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• ☕️What Else is Brewing Thursday Morning
  Meta cuts ~600 jobs in its AI unit. While AI...
  Meta cuts ~600 jobs in its AI unit. While AI jobs might seem like they should be the safest jobs out there, Meta is conducting mass layoffs in its AI unit even as it pours billions into the tech. But it’s not a sign the company is backing off on AI. Rather, Axios reports that Mark Zuckerberg wasn’t satisfied with its longstanding AI efforts, and has been reshaping its push by starting a new lab and luring talent from competitors with headline-making multimillion-dollar compensation packages. Reducing the size of the team will help get decisions made more efficiently, Meta’s chief AI officer Alexandr Wang—who was recently brought in himself through Meta’s $14.3 billion investment in his company—wrote in a memo to staff.
  
  The entire East Wing of the White House is being demolished to make room for the $250 million ballroom President Trump wants to add, despite his earlier assurances that it wouldn’t “interfere with the current building.”
  
  The US imposed sanctions on two of Russia’s largest oil companies due to what the Treasury Department described as Russia’s “lack of serious commitment” to ending the war in Ukraine.
  
  Warner Bros. Discovery has reportedly rejected three takeover offers from Paramount Skydance as it considers selling itself.
  
  The Louvre reopened three days after thieves made off with some of France’s crown jewels worth an estimated $102 million in a brazen daylight heist. The Wall Street Journal reports that a security camera facing the wrong way allowed the robbery to happen.
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• EIA Crude Oil Inventories reveal unexpected drop, signaling stronger demand
  Crude oil inventories in the...

  Crude oil inventories in the United States decreased by 1 million barrels during the week ending October 17, after gaining 3.5 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 422.8 million barrels according to government data, which is still 4% below the five-year average for this time of year.

  
  For total motor gasoline, the EIA reported that inventories had contracted by 2.1 million barrels, after the week prior’s 300,000-barrel decrease. The most recent figures showed average daily gasoline production increasing to 9.6 million barrels. For middle distillates, inventories decreased by another 1.5 million barrels, despite production increasing by 40,000 barrels daily to an average of 4.6 million barrels daily. Distillate inventories drew down by 4.5 million barrels in the week prior and are now 7% below the five-year average for this time of year.
  
  Total products supplied over the last four weeks slipped to 20.5 million barrels per day, down 0.1% compared to the same period last year. Gasoline demand averaged 8.6 million barrels per day over the last four weeks, while the distillate four-week average supplied hovered 4.0 million barrels—up 0.2 percent year over year.
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• DAILY OIL PRICE: October 22, 2025
  Crude Oil: 58.50   (+0.68)....
  
  
  • Crude Oil: 58.50   (+0.68).
  
  
  • Nymex MTD AVG: 59.5209.
  
  
  • Natural Gas: 3.450   (-0.024).
  
  
  • Gasoline: 1.8650   (+0.0397).
  
  
  • Spreads: December/January (+0.18)     January/February (+0.06).
  
  
  • Plains WTI Posting: 54.98   (+0.68).
  
  

  
  Source: Odessa American
  
  
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• DOE seeks bids for 1M barrels of SPR oil
  The Energy Department has issued a solicitation to buy 1 million barrels...
  The Energy Department has issued a solicitation to buy 1 million barrels of oil for the Strategic Petroleum Reserve for December and January delivery, with bids due by Oct. 28. The department will use $171 million allocated under the president's tax and spending law to fund the purchase. Low West Texas Intermediate prices near $58 per barrel have created a favorable window for the administration to begin rebuilding the reserve, which remains about 40% below capacity after record drawdowns in 2022.
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• Halliburton taps into data center boom with VoltaGrid deal
  As global fracking activity slows, Halliburton is diversifying beyond...
  As global fracking activity slows, Halliburton is diversifying beyond oilfield services by teaming up with VoltaGrid to supply turbines, engines and technology for data centers, starting in the Middle East. The company also reported better-than-expected third-quarter adjusted earnings of $0.58 per share, while North American revenue rose 5% sequentially to $2.4 billion on increased stimulation and completion work. However, Halliburton CEO Jeff Miller cautioned that North American oil producers are now investing below the maintenance levels required to sustain output.
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