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• U.S. stocks finish in the red after late-day rally fizzles
  Stocks ended with small losses but well off session lows Wednesday,...
  Stocks ended with small losses but well off session lows Wednesday, losing steam after kicking off the month and fourth quarter with strong back-to-back gains. The Dow Jones Industrial Average DJIA, -0.14% fell around 42 points, or 0.1%, to end near 30,275, according to preliminary figures. The S&P 500 SPX, -0.20% declined around 7 points, or 0.2%, to finish near 3,784, while the Nasdaq Composite COMP, -0.25% lost around 28 points, or 0.2%, closing near 11,149. Major indexes ended Friday at their lowest since 2020, capping a brutal September, then posted a strong rebound to start this week on renewed speculation the Federal Reserve may be coming nearer the end of its rate-hike cycle.
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• API data show drop in US crude oil, product stockpiles
  The American Petroleum Institute (API) reported a surprise draw...
  The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels, while analysts predicted a build of 333,000 barrels. U.S. crude inventories have grown by roughly 21 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly eight times that figure.
  
  The draw comes even as the Department of Energy released 6.2 million barrels from the Strategic Petroleum Reserves in the week ending September 30 that left the SPR with 416.4 million barrels.
  
  In the week prior, the API reported a build in crude oil inventories of 4.150 million barrels after analysts had predicted a small build of 333,000 barrels.
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• ☕️What Else is Brewing Wednesday Morning
  Ray Dalio is giving up control of Bridgewater Associates, the hedge fund he started nearly 50 years ago that grew to become the largest of its kind in the world.
  
  Loretta Lynn, country music icon, died at 90.
  
  Micron said it will invest up to $100 billion in the next two decades in a chip factory complex in upstate NY.
  
  That Northeastern University exploding package from last month turned out to be a hoax, police said.
  
  It’s Yom Kippur. Wishing our Jewish readers an easy fast.
  
  
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• Cost of shipping LNG flirts with record highs
  Liquefied natural gas charter rates were estimated to average $313,000 per day for the most efficient...
  Liquefied natural gas charter rates were estimated to average $313,000 per day for the most efficient LNG carriers and $276,700 per day for tri-fuel, diesel engine carriers as of Monday, according to Clarksons Securities, and some analysts predict rates could climb as high as $500,000 per day or even $1 million in the fourth quarter amid tight ship availability on the spot market. "According to brokers, owners can now achieve three-way economics, which means they are compensated not just for a regular round voyage but also for positioning voyages," said Clarksons Securities analyst Frode Morkedal.
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• Energy firms turn to "rainy day" hedging strategies
  US oil and gas producers are shifting to options-based hedging strategies and "rainy day" insurance...
  US oil and gas producers are shifting to options-based hedging strategies and "rainy day" insurance approaches to protect free cash flow and dividend payments when commodity prices decline, according to recent data. Consulting firm Wood Mackenzie estimates that crude oil producers are hedging just 36% of their production in 2022, down 44% from this time last year, and natural gas producers have just 58% of production hedged compared with 73% a year ago.
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