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• Google and Microsoft posted earnings wins
  The two tech giants reported big jumps in revenue, another sign that Big Tech’s growth has ...
  The two tech giants reported big jumps in revenue, another sign that Big Tech’s growth has rebounded following last year’s downturn. Google parent Alphabet reported 11% revenue growth to about $77 billion for the third quarter, thanks mainly to increased advertising sales. Meanwhile, Microsoft’s revenue jumped 13% to $56.5 billion as AI created more demand for its products. Still, it wasn’t all rosy: Alphabet shares fell in extended trading after it missed on revenue estimates for its cloud division. Meta reports its third-quarter earnings today, and Amazon posts tomorrow.
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• ☕️What Else is Brewing Wednesday Morning
  Historybook: Artist Pablo Picasso born (1881); Benjamin O. Davis Sr. became the first...
  Historybook: Artist Pablo Picasso born (1881); Benjamin O. Davis Sr. became the first Black general in US Army (1940); Katy Perry born (1984); Hall of Fame golfer Payne Stewart died in a plane crash (1999).
  
  The United Auto Workers union expanded its strike against the Big Three auto manufacturers yet again, this time hitting a large plant in Texas that builds GM’s profitable full-size SUVs.
  
  The chairman of Russia’s second-biggest oil company died suddenly yesterday—the second time in a year that’s happened at Lukoil after its last chairman fell out of a hospital window.
  
  Frontier Airlines overhauled its frequent flyer program, joining Delta and American in making rewards more dependent on how much you spend.
  
  Panera Bread was sued by the family of a college student with a heart condition who died after drinking the chain’s Charged Lemonade, which contains more caffeine than a can of Monster and Red Bull combined.
  
  The next Mission: Impossible movie was delayed by a year to 2025 due to the ongoing Hollywood actors strike, a huge blow to people who like watching Tom Cruise risk his life for our entertainment.
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• Strategic Petroleum Reserve (SPR) Near 40-Year Low
  On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic...
  On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) stayed the same for the third week in a row, with the SPR inventory still sitting at a near 40-year low of 351.3 million barrels, with total purchases for the SPR coming in at less than 4 million barrels since the Biden Administration began its buyback program.
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• API Reports Draw in Crude Oil Inventories; Cushing Reports a Small Build
  Crude oil inventories in the United States fell by 2.668 million...
  Crude oil inventories in the United States fell by 2.668 million barrels for the week ending October 20, according to The American Petroleum Institute (API), after a 4.383-million-barrel dip in crude inventories in the week prior, API data showed.
  
  Analysts were expecting a build of 1.550 million barrels for the week. API data shows a net draw in crude oil inventories in the United States of 2.679 million barrels so far this year.
  
  Gasoline inventories fell this week by 4.169 million barrels, on top of the 1.578 million barrel decrease in the week prior. Gasoline inventories are just above the five-year average for this time of year, last week’s EIA data shows. Distillate inventories also fell this week, by 2.313 million barrels, on top of the 612,000-barrel draw in the week prior, and are now about 12% below the five-year average for this time of year.
  
  Cushing inventories saw the only build this week, of 513,000 barrels, after falling by 1.005 million barrels last week, leaving an estimated 21.5 million barrels in stock.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery fell $1.75 to $83.74 a barrel Tuesday. Brent crude for December delivery fell $1.76 to $88.07 a barrel.
  
  Wholesale gasoline for November delivery fell 6 cents to $2.27 a gallon. November heating oil fell 5 cents to $3.04 a gallon. November natural gas rose 4 cents to $2.97 per 1,000 cubic feet.
  
  
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