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• EIA: US Oil Production Set Monthly Record in July
  U.S. oil production set a record by averaging over 13.6...

  U.S. oil production set a record by averaging over 13.6 MMbbl/d in July, the Energy Information Administration (EIA) reported in its Short-Term Energy Outlook on Oct. 7. The EIA expects production to average 13.5 MMbbl/d for the year and hold steady in 2026.

  
  

  Month-over-month production increased from 13.4 million bbl/d in June, the EIA said.

  
  

  The EIA forecasts WTI to average $65/bbl for 2025. Brent crude is estimated to average $69/bbl for the year, depressed by an expected average price of $62/bbl in the fourth quarter. EIA’s average price for Brent in 2026 is $52/bbl.

  
  

  The agency estimates that an average Henry Hub natural gas spot price will increase to $4.10/MMBtu by January from its September of just below $3/MMBtu. Still, the January estimate is a 50-cent drop from last month’s forecast.

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• Trump says Israeli hostages will be returned early next week
  A day after Israel and Hamas said they had agreed to the first phase...
  A day after Israel and Hamas said they had agreed to the first phase of a US-brokered ceasefire in Gaza, President Trump said that Hamas will return the 20 surviving hostages on “Monday or Tuesday” in exchange for Israel releasing hundreds of Palestinian prisoners. Israel’s Cabinet voted last night to formally approve the agreement, which will also see the Israeli military withdraw to a line that leaves it in control of 53% of the Gaza Strip, a spokesperson said. The agreement does not address what’s to come of postwar Gaza and whether Hamas will disarm. Trump plans to travel to the Middle East this weekend to speak to Israel’s Parliament and attend a signing of the agreement in Egypt.
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• Rare earth stocks soar after China further curbs exports
  Several US rare-earth mining companies surged by double...

  Several US rare-earth mining companies surged by double digits yesterday after China announced it was tightening exports of the metals, which are crucial to the development of the computer chips powering AI and other technologies. Investors speculated that the increased scrutiny of rare earths leaving China would encourage the US to ramp up investment in its own supply chain. China’s move comes ahead of an expected meeting between President Trump and Chinese President Xi Jinping later this month. China has been limiting exports of essential metals in response to Trump’s tariffs.

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• ☕️What Else is Brewing Friday Morning
  Tesla is under investigation again. It’s a day that...
  Tesla is under investigation again. It’s a day that ends in “y,” and so that means Elon Musk’s automaker must be under investigation. The National Highway Traffic Safety Administration is probing Tesla’s Full Self-Driving (FSD) feature after 58 incidents of traffic violations, including cars running red lights and driving on the wrong side of the road while operating in the mode. Tesla says drivers still need to pay attention to the road when FSD is equipped. The investigation follows a slew of government inquiries this year looking at other Tesla features, as well as the company’s crash reporting practices.
  
  New York Attorney General Letitia James was indicted by a Virginia grand jury on one count of bank fraud after President Trump called for the Justice Department to bring charges against her.
  
  President Trump threatened to use the ongoing government shutdown to permanently cut “popular Democrat programs,” without specifying which ones.
  
  Wendy’s is launching a turnaround plan dubbed “Project Fresh” to restart growth as the fast-food chain’s sales wane.
  
  Disney is hiking ticket prices at Disney World and Disneyland by about 5% and 8.7%, respectively.
  
  Netflix is making co-op games—including Pictionary, Tetris, and Lego Party—available to play on TV screens for the first time.
  
  The 2026 income tax brackets were revealed by the IRS yesterday.
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• DAILY OIL PRICE: October 9, 2025
  Crude Oil: 61.51   (-1.04)....
  
  
  • Crude Oil: 61.51   (-1.04).
  
  
  • Nymex MTD AVG: 61.3756.
  
  
  • Natural Gas: 3.269   (-0.064).
  
  
  • Gasoline: 1.8826   (-0.0269).
  
  
  • Spreads: November/December (+0.48)     December/January (+0.27).
  
  
  • Plains WTI Posting: 57.99   (-1.04).
  
  

  
  Source: Odessa American
  
  
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