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• The oil market is worried Biden could release another 100 million barrels of crude from strategic reserves, analyst says
  Investors are worried that the US could flood the market with more oil from the Strategic Petroleum...
  Investors are worried that the US could flood the market with more oil from the Strategic Petroleum Reserves, according to Energy Aspects' Amrita Sen.  The prediction comes after OPEC+ decided earlier this month to slash its production quota by 2 million barrels a day — despite objections from Washington — leading to speculation that the White House could respond with more releases from the SPR to ease prices.
  
  "They are also weighing an emergency release of potentially as much as 100 million barrels," Sen told CNBC on Monday. "You just don't know given the volume of uncertainty."
  
  Earlier this year, the Biden administration announced plans to draw down the SPR by 180 million barrels, and that effort is nearing its conclusion.
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• Rise in oil drilling factors into stronger-than-forecast U.S. industrial output
  The numbers: Industrial production...
  
  

  
  

  The numbers: Industrial production rose 0.4% in September, the Federal Reserve reported Tuesday. The gain was above economists’ expectations of a 0.1% gain, according to a survey by The Wall Street Journal. Output in August was revised to a slight decline of 0.1% from the initial estimate of a 0.2% fall.

  
  

  Capacity utilization rose to 80.3% in September from 80.1% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities.  Economists had forecast an 80% rate.

  
  

  Key details: Manufacturing output rose 0.6% in September after a 0.4% gain in the prior month.

  
  

  The index for mining, which includes oil and gas drilling, rose 0.6% after being flat in August.

  
  

  Motor vehicles and parts output rose 1% after a 1.5% decline in the prior month. Excluding autos, total industrial output increased 0.3%.

  
  

  Utilities output fell 0.3% in September after a sharp 3.3% drop in the prior month.

  
  
  

  
  
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• Inflation spells trouble for US shale growth
  US shale oil production could max out in 2024 as operators, particularly...
  US shale oil production could max out in 2024 as operators, particularly those backed by private-equity firms, prepare to scale back drilling activity in response to soaring inflation and as shale regions run out of top-tier acreage, according to an Energy Aspects report. US crude futures for next year are hovering around $78 per barrel, below the more than $80-per-barrel level that Energy Aspects analysts say is required for activity to improve.
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• API study: Blue hydrogen can drive progress on emissions
  Low-carbon hydrogen derived from natural gas with carbon capture could remove about 198.4 million short...
  Low-carbon hydrogen derived from natural gas with carbon capture could remove about 198.4 million short tons per year of greenhouse gas emissions and reduce carbon mitigation costs by more than $450 billion through 2050 if uniform incentives are provided, according to a new study commissioned by the American Petroleum Institute. "Working together with policymakers to incentivize all forms of low-carbon hydrogen and accelerate hydrogen production through programs under the Bipartisan Infrastructure Law, we can drive down emissions while ensuring American consumers have access to the reliable energy they need," said API Vice President of Corporate Policy Aaron Padilla.
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• ☕️What Else is Brewing Tuesday Morning
  Boston University researchers said they’ve developed a Covid strain that has an 80% kill rate when...
  Boston University researchers said they’ve developed a Covid strain that has an 80% kill rate when tested on mice, causing the internet to melt down and the government to say, “It would be nice if they warned us.” But there are a few asterisks: The OG Wuhan strain killed 100% of mice in tests, and this study is not yet peer-reviewed.
  
  Goldman Sachs is planning a major overhaul that would combine its investment banking and trading businesses into one unit and its asset and wealth management branches into another.
  
  The members of BTS will complete South Korea’s mandatory military service without seeking further delays or exemptions, but they plan to reunite for their fan army in 2025.
  
  Sri Lankan author Shehan Karunatilaka won the Booker Prize for his novel The Seven Moons of Maali Almeida.
  
  
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