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• Diamondback says the gap in oil glut forecasts is “big enough to drive a truck through.”
  Diamondback says the gap in oil glut...

  
  

  Diamondback says the gap in oil glut forecasts is “big enough to drive a truck through.”
  
  Its research backs OPEC’s estimate of a sub-500 kb/d oversupply.
  
  Still, it sees no need for more barrels without a clear price signal.https://t.co/1roADpG5vQ#OilMarkets #OPEC #IEA… pic.twitter.com/X6ygZlkQU0

  
  — Art Berman (@aeberman12) November 4, 2025

  
  
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• API Reports Sizeable Crude Oil Build
  The American Petroleum Institute (API) estimated...

  The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 6.5 million barrels in the week ending October 31.

  
  Crude oil inventories in the United States are so far showing a net gain of 3.6 million barrels for the year, according to Oilprice calculations of API data.
  
  Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 500,000 barrels to 409.6 million barrels in the week ending October 31 as the government attempts to replenish the nation’s oil stockpile that shrank during the Biden Administration.
  
  Gasoline inventories saw a large decrease of 5.653 million barrels in the week ending October 31, after losing 6.3 million barrels in the week prior.
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• Longest shutdown ever
  Today marks the 36th day of the ongoing government shutdown, officially...
  Today marks the 36th day of the ongoing government shutdown, officially making it the lengthiest in US history. The previous recordholder was the 35-day shutdown during President Trump’s first term in 2018–2019.
  
  The shutdown’s effects are mounting, as many Americans are forced to go without their usual federal assistance and flight delays increasingly snarl airports. Transportation Secretary Sean Duffy said there could be “mass chaos” next week if the shutdown continues. But there may be some hope: Senate leaders suggested yesterday that they’re getting closer to a deal that would reopen the government.
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• ☕️What Else is Brewing Wednesday Morning
  Mamdani will be NYC’s next mayor after big night for Democrats. The...
  Mamdani will be NYC’s next mayor after big night for Democrats. The Associated Press called the race for Zohran Mamdani, a self-described democratic socialist, at 9:34pm ET. The 34-year-old received 50.4% of the votes with 91% of ballots counted, beating former NY Gov. Andrew Cuomo (who ran as an independent), who received 41.6% of the vote, and Republican Curtis Sliwa, who received 7.1% When sworn in on Jan. 1, Mamdani will become the city’s first Muslim mayor. He’ll also be the first person of South Asian descent to lead the city. Democrats won the other major contests around the country, including for the governorships of Virginia and New Jersey. In California, the Proposition 50 redistricting measure, put forward in response to Texas’s mid-cycle redistricting, passed handily.
  
  A UPS cargo plane crashed shortly after takeoff from Louisville Muhammad Ali International Airport in Kentucky and hit nearby businesses. At least seven people have died, including the plane’s three crew members, and numerous people at the businesses remained unaccounted for overnight.
  
  The White House confirmed it is “fully complying” with a court order to partially fund SNAP payments during the government shutdown after President Trump threatened to withhold the funding yesterday.
  
  Apple is preparing to offer a low-cost laptop for “well under $1,000” for the first time, Bloomberg reported.
  
  Stellantis recalled 320,000 hybrid Jeep vehicles after discovering a battery issue that can cause fires.
  
  IBM announced it will cut thousands of roles as it shifts focus to software growth.
  
  Starbucks said it is selling 60% of its business in China to the private equity firm Boyu Capital for $4 billion.
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• DAILY OIL PRICE: November 4, 2025
  Crude Oil: 60.56   (-0.49). Nymex MTD AVG: 60.8925....
  
  
  • Crude Oil: 60.56   (-0.49).
  
  
  • Nymex MTD AVG: 60.8925.
  
  
  • Natural Gas: 4.343   (+0.077).
  
  
  • Gasoline: 1.9228   (+0.0067).
  
  
  • Spreads: December/January (+0.25)     January/February (+0.22).
  
  
  • Plains WTI Posting: 57.04   (-0.49).
  
  

  
  Source: Odessa American
  
  
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