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• ☕️What Else is Brewing Wednesday Morning
  Historybook: 13th Amendment of the US Constitution is ratified, abolishing slavery...
  Historybook: 13th Amendment of the US Constitution is ratified, abolishing slavery (1865); Washington Monument completed (1884); Hollywood actress Agnes Moorehead born (1900); NBA star Giannis Antetokounmpo born (1994); NASA photographs suggest presence of liquid on Mars (2006).
  
  Sen. Tommy Tuberville (R-AL) finally gave up on his monthslong obstruction of hundreds of US military appointments.
  
  Panera’s caffeinated Charged Lemonade was blamed for a second death after a man in Florida drank three and suffered a fatal heart attack.
  
  A group of activist nuns sued gun-maker Smith & Wesson to get the company to change how it makes and markets its AR-15 rifle.
  
  Zepbound, Eli Lilly’s weight loss drug, is now available in the US as an alternative to Novo Nordisk’s Wegovy.
  
  Lionel Messi was named Time’s 2023 Athlete of the Year.
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• API Reports Build in Crude Oil Inventories
  Crude oil inventories in the United States rose this week by...
  Crude oil inventories in the United States rose this week by 594,000 barrels for the week ending December 1, according to The American Petroleum Institute (API), after a 817,000-barrel draw in crude inventories in the week prior. Analysts had expected inventories to go in a different direction, anticipating a 2.267 million barrel draw.
  
  API data shows a net build in crude oil inventories in the United States of nearly 21 million barrels so far this year.
  
  Cushing inventories saw the largest increase this week, rising by 4.28 million barrels, after falling by 465,000 barrels in the previous week.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for January delivery...
  Benchmark U.S. crude oil for January delivery fell 72 cents to $72.32 per barrel Tuesday. Brent crude for February delivery fell 83 cents to $77.20 per barrel.
  
  Wholesale gasoline for January delivery fell 2 cents to $2.11 a gallon. January heating oil fell 2 cents to $2.64 a gallon. January natural gas rose 2 cents to $2.71 per 1,000 cubic feet.
  
  
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• Dow sees first back-to-back losses in a month as Apple retakes $3 trillion
  U.S. stocks finished mostly lower on Tuesday, with the Dow logging...
  U.S. stocks finished mostly lower on Tuesday, with the Dow logging back-to-back losses for the first time in nearly a month, while a rally in mega-cap technology stocks helped boost the Nasdaq. Apple Inc.’s AAPL gains on Tuesday saw it end the session with a market capitalization north of $3 trillion for the first time since early August, according to Dow Jones Market Data. The S&P 500 SPX fell by 2.60 points, or 0.1%, to 4,567.18. The Dow Jones Industrial Average DJIA fell by 79.88 points, or 0.2%, to 36,124.56. Meanwhile, the Nasdaq Composite COMP gained 44.42 points, or 0.3%, to 14,229.91. U.S. stocks rallied hard in November, with the S&P 500 rising more than 11% for its best monthly gain of the year, and one of its best monthly advances over the past decade. But markets have pulled back early this week, raising questions about whether the rally can continue, market strategists said.
  
  
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• Energy Sector Commentary
  The energy sector is off to a lower start, pressured by weakness in the...

  The energy sector is off to a lower start, pressured by weakness in the major equity futures which are lower as Wall Street appears to lose steam.

  
  

  WTI and Brent crude oil are rebounding this morning on hopes that OPEC+ members may extend voluntary cuts as fighting resumes in the Middle East. Traders and analysts do not expect the latest production cuts will have an impact on oil prices unless there is further tightening in supply. Yesterday, Saudi’s energy minister said production cuts can "absolutely" continue past 1Q24 if needed. Also adding to supply concerns, Israel widened its war against Hamas to Gaza’s south and traders continue to analyze the effects of the latest attack on commercial vessels in the Red Sea. The US Department of Treasury yesterday said no decision has been made on reimposing oil-related sanctions on Venezuela after a referendum to annex the Essequibo region of Guyana was passed by Venezuela on Sunday.

  
  

  Natural gas futures are recovering yesterday’s losses as forecasts have the vast majority of the L48 experiencing above-normal temperatures in the next two weeks.

  
  
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