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• API Reports a Build in Crude Oil Inventories
  The American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S....
  The American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S. crude inventories, compared to last week’s large 5.25-million-barrel draw.
  
  Analysts were expecting an inventory draw of 1.650 million barrels for the week. The total number of barrels of crude oil moves so far this year is – 4 million, according to API data, and there is a net draw in crude inventories since April of more than 51 million barrels.
  
  On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 300,000 barrels last week, with the SPR inventory still sitting at a near 40-year low of 351.5 million barrels, with total purchases for the SPR coming in at less than 4 million barrels since the Biden Administration began its buyback program.
  
  Cushing inventories fell by another 828,000 barrels, after falling 2.564 million barrels last week, leaving less than 22 million barrels in Cushing.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for November delivery...
  Benchmark U.S. crude oil for November delivery rose 71 cents to $90.39 a barrel Tuesday. Brent crude for November delivery rose 67 cents to $93.96 a barrel.
  
  Wholesale gasoline for October delivery rose 2 cents to $2.56 a gallon. October heating oil fell 4 cents to $3.22 a gallon. October natural gas rose 2 cents to $2.66 per 1,000 cubic feet.
  
  
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• Dow sheds almost 390 points, posts worst day since March
  U.S. stocks closed sharply lower Tuesday, with the Dow booking...
  U.S. stocks closed sharply lower Tuesday, with the Dow booking its worst daily drop since the March banking crisis as the rout in equities resumed.
  
  The Dow Jones Industrial Average DJIA shed about 388 points, or 1.1%, ending near 33,618. That cemented the Dow’s biggest daily percentage drop since March 22. It also finished below its 200-day moving average, which matters for investors because it signals a break in an upward trend for the index. The Dow last broke below the same support level on May 25. Losses were even sharper for the S&P 500 Index, SPX which fell 1.5%, and for the Nasdaq Composite Index, COMP, -1.57% which shed 1.6%.
  
  The 10-year Treasury yield TMUBMUSD10Y, 4.553% was at 4.558%, the highest since October 2007, pushing up costs of funding in the U.S. economy.
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• Devon, Oxy CEOs share insights into production plans
  Easing oilfield inflation will allow Devon Energy...
  Easing oilfield inflation will allow Devon Energy to reduce spending on sustaining oil and natural gas production next year, although labor constraints present an ongoing hurdle, said CEO Rick Muncrief. Meanwhile, Occidental Petroleum plans to hold steady on production despite surging oil prices because the market is unbalanced, according to CEO Vicki Hollub.
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• Hamm: Oil and gas here to stay, but policy stability needed
  The world will continue to rely on oil and gas over the next century, predicted ...
  The world will continue to rely on oil and gas over the next century, predicted Continental Resources Chairman Harold Hamm as he called for more consistent and enduring energy policies. Speaking at the American Energy Security Summit, Hamm cautioned that a lack of policy support for new drilling could push oil prices to $120 to $150 per barrel, potentially upending the energy system.
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