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• US Crude Production Hits High as Chaos in Israel, Geopolitics Stoke Fear
  In the U.S. Energy Information Administration's most recent...
  In the U.S. Energy Information Administration's most recent weekly update, the first week of October saw domestic crude production rise by 300,000 bbl/d from the prior week, setting an all-time production high of 13.2 MMbbl/d.
  
  The high volumes come even as Oct. 13 rig counts show a 147 drop from last year, according to the Baker Hughes rig count.
  
  The previous record of 13.1 MMbbl/d was set in February 2020, just before the COVID-19 pandemic shut down much of the U.S. and world economy.
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• Stock Market Outlook for Thursday
  🔔 Before the opening bell: US stock futures fall ...
  🔔 Before the opening bell: US stock futures fall early Thursday as investors await a speech from Fed Chair Jerome Powell later today. 
  
  Everyone’s got thoughts on the bond market. Treasury yields hit 16-year highs early Wednesday. "Bond King" Jeffrey Gundlach says it’s time to buy long-dated Treasurys with a recession looming. But a note from Barclays makes the case for yields to climb higher, which would mean bond prices are still cratering.
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• ☕️What Else is Brewing Thursday Morning
  Historybook: British Gen. Charles Cornwallis surrenders at Yorktown, effectively ending...
  Historybook: British Gen. Charles Cornwallis surrenders at Yorktown, effectively ending the Revolutionary War (1781); John Jay becomes first US chief justice (1789); Abolitionist and suffragist Lucy Stone dies (1893); Actor and director Jon Favreau born (1966); Black Monday stock market crash; Dow Jones drops 22% in one day (1987).
  
  Amazon has begun delivering prescription medicine by drone in Texas as it continues to try out nonhuman deliveries.
  
  Household wealth in the US surged during the pandemic, jumping 37% in the steepest climb ever seen in the Fed’s Survey of Consumer Finances, which it conducts every three years.
  
  Costco’s CEO will step down in January and be succeeded by the warehouse chain’s current president.
  
  The EU has banned the sale of loose glitter to cut down on microplastics. In Germany, people stocked up before the ban took effect this week as TV stars and influencers worried about losing the shiny craft item.
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• Closing Oil & Gas Prices for Wednesday
  Benchmark U.S. crude oil for November delivery...
  Benchmark U.S. crude oil for November delivery rose $1.66 to $88.32 a barrel Wednesday. Brent crude for December delivery rose $1.60 to $91.50 a barrel.
  
  Wholesale gasoline for November delivery rose 7 cents to $2.35 a gallon. November heating oil fell 4 cents to $3.14 a gallon. November natural gas fell 2 cents to $3.06 per 1,000 cubic feet.
  
  
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• Stocks end sharply lower as Treasury yields extend climb
  U.S. stocks fell Wednesday, feeling pressure as a continued bond-market...
  U.S. stocks fell Wednesday, feeling pressure as a continued bond-market selloff took Treasury yields to all-time highs. The yield on the 10-year Treasury note TMUBMUSD10Y jumped 5.6 basis points to close at 4.902%, based on 3 p.m. ET levels, its highest since July 2007. Stocks, which had previously held up to a renewed surge in yields, came under pressure, with the Dow Jones Industrial Average DJIA ending more than 330 points lower, a fall of 1%, near 33,665, according to preliminary figures, while the S&P 500 SPX shed 1.3% and the Nasdaq Composite COMP declined 1%.
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