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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for November delivery...
  Benchmark U.S. crude oil for November delivery fell $2.48 to $83.49 a barrel Thursday. Brent crude for December delivery fell $1.83 to $85.82 a barrel.
  
  Wholesale gasoline for November delivery fell 5 cents to $2.21 a gallon. November heating oil fell 2 cents to $3 a gallon. November natural gas was unchanged at $3.38 per 1,000 cubic feet.
  
  
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• U.S. stocks eke out 4-day win streak as bond yields fall, CPI on deck
  U.S. stocks eked out a fourth straight day of gains on Wednesday...
  U.S. stocks eked out a fourth straight day of gains on Wednesday as investors combed through minutes of the Federal Reserve’s September policy meeting and awaited a key inflation update due Thursday. The Dow Jones Industrial Average DJIA advanced about 65 points, or 0.2%, ending near 33,804, after flipping between small gains and losses. The S&P 500 Index SPX gained 0.4% and the Nasdaq Composite Index closed 0.7% higher. That was the fourth straight day of gains for all three stock indexes. Likely bolstering stocks was the continued pullback of long-term Treasury yields, with the benchmark 10-year TMUBMUSD10Y rate retreating by 5.8 basis points to 4.596%, the lowest yield in almost two weeks.
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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a mixed-to-lower start, pressured by weakness in the underlying commodities. Meanwhile, the major equity futures are higher as investors digest the latest PPI data and ahead of the release of the Federal Reserve’s September policy meeting minutes. The producer price index rose 0.5% for September, coming out higher than the Dow Jones estimate for a 0.3% rise. While slightly higher than what economists expected, the September figure still represented a slowing from the 0.7% producer prices increase in the prior month.

  
  

  WTI and Brent crude oil futures are extending yesterday’s modest declines as the focus shifts away from the possibility of supply disruptions due to geopolitical tensions in the Middle East. Concerns over the conflict between Israel and Palestinian Islamist group Hamas are easing, with Saudi Arabia saying on Tuesday it is working with regional and international partners to prevent the escalation of the situation in Gaza and neighboring areas.

  
  

  Natural gas futures are pivoting after six consecutive days of gains after consensus for tomorrow's EIA storage report showed a build of +94 Bcf vs 5-yr average of +93 Bcf.

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• How Israeli war could affect Strategic Petroleum Reserve
  The nation’s Strategic Petroleum Reserve, the...
  The nation’s Strategic Petroleum Reserve, the one drained by President Biden in an effort last year to lower nationwide gasoline prices, is in an even brighter spotlight because of the attack by Hamas on Israel and the declared war.
  
  Crude oil prices surged on Monday, then lowered slightly on Tuesday. Both Brent crude, the worldwide benchmark, and West Texas Intermediate, the U.S. benchmark, moved closer to $90 a barrel. It has analysts suggesting the conflict in Israel could result in large global oil supplies being withheld.
  
  “If the conflict envelopes Iran… up to 3% of global oil supply is at risk. And if a wider conflict eventuates that ends up impacting transit through the Strait of Hormuz, around 20% of global oil supply could be held hostage,” energy analyst Saul Kavonic said in an interview with Reuters.
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• ☕️What Else is Brewing Wednesday Morning
  Finland says damage to undersea gas pipeline and telecommunications cables appears...
  Finland says damage to undersea gas pipeline and telecommunications cables appears likely to be sabotage; line supplied a third of Finland's natural gas as of 2020 (More) |
  
  Adobe released an updated version of Firefly, its AI image generator, which it says can create images of humans that look, well, more human.
  
  GM reached a tentative deal with the union representing its Canadian workers hours after more than 4,000 employees in Canada went on strike. Meanwhile, the UAW strike in the US is ongoing.
  
  Utah sued TikTok, claiming the app hurts children’s mental health. Arkansas and Indiana previously filed similar suits.
  
  The House of Representatives is expected to vote on a new speaker today, but it’s unclear whether anyone has enough votes to get the job.
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