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• US crude exports surge amid year-end tax tactics
  Traders looking to sidestep a substantial year-end tax hit on...
  Traders looking to sidestep a substantial year-end tax hit on their inventories are fueling a surge in US crude exports from the Gulf Coast, with Kpler analyst Matt Smith projecting flows to potentially average as much as 5 million barrels per day in the final two weeks of the year. West Texas Intermediate crude is trading at a $4.50 per barrel discount to the global benchmark Brent, increasing its appeal to European and Asian refineries.
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• Closing Oil & Gas Prices for Wednesday
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery rose 78 cents to $74.22 per barrel Wednesday. Brent crude for February delivery rose 47 cents to $79.70 per barrel.
  
  Wholesale gasoline for January delivery was unchanged at $2.20 a gallon. January heating oil fell 1 cent to $2.71 a gallon. January natural gas fell 5 cents to $2.45 per 1,000 cubic feet.
  
  
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• Closing Market Update for Wednesday
  (Wednesday market close) Major...

  (Wednesday market close) Major U.S. equity benchmarks ended lower late Wednesday, retreating sharply to erase initial gains as investors appeared keen to lock in some profits from the market's recent rally ahead of the three-day holiday weekend. The Dow Jones Industrial Average® (DJI) touched another record high early in the session but ended with its first loss in 10 days.

  
  

  The late sell-off didn't appear to be triggered by any piece of news, though disappointing quarterly results from FedEx (FDX) late Tuesday sent the shipping giant's shares tumbling 12%, weighing on the transportation industry and raising some potential red flags over the economy.

  
  Here is where the major benchmarks ended:
  

  
  
  • The S&P 500 index (SPX) was down 70.02 points (1.5%) at 4,698.35; the Dow Jones Industrial Average (DJI) was down 475.92 points (1.3%) at 37,082.00; the Nasdaq Composite® (COMP) was down 225.28 points (1.5%) at 14,777.94.
  
  
  • The 10-year Treasury note yield (TNX) was down about 6 basis points at 3.858%.
  
  
  • The Cboe® Volatility Index (VIX) was up 1.14 at 13.67.
  
  

  
  
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• Energy Sector Commentary
  The energy sector is starting...

  The energy sector is starting higher, supported by strength in the underlying commodities. Meanwhile, the major market futures are lower as the year-end rally takes a breather.

  
  

  WTI and Brent crude oil futures are higher in early trading, on pace for their third-straight session of gains as the focus shifts back to supply woes amid ongoing tensions in the Red Sea and the Middle East. Earlier today, Greece advised commercial ships sailing the Red Sea and the Gulf of Aden to avoid Yemeni waters. Greek ship owners control approximately 20% of the world’s commercial vessels in carrying capacity. Investors will also look to the EIA data later today after last night’s API report showed a surprise build of 939K barrels last week. Analysts are expecting the government data to show a 2.2mm barrel draw.

  
  

  Natural gas futures are higher, tracking gains in the crude complex but gains are capped ahead of the EIA weekly storage report.

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• CNX Resources kicks off collaboration with Pa. government
  As part of a groundbreaking partnership with Pennsylvania Gov. Josh Shapiro's administration, natural...
  As part of a groundbreaking partnership with Pennsylvania Gov. Josh Shapiro's administration, natural gas driller CNX Resources has begun publicly disclosing real-time air quality data from two well sites in Washington and Greene counties, along with details about the chemicals and additives used in drilling operations at those sites. CNX plans to expand the monitoring program statewide.
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