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• ☕️What Else is Brewing Tuesday Morning
  Powell hints that more rate cuts are coming…but maybe not fast. Fed...
  Powell hints that more rate cuts are coming…but maybe not fast. Fed Chair Jerome Powell made it clear when speaking at a conference yesterday that the central bank is willing to keep bringing interest rates down, but that how much and how fast will depend on what the economic data shows. JPow said the economy is “solid” and “we intend to use our tools to keep it there.” But he also noted that the committee that makes the decision will take it meeting by meeting, stating, “This is not a committee that feels like it’s in a hurry to cut rates quickly.”
  
  Hundreds of people remained missing yesterday as rescue efforts continue after Hurricane Helene. At least 130 have been confirmed dead due to the storm, which caused flooding and knocked out power to millions.
  
  Epic Games slapped Google with an antitrust suit over app stores for a second time. The new suit also targets Samsung, claiming it worked with Google to add a default feature to its phones that makes it harder for users to use third-party app stores.
  
  Sad news: Baseball’s Pete Rose, who set a record for most hits but also earned a lifetime ban for betting on MLB games, died at age 83. And Dikembe Mutombo, an NBA legend and champion of humanitarian causes in his native Democratic Republic of the Congo, died at age 58 from brain cancer.
  
  The FTC said it would allow Chevron’s $53 billion purchase of Hess, but it barred Hess CEO John B. Hess from sitting on Chevron’s board over his communications with OPEC.
  
  YouTube said it reached a deal to bring back music videos, including some from famous artists like Adele and Green Day, that were removed because of a contract dispute with performance rights group SESAC. Don’t worry, this one was always available.
  
  
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• U.S. crude oil posts third monthly loss in a row in September
  U.S. crude oil prices posted a third monthly loss in September as rising...
  U.S. crude oil prices posted a third monthly loss in September as rising supplies from OPEC+ and weak demand in China haunt the market.
  
  The U.S. benchmark has declined more than 7% for the month, while global benchmark Brent has fallen about 9%.“Oil markets are experiencing a panic attack,” Amarpreet Singh, energy analyst at Barclays, told clients in a Friday note. “Balances are set to loosen next year, but concerns are likely overdone.”
  
  Barclays expects Brent to average $85 in 2025.
  
  Here are Monday’s closing energy prices:
  

  
  
  • West Texas Intermediate November contract: $68.17 per barrel, down 1 cents, or 0.01%. Year to date, U.S. crude oil has fallen nearly 5%.
  
  
  • Brent November contract: $71.77 per barrel, down 21 cents, or 0.29%. Year to date, the global benchmark has declined nearly 7%.
  
  
  • RBOB Gasoline October contract: $1.9621 per gallon, up 0.47%. Year to date, gasoline has pulled back more than 6%.
  
  
  • Natural Gas November contract: $2.923 per thousand cubic feet, up 0.72%. Year to date, gas has gained about 16%.
  
  

  
  Oil prices remain under pressure in part because OPEC+ plans to begin increasing production in December, and as demand in China, the world’s largest crude importer, remains soft.
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• U.S. stocks stage late rally to close higher after volatile trading session
  U.S. stocks closed higher on Monday, recouping earlier...

  U.S. stocks closed higher on Monday, recouping earlier losses that came after Federal Reserve Chair Jerome Powell’s comments at a conference Monday, which were viewed as disappointing to investors looking for aggressive interest-rate cuts from the central bank’s final two meetings this year.

  
  

  The Dow Jones Industrial Average rose 17.15 points, or 0.04%, to end at 42,330.15, a record closing high. It is the index's 33rd record close of this year. The Dow rose 3211.29 points, or 8.21%, in the third quarter.

  
  

  The S&P 500 gained 24.31 points, or 0.42%, to finish at 5,762.48, also a record close. It is the index's 43rd record finish of the year. The index rose 302.00 points, or 5.53%, in the third quarter for its fourth straight quarterly gain. It is the S&P 500's longest quarterly winning streak since the one ending in the fourth quarter of 2021, when it rose for seven straight quarters.

  
  

  The Nasdaq Composite added 69.58 points, or 0.38%, to 18,189.17. It was up 456.57 points, or 2.57%, for the quarter and also booked its fourth consecutive quarterly gain. It's the Nasdaq's longest quarterly winning streak since the one ending in the second quarter of 2021, when it rose for five straight quarters.

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• Oil, gas boom push US midstream sector into growth mode
  As US oil and natural gas...
  As US oil and natural gas production hit record highs, the midstream sector is racing to expand infrastructure in response to surging domestic power demand and booming exports of liquefied natural gas and natural gas liquids, all while navigating regulatory hurdles, industry consolidation, and rising volatility. Despite these challenges, Kinetik President and CEO Jamie Welch argues that improved balance sheets, reduced leverage, and greater discipline have left the sector in its best financial shape ever.
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• Texas plans major grid upgrades in Permian Basin
  The Texas Public Utility Commission has greenlit a plan to expand power...
  The Texas Public Utility Commission has greenlit a plan to expand power grid access in the Permian Basin to keep pace with the oil and natural gas industry's growing electricity needs. The push to electrify oil and gas operations could boost Permian electricity demand to nearly 27 gigawatts by 2038, potentially requiring up to $15.32 billion in grid upgrades, ERCOT estimates.
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