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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a higher start, supported by strength in the crude complex. Meanwhile, the major equity futures are flat ahead of today’s central bank meeting where traders expect the Fed to keep rates unchanged.

  
  

  WTI and Brent crude oil futures are recovering yesterday’s losses ahead of the keenly watched meeting of the U.S. central bank for clues on interest rate policy, falling treasury yields, and as the conflict in the Middle East escalates. Israel admitted to striking a refugee camp in Gaza which was being used as a command center by Hamas. An unconfirmed large number of civilians were killed and a number of world leaders have condemned the strikes. OPEC crude output rose by 180K bpd in October driven by Nigeria and Angola. EIA data is set to be reported today, following last night’s API reading which showed a crude build of 1.35 million barrels.

  
  

  Natural gas futures are pulling back after yesterday’s sharp gains despite forecasts for cooler temperatures.

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• ☕️What Else is Brewing Wednesday Morning
  Historybook: Michelangelo’s Sistine Chapel ceiling exhibited to public for first...
  Historybook: Michelangelo’s Sistine Chapel ceiling exhibited to public for first time (1512); Earthquake and tsunami in Lisbon kill 60,000-90,000 people (1755); Apple CEO Tim Cook born (1960); Bollywood actress and Miss World 1994 winner Aishwarya Rai Bachchan born (1973); Football great Walter Payton dies (1999).
  
  Texas Rangers top Arizona Diamondbacks 11-7 to take 3-1 lead in the World Series; Game 5 is tonight (8 pm ET, Fox) from Phoenix (More)
  
  The death toll has risen to at least 8,500 in Gaza and at least 1,400 in Israel. Egypt said its hospitals in northern Sinai and elsewhere would treat injured Palestinians, though the border still appears to be blocked.
  
  Jack Lew, the former Treasury secretary under President Obama, was confirmed by the Senate to be the US ambassador to Israel.
  
  Tesla won a lawsuit that accused its self-driving software of causing a fatal crash. In other news, Tesla has lost $145 billion of its value in the last two weeks due to concerns over waning EV demand.
  
  WeWork will reportedly seek Chapter 11 bankruptcy protections as early as next week after the embattled office-space company missed interest payments it owed to bondholders.
  
  Carlsberg cut ties with its business in Russia after it accused the Kremlin of stealing its remaining assets in the country.
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• US LNG projects face 11-month wait for export permits
  Government data show that the Energy Department's processing time for permits to export liquefied natural...
  Government data show that the Energy Department's processing time for permits to export liquefied natural gas to non-Free Trade Agreement countries has increased from seven weeks to a minimum of 11 months during the Biden administration. Rapidan Group LNG analyst Alex Munton suggests that these delays are politically motivated, potentially aimed at mitigating voter concerns ahead of the 2024 presidential elections.
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• U.S. stocks close higher Tuesday, but Dow books worst October since 2020
  U.S. stocks closed higher Tuesday ahead of the Federal Reserve’s statement on monetary policy, with...
  U.S. stocks closed higher Tuesday ahead of the Federal Reserve’s statement on monetary policy, with all three major benchmarks booking gains on the last day of October but still slumping for the month. The Dow Jones Industrial Average DJIA closed 0.4% higher, while the S&P 500 SPX gained 0.7% and the Nasdaq Composite COMP rose 0.5%. The Dow fell around 1.4% in October, while the S&P 500 slumped 2.2% and the Nasdaq dropped 2.8%. That marked a third straight monthly drop for all three indexes and the worst October for the Dow since 2020. Meanwhile, investors await the Fed’s monetary policy statement, expected to be released at 2 p.m. Eastern Time on Wednesday ahead of Fed Chair Jerome Powell’s press conference that same day.
  
  
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• Oil prices post a loss for the month as fears of wider Israel-Hamas war fade
  Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied...
  Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded.  Prices based on the front-month contract for WTI, finished at their lowest since Aug. 28, down 10.8% for the month, while Brent Crude settled 8.3% lower for the month after four consecutive monthly gains.
  
  Benchmark U.S. crude oil for December delivery fell $1.29 to $81.02 per barrel Tuesday. Brent crude for January delivery fell $1.33 to $85.02 per barrel.
  
  Wholesale gasoline for November delivery was basically flat at $2.22 a gallon. November heating oil rose 2 cents to $2.99 a gallon. December natural gas rose 22 cents to $3.58 per 1,000 cubic feet.
  
  
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