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• ☕️What Else is Brewing Tuesday Morning
  Over 200 people associated with Italy's 'Ndrangheta organized crime network were ...
  Over 200 people associated with Italy's 'Ndrangheta organized crime network were convicted of various mafia-related crimes yesterday and sentenced to a combined 2,100 years in prison. Defendants included town mayors, lawyers, and Giancarlo Pittelli—a former lawmaker in Italy's Parliament.
  
  The CEO of Cruise, GM’s self-driving car unit, resigned. Cruise has struggled since California pulled its permits to drive on the state’s streets in the wake of a fatal accident.
  
  Wells Fargo employees at two branches have kicked off a unionization campaign.
  
  Bayer’s stock had its worst day ever, dropping the company’s value by ~$8 billion, after a US jury ordered it to pay $1.56 billion over claims its Roundup weedkiller caused cancer and the company had to stop the trial for its top drug candidate because it wasn’t working.
  
  Shakira settled her Spanish tax evasion suit, agreeing to pay back taxes and interest the day the trial was supposed to begin.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery rose $1.71 to $77.60 per barrel Monday. Brent crude for January delivery rose $1.71 to $82.32 per barrel.
  
  Wholesale gasoline for December delivery rose 5 cents to $2.23 a gallon. December heating oil rose 8 cents to $2.85 a gallon. December natural gas fell 8 cents to $2.88 per 1,000 cubic feet.
  
  
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• U.S. stocks close higher as S&P 500 leaves correction territory
  U.S. stocks closed higher Monday, with the S&P 500 exiting correction territory, as all three major...
  U.S. stocks closed higher Monday, with the S&P 500 exiting correction territory, as all three major indexes extended their three-week winning streak. The Dow Jones Industrial Average DJIA, 0.58% ended 0.6% higher, while the S&P 500 SPX, +0.74% gained 0.7%, and the Nasdaq Composite COMP, 1.13% climbed a sharp 1.1%, according to preliminary data from FactSet. The S&P 500 finished Monday at around 4,547, surpassing the level it needed to reach at closing to exit from correction territory it’s been in since Oct. 27, according to Dow Jones Market Data. Stocks fall into correction when they close at least 10% below a recent peak, and they exit that territory with a close of at least 10% above their correction low.
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• Hydrogen tax credit guidance may not arrive until 2024
  The Treasury Department is expected to release its guidance for the Inflation Reduction Act's hydrogen...
  The Treasury Department is expected to release its guidance for the Inflation Reduction Act's hydrogen tax credit by the end of 2023, but work has slowed due to differing opinions on which sources should qualify. Two sources familiar with the situation say the guidance could be delayed until 2024, but agency spokesperson Ashley Schapitl says it's still due to be released this year.
  
  Read Next: Why Oil And Gas Companies Are Considering Green Hydrogen
  
  
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• PE investors favor quality in oil and gas financing
  Private equity investors have raised the bar for oil and natural gas companies looking to secure financing,...
  Private equity investors have raised the bar for oil and natural gas companies looking to secure financing, yet ample capital remains available for high-caliber management teams with sound strategies, speakers said at a recent oil conference. They highlighted diverse investment opportunities in the Permian Basin and a preference for a capital-constrained environment and expressed confidence in the industry's long-term viability based on current demand trends.
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