oil analyst Richard Price.
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• S&P 500 on track to extend winning streak as U.S. stocks post early gains
  U.S. stocks opened slightly higher Wednesday, with the S&P...
  U.S. stocks opened slightly higher Wednesday, with the S&P 500 attempting to extend its longest winning streak in two years. The Dow Jones Industrial Average DJIA  was up 0.1% soon after the bell, while the S&P 500 SPX rose 0.2% and the Nasdaq Composite COMP edged up 0.1%, according to FactSet data, at last check. Stocks have been climbing amid a retreat in interest rates in the bond market. The yield on the 10-year Treasury note was little changed Wednesday morning at around 4.57%, FactSet data show, at last check.
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