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• Oil steadies as Cushing drawdown faces trade worries
  NEW YORK (Reuters) - Oil prices steadied on Monday after industry data showed a drop in stocks...
  NEW YORK (Reuters) - Oil prices steadied on Monday after industry data showed a drop in stocks at Cushing, Oklahoma, but trade concerns weighed after U.S. President Donald Trump appeared to downplay reports of an imminent lifting of tariffs on China.
  
  Brent crude futures fell 18 cents to $62.33 a barrel, after falling to $61.57 earlier in the session. U.S. West Texas Intermediate (WTI) crude was down 26 cents to $56.98 a barrel.
  
  Prices found some support after data showed that crude inventories at Cushing, the delivery point for WTI, fell about 1.2 million barrels in the week to Nov. 8, traders said, citing market intelligence firm Genscape.
  
  "There were no real compelling stories to drive us over the weekend, and all of a sudden we have one piece of hard data that suggests that maybe oil supplies will fall this week," said Phil Flynn, an analyst at Price Futures Group in Chicago.
  

  Cushing inventories have grown for five weeks in a row, according to government data, up till its latest report in the week ending Nov. 1. But analysts expected that to switch after the closure on Oct. 30 of the 590,000-bpd Keystone Pipeline, an important artery for Canadian heavy crude imports to the U.S Midwest, following an oil spill.

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• Thank You To Our Veterans
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  Veterans Day honors all of those who have served the country in war or peace — dead or alive — although it’s largely intended to thank living veterans for their sacrifices.

  
  

  It was originally called Armistice Day, commemorating the end of World War I.

  
  

  World War I officially ended when the Treaty of Versailles was signed on June 28, 1919. However, the fighting ended about seven months before that when the Allies and Germany put into effect an armistice on the eleventh hour of the eleventh day of the eleventh month.

  
  

  For that reason, Nov. 11, 1918, was largely considered the end of “the war to end all wars” and dubbed Armistice Day. In 1926, Congress officially recognized it as the end of the war, and in 1938, it became an official holiday, primarily a day set aside to honor veterans of World War I.

  
  

  But then World War II and the Korean War happened, so on June 1, 1954, at the urging of veterans service organizations, Congress amended the commemoration yet again by changing the word “armistice” to “veterans” so the day would honor American veterans of all wars.

  
  

  With gratitude for your service to America on Veterans Day and always. Those who live in freedom will always be grateful to those who helped preserve it.

  
  

  
  

  
  

  

  
  
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• Chesapeake Energy’s stock breaks the buck for the first time in 20 years
  MarketWatch -- Shares of Chesapeake Energy Corp. broke the buck last week for the first time...
  MarketWatch -- Shares of Chesapeake Energy Corp. broke the buck last week for the first time in over 20 years, as the oil and natural gas company’s “going concern” warning rattled Wall Street.
  
  The stock CHK, plummeted 29.2% to 91 cents, after tumbling 18.0% to $1.28 on Tuesday in the wake of disappointing third-quarter results. It closed on Friday at $0.90.
  
  The 41.7% the stock has lost in two days is the worst two-day performance since the company went public in February 1993, passing the previous record of a 37.4% decline over the two days ending Feb. 8, 2016. The stock has now lost 34.8% over the past three months and 75.6% over the past 12 months.
  
  That was the first close below $1 since it closed at 89 cents on March 5, 1999, which marked the 29th-consecutive close below a buck. The lowest close during that stretch was 71 cents.
  
  Chesapeake’s stock is listed on the New York Stock Exchange. If the stock trades below $1 for too long, it risks receiving a de-listing notice.
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• Is the Falling Rig Count in Texas a Sign of Things to Come?
  From OilPrice.com -- At the beginning of 2019, Texas single-handedly...

  From OilPrice.com -- At the beginning of 2019, Texas single-handedly accounted for 534 of the 1,075 oil and gas rigs operating in the United States, housing nearly 50% of all active oil and gas rigs in the US. The three states that had the largest number of active rigs - Oklahoma, New Mexico, and Texas - together held nearly three-quarters of all active rigs at 72.5%.

  
  But things have shifted since the start of the year. Texas’ absolute rig count has dipped from 534 to 416. Still, it fared better than many other states, and its share of all active rigs in the United States has increased.
  
  The Lonestar State now holds more than 50% of all active rigs in the United States.
  
  Meanwhile, the Big 3 - or what was the Big 3 - have lost some ground, and now hold less than 70% of all the US rigs, with Oklahoma shedding 65% of its rigs year over year and giving up its No. 3 spot to Louisiana.
  
  
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• Iran discovers new oil field with over 50 billion barrels
  TEHRAN, Iran (AP) — Iran has discovered a new oil field in...

  TEHRAN, Iran (AP) — Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy abroad over U.S. sanctions.

  
  The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the U.S. pulled out of its nuclear deal with world powers last year.
  
  Rouhani made the announcement in a speech in the desert city of Yazd. He said the field was located in Iran's southern Khuzestan province, home to its crucial oil industry.
  
  Some 53 billion barrels would be added to Iran's proven reserves of roughly 150 billion.
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