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• Fire at Germany's Bayernoil refinery
  A fire broke out in a crude distillation unit at Germany's...

  A fire broke out in a crude distillation unit at Germany's 215,000 b/d Vohburg-Neustadt refinery complex on 16 October, operator Bayernoil said.  Traders in the region have not reported any impact on supply so far.

  
  

  Bayernoil said the fire occurred in the sole CDU in the Neustadt section, the smaller of the two sites, and was put out within a few minutes. The cause and extent of the damage are not yet known.

  
  

  Bayernoil is a joint venture comprising Varo Energy, Italy's Eni and Rosneft Deutschland. Rosneft Deutschland is one of Russian state-owned Rosneft two German subsidiaries, both of which have been under the trusteeship of Germany's Federal Network Agency since 2022.

  
  

  Rosneft has said it intends to sell its German assets. According to the German government, the company will be actively pursuing the sale by the end of this year.

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• Court halts permits for Tenn. gas pipeline
  The 6th U.S. Circuit Court of Appeals has paused key permits for the...
  The 6th U.S. Circuit Court of Appeals has paused key permits for the Cumberland Project, a natural gas pipeline in Tennessee after environmental groups raised concerns about potential ecological damage. The court's decision impacts permits from state and federal agencies necessary for the project's continuation. The pipeline developer expressed disagreement with the ruling, and legal proceedings are set to continue in December.
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• API Reports Draws in Crude and Fuel Inventories
  Crude oil inventories in the United fell by 1.58...

  Crude oil inventories in the United fell by 1.58 million barrels for the week ending October 11, according to The American Petroleum Institute (API). Analysts had expected a build of 3.2 million barrels.

  
  For the week prior, the API reported a 10.9-million-barrel build in crude inventories.
  
  So far this year, crude oil inventories have slumped by 7 million barrels since the beginning of the year, according to API data.
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of October 11. SPR inventories are now at 383.9 million barrels, a figure that reflects an increase of more than 36 million from its multi-decade low last summer, yet 251 million down from when President Biden took office. At the current rate of replenishment, it will take more than five years to return to January 2020 levels.
  
  Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma,  rose by 410,000 barrels, according to API data, on top of the 1.359-million-barrel build of the previous week.
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• ☕️What Else is Brewing Thursday Morning
   Elon Musk sues California commission over rocket launches. SpaceX...
   Elon Musk sues California commission over rocket launches. SpaceX filed a suit against the California Coastal Commission on Tuesday, stating that the panel improperly blocked an Air Force-backed plan to increase the number of Falcon 9 launches from 36 to 50. The commission, which is tasked with protecting California’s ~1,000 miles of coastline, rejected the bid for additional launches from the Vandenberg Space Force Base in Santa Barbara. One of the 12 commissioners mentioned Musk “spewing and tweeting political falsehoods” in the decision. The lawsuit asserts that using the CEO’s public statements to block the plan would violate his free speech rights.
  
  Impact Plastics and its CEO were sued by the family of a worker killed at a plant due to flooding from Hurricane Helene. Surviving employees said they were not allowed to leave.
  
  A Georgia judge blocked the state election board’s new rule requiring Election Day ballots to be counted by hand, citing the potential for “administrative chaos.”
  
  Two boys died over the weekend, one in Tennessee and one in Minnesota, in incidents at haunted hayrides.
  
  Lufthansa received a record $4 million penalty from the Department of Transportation for preventing Jewish passengers from boarding a flight in 2022.
  
  Liam Payne, a member of the band One Direction, died after falling from a hotel in Buenos Aires. He was 31.
  
  
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• Oil prices hold at 2-week low on lower oil demand growth forecasts
  Oil prices held near a two-week low on Wednesday after...

  Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle East conflicts will disrupt supply.

  
  

  Earlier this week, crude prices fell in response to a weaker demand outlook and a media report that Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.

  
  

  Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4.0 million barrels per day (bpd) of oil in 2023, U.S. Energy Information Administration (EIA) data showed.

  
  

  Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.

  
  

  As of October 16, 2024, the closing prices for oil and natural gas are:

  
  

  West Texas Intermediate (WTI) Crude Oil: $70.39 per barrel

  
  

  Brent Crude: $74.22 per barrel

  
  

  RBOB Gasoline: $2.0403 per gallon

  
  

  Natural Gas: $2.367 per thousand cubic feet

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