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• California gas prices are soaring again, averaging $6.42 a gallon. But 'welcome relief' is coming.
  Gas prices hit record highs in many parts of California on Wednesday, with greater Los Angeles seeing...
  Gas prices hit record highs in many parts of California on Wednesday, with greater Los Angeles seeing an unprecedented average of $6.49 per gallon for regular. Prices in some southern California locations spiked at more than $8.00 per gallon. But experts said Golden State drivers whose tanks aren't near empty may want to hold off on filling up, because relief may be on the way.
  
  Statewide, prices reached $6.42 per gallon, up a penny from the day before, and just under the record average of $6.44 set June 14. That's nearly $3 higher than the national average of $3.83, according to AAA.
  
  By midday, however, there was good news: Wholesale spot prices for gasoline sold by refineries and others in the Golden State dropped by as much as $1.25 per gallon off recent highs and could fall further. The single biggest factor contributing to the decline was likely California Gov. Gavin Newsom directing state air regulators to allow oil refineries to immediately switch to producing cheaper "winter blend" gasoline a month earlier than normal. A costlier "summer blend" of gasoline that produces less dangerous smog when it mixes with hot summer sunshine is normally required in California from May until the end of October.
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• EIA Reports Inventory Draw
  The Energy Information Administration reported an inventory draw...
  The Energy Information Administration reported an inventory draw of 1.4 million barrels for the week of September 30. The EIA also reported large draws in fuel stocks.
  
  The crude oil inventory change compared with a modest draw of 200,000 barrels for the previous week and it came after OPEC+ agreed a cut of 2 million barrels to daily production, which was also bullish for prices.
  
  A day before the EIA published its weekly report, the American Petroleum Institute estimated crude oil inventories had shed 1.77 million barrels in the last week of September, with gasoline and middle distillate fuel inventories seen shedding even more in the reporting period.
  
  Gasoline stocks were estimated to shed 4.7 million barrels in the last week of September, compared with a draw of 2.4 million barrels for the previous week.
  
  Gasoline production averaged 10 million barrels daily last week, compared with 9.6 million bpd for the previous week.
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• ☕️What Else is Brewing This Thursday Morning
  North Korea fired two ballistic missiles in response to the US redeploying an aircraft carrier in the...
  North Korea fired two ballistic missiles in response to the US redeploying an aircraft carrier in the area…in response to North Korea’s missile launch over Japan.
  
  Ford again jacked up the starting price for its electric F-150 Lightning.
  
  US intelligence agencies believe that the Ukrainian government authorized the fatal August car bombing of Daria Dugina, the daughter of a nationalist Russian philosopher.
  
  A pumpkin weighing in at 2,554 pounds set the record for the heaviest pumpkin ever recorded in the US.
  
  
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• 🚀SpaceX Launch Makes History
  History was made on yesterday’s SpaceX launch. NASA astronaut Nicole Mann became the...
  History was made on yesterday’s SpaceX launch. NASA astronaut Nicole Mann became the first Native American woman to go to space, joining three others on a trip to the International Space Station aboard a SpaceX Crew Dragon vehicle. It was SpaceX’s sixth crewed mission to the ISS for NASA since 2020.
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• OPEC+ Cuts Oil Supply
  An alliance of petroleum exporting countries and its allies, known as OPEC+, has agreed to ...

  An alliance of petroleum exporting countries and its allies, known as OPEC+, has agreed to slash oil output by 2 million barrels per day, starting in November. The cut, equal to 2% of the world's daily oil supply and the largest since April 2020, is meant to increase oil prices that have fallen due to recession fears. The global cost of a barrel has hovered around $90, down from $120 in June.

  
  OPEC+ (see 101) controls more than 40% of the world's oil production and previously has targeted a supply of 43.8 million barrels per day. The US, which is not a member of OPEC+ and has control over its own supply, opposed production cuts to help secure lower energy prices for US consumers. The US said it would release 10 million barrels of oil from its strategic petroleum reserve in November. 
  
  OPEC and its allies will meet again in December.
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