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• Energy Commentary for Thursday
  Energy stocks opened lower this...

  Energy stocks opened lower this morning, tracking mildly weaker broader index futures and lower oil prices.  News flow continues to thin out as earnings have passed and year-end nears.  Market participants will continue to remain focused on macroeconomic data, rates and Fed commentary.

  
  

  Oil prices edged lower on Thursday, extending losses from the previous session as signals of higher supply from the U.S. met concern over lackluster energy demand from China. Near-term prices remain in contango, suggesting that investors expect prices to increase. "Clearly, the decline in crude oil prices and the weakening of the structure is an ominous sign; one that implies an oversupplied physical market," said Tamas Varga of oil broker PVM.

  
  

  Natural gas futures are higher by a nickel.  Cooler forecasts for the coming two weeks is aiding futures.  EIA storage data will cover the past two weeks, with consensus expecting a combined build of 38 bcf.

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• ☕️What Else is Brewing Thursday Morning
  Israel Defense Forces ...
  Israel Defense Forces said yesterday they had confirmed the presence of a Hamas command center inside northern Gaza's al-Shifa hospital, a revelation which came after soldiers carried out an overnight raid into the building. The facility had become a flashpoint in the war—at least 43 patients had died in the past week amid fighting outside, with more than 1,500 people trapped inside (see previous write-up).
  
  New York’s attorney general sued Pepsi, accusing the company of harming the environment with its single-use plastic packaging.
  
  Microsoft debuted its first AI chips in a potential effort to compete with Nvidia’s dominance.
  
  SpaceX got FAA clearance to launch a second Starship flight, clearing the way for an attempt tomorrow. It’s also mulling an IPO for its Starlink satellite business as soon as next year, Bloomberg reports.
  
  Donald Trump is seeking a mistrial in the New York civil fraud trial against him, claiming the judge overseeing the case is biased.
  
  Thanksgiving dinner will cost less to prepare this year than last year, so we can all say we’re thankful for falling turkey prices.
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• EIA Reports Big Build in Crude Stocks - Cushing numbers go higher
  Oil futures fall as EIA says crude inventories in the two weeks to Nov. 10 ...

  Oil futures fall as EIA says crude inventories in the two weeks to Nov. 10 rose by 17.5 million barrels, to 439.4 million barrels.

  
  

  EIA says crude stocks were up by 3.6 million barrels last week, adding to a 13.9 million build the previous week which it hadn't reported because of a system upgrade.

  
  

  Crude stocks were 2% below their 5-year average. Gasoline stockpiles fell by 1.5 million barrels and distillate stocks were down by 1.4 million. Refineries processed 15.4 million barrels of crude daily, operating at 86.1% of capacity amid slumping refining margins.

  
  

  The Cushing Hub held 25 million barrels of oil as of November 10, up from the 23.1 million recorded on October 27. Cushing’s total at the end of September was 22.1 million barrels.

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• Closing Oil and Gas Prices for Wednesday
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery fell $1.60 to $76.66 per barrel Wednesday. Brent crude for January delivery fell $1.29 to $81.18 per barrel.
  
  Wholesale gasoline for December delivery fell 2 cents to $2.20 a gallon. December heating oil rose 3 cents to $2.87 a gallon. December natural gas rose 8 cents to $3.19 per 1,000 cubic feet.
  
  
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• Stocks end higher, extending rally on another round of subdued inflation data
  Stocks finished higher Wednesday, building on a blockbuster rally...
  Stocks finished higher Wednesday, building on a blockbuster rally the previous session, as investors weighed another round of subdued inflation data. The October producer price index showed a decline in the headline figures, while the core reading, which strips out food and energy, rose 0.1%, down from a 0.3% gain in September. Stocks surged Tuesday, with the S&P 500 posting its largest, one-day percentage gain since Jan. 6 and finishing at a two-month high after a subdued consumer price index reading saw investors largely conclude the Federal Reserve’s rate-hiking cycle has come to an end and price in a series of 2024 rate cuts. The Dow DJIA on Wednesday rose around 164 points, or 0.5%, to close near 34,991, according to preliminary data, while the S&P 500 SPX rose 0.2% and the Nasdaq Composite COMP gained 0.1%.
  
  
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