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• Deepwater shaping up to be oil industry's next growth engine
  The increased competitiveness of deepwater production will fuel a new...
  The increased competitiveness of deepwater production will fuel a new wave of deepwater development and lead to more final investment decisions in the coming years, according to Clay Williams, CEO of oilfield services firm NOV. He said sustained cost reductions, standardized subsea systems and improved drilling efficiency have pushed deepwater marginal costs below those of North American shale. Successful exploration in new basins like Guyana, Namibia, the Eastern Mediterranean and the Gulf of America's Paleogene trend will support the recovery, Williams noted.
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• Trump lowers tariffs on China, which agreed to pull back some rare earth restrictions
  The developments came as the president concluded his trip to Asia with ...
  The developments came as the president concluded his trip to Asia with a meeting with Chinese President Xi Jinping at a military base in Busan, South Korea. President Trump told reporters on board Air Force One that he halved the 20% tariffs levied on China due to its role in fentanyl production, bringing the overall tariff rate on Chinese goods to 47% from 57%. Following the meeting, China’s commerce ministry said it would enact a one-year suspension of some rare earth export controls, but did not mention dropping its requirement for export licenses for seven kinds of rare earth minerals and the magnets made from them, which have been snarling manufacturing in the US and Europe. A comprehensive trade deal between the US and China was not announced. Earlier in the day, Trump said a trade deal between the US and South Korea was “pretty much finalized.”
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• ☕️What Else is Brewing Thursday Morning
  Big Tech had a big earnings day. Meta, Microsoft, and...
  Big Tech had a big earnings day. Meta, Microsoft, and Google’s parent company Alphabet all reported earnings yesterday, with investors watching to see whether their massive AI expenditures are paying off. Meta’s stock slumped in after-hours trading, despite it reporting record revenue for Q3, as it revealed expectations that AI infrastructure spending would grow significantly next year, plus a significant one-time tax hit. Microsoft unveiled plans to spend big to double its data center capacity, and it also fell in extended trading. But Alphabet’s stock rose, even though it too upped its anticipated capital expenditures. The company raked in more than $100 billion in quarterly revenue for the first time, and its cloud unit’s revenue grew 34% year over year. Amazon and Apple will announce their earnings today.
  
  Hurricane Melissa left at least dozens of people dead as it traveled across Cuba, Haiti, and Jamaica causing destruction.
  
  President Trump said on social media yesterday that he had instructed the US to resume nuclear weapons testing, which it hasn’t done since 1992.
  
  Israel said yesterday its ceasefire in Gaza was back on after carrying out airstrikes in the area that killed 104 people. Israel and Hamas have each accused the other of violating their ceasefire deal.
  
  General Motors laid off more than 1,700 workers in Michigan and Ohio, blaming slow EV sales.
  
  Boeing said delays in bringing out its highly anticipated 777X wide-body plane to market will cost it nearly $5 billion.
  
  Prosecutors say two suspects have admitted to being involved with the theft of some of France’s crown jewels, and five others were arrested late Wednesday night local time, but the sparkly loot still hasn’t been recovered.
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• DAILY OIL PRICE: October 29, 2025
  Crude Oil: 60.48   (+0.33)....
  
  
  • Crude Oil: 60.48   (+0.33).
  
  
  • Nymex MTD AVG: 59.9203.
  
  
  • Natural Gas: 3.376   (+0.031).
  
  
  • Gasoline: 1.9737   (+0.0485).
  
  
  • Spreads: December/January (+0.32)     January/February (+0.22).
  
  
  • Plains WTI Posting: 56.96   (+0.33).
  
  

  
  Source: Odessa American
  
  
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• U.S. stocks end mixed after Fed's Powell downplays chances of December rate cut
  The Dow Jones Industrial Average broke four days of gains...

  The Dow Jones Industrial Average broke four days of gains to finish lower on Wednesday. At the same time, the S&P 500 ended flat, after Federal Reserve Chair Jerome Powell said a December interest-rate cut is not a "foregone conclusion."

  
  

  Earlier in the day, all three major U.S. stock indexes appeared to be on their way toward more all-time closing records. But only the Nasdaq Composite finished higher for the day.

  
  

  The Dow Jones Industrial Average fell 74.37 points, or almost 0.2%, to close at 47,632, based on preliminary data. That's still the second-highest closing level in the Dow's history.

  
  

  The S&P 500 ended lower by less than 1 point at 6,890.59, or second-highest closing level in the index's history.

  
  

  The Nasdaq Composite rose 130.98 points, or almost 0.6%, to finish with its 36th record close of the year, at 23,958.47.

  
  

  On Wednesday, Powell said a continued scarcity of data in December could argue for caution on rate cuts.

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