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• API Reports Build in Crude Oil Inventories
  Crude oil inventories in the United States rose again this week, adding 1.335 million barrels...
  Crude oil inventories in the United States rose again this week, adding 1.335 million barrels into inventory for the week ending November 10, according to The American Petroleum Institute (API), after an 11.9-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 1.4 million barrel build.
  
  API data now shows a net build in crude oil inventories in the United States of 11.9 million barrels so far this year.
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• Energy Sector Commentary
  Energy stocks are off to a mixed...

  Energy stocks are off to a mixed start, pressured by weakness in the crude complex, but supported by gains in the major equity futures. U.S. stocks are set to start today’s session higher as investors digest October’s PPI print, which fell by 0.5%, to mark its biggest monthly drop since April 2020.

  
  

  WTI and Brent crude oil futures are in negative territory on signs the United States is at peak production and a stronger dollar, which offset strong economic data from China. In October, China’s manufacturing and retail sales growth beat expectations which eased concerns about waning demand. However, a full post-COVID economic recovery has been limited to weakness in the property sector. Investors will be keeping an eye on today’s DOE Weekly Petroleum Status Report as last night’s API print showed a weekly crude build of 1.8M barrels.

  
  

  Natural gas futures have recovered yesterday’s declines this morning on the forecast for colder temperatures and higher heating demand than previously expected.

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• The House passed a funding bill to avert a government shutdown
   More than two-thirds of the House ...
   More than two-thirds of the House voted in support of new Speaker Mike Johnson’s unique two-step plan to fund the government for the next few months. Johnson needed Democrats’ help since the GOP’s right-wing Freedom Caucus—which helped orchestrate the ouster of previous Speaker Kevin McCarthy—came out against the bill for not including spending cuts. Luckily, Dems gave their okay for that exact reason. It’s not a done deal yet: The short-term funding bill now heads to the Senate, where it must pass by Friday to prevent a shutdown. Senate leaders in both parties have said they’ll support it.
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• ☕️What Else is Brewing Wednesday Morning
  Historybook: ...
  Historybook: Articles of Confederation is adopted by Continental Congress (1777); Artist Georgia O’Keeffe born (1887); "Macho Man" Randy Savage born (1952); Two million people protest Vietnam War across the US (1969); Famed anthropologist Margaret Mead dies (1978).
  
  Israel said it carried out a “targeted operation” at Shifa, Gaza’s largest hospital, where its leadership and US intelligence accuse Hamas of operating from. In recent days, doctors at Shifa have warned that patients are dying as a humanitarian crisis unfolds within the hospital.
  
  ByteDance revenue grew to $29 billion in the second quarter, putting the Chinese owner of TikTok within striking distance of Meta.
  
  Rolex and Patek Philippe prices fell to two-year lows amid waning demand for expensive watches.
  
  SpaceX will receive clearance this week to launch its Starship rocket, CEO Elon Musk said.
  
  YouTube announced it will begin cracking down on AI-generated deepfakes of musicians.
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• Closing Oil and Gas Prices
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery was unchanged at $78.26 per barrel Tuesday. Brent crude for January delivery fell 5 cents to $82.47 per barrel.
  
  Wholesale gasoline for December delivery fell 2 cents to $2.22 a gallon. December heating oil was unchanged at $2.84 a gallon. December natural gas fell 9 cents to $3.11 per 1,000 cubic feet.
  
  
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