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• Strategic Petroleum Reserve (SPR) Near 40-Year Low
  On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic...
  On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) stayed the same for the third week in a row, with the SPR inventory still sitting at a near 40-year low of 351.3 million barrels, with total purchases for the SPR coming in at less than 4 million barrels since the Biden Administration began its buyback program.
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• API Reports Draw in Crude Oil Inventories; Cushing Reports a Small Build
  Crude oil inventories in the United States fell by 2.668 million...
  Crude oil inventories in the United States fell by 2.668 million barrels for the week ending October 20, according to The American Petroleum Institute (API), after a 4.383-million-barrel dip in crude inventories in the week prior, API data showed.
  
  Analysts were expecting a build of 1.550 million barrels for the week. API data shows a net draw in crude oil inventories in the United States of 2.679 million barrels so far this year.
  
  Gasoline inventories fell this week by 4.169 million barrels, on top of the 1.578 million barrel decrease in the week prior. Gasoline inventories are just above the five-year average for this time of year, last week’s EIA data shows. Distillate inventories also fell this week, by 2.313 million barrels, on top of the 612,000-barrel draw in the week prior, and are now about 12% below the five-year average for this time of year.
  
  Cushing inventories saw the only build this week, of 513,000 barrels, after falling by 1.005 million barrels last week, leaving an estimated 21.5 million barrels in stock.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery fell $1.75 to $83.74 a barrel Tuesday. Brent crude for December delivery fell $1.76 to $88.07 a barrel.
  
  Wholesale gasoline for November delivery fell 6 cents to $2.27 a gallon. November heating oil fell 5 cents to $3.04 a gallon. November natural gas rose 4 cents to $2.97 per 1,000 cubic feet.
  
  
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• Dow Jones posts 200 point gain, S&P 500 snaps year’s longest losing streak
  U.S. stocks bounced on Tuesday as a wave of big technology companies prepared to report earnings. The...
  U.S. stocks bounced on Tuesday as a wave of big technology companies prepared to report earnings. The Dow Jones Industrial Average DJIA rose about 204 points, or 0.6%, to end near 33,140, posting its biggest daily percentage gain in about a week,. The S&P 500 Index SPX gained 0.7% to snap a five-session skid, its longest so far in 2023. The Nasdaq Composite Index COMP closed up 0.9%.
  
  Investors were focused on third-quarter earnings, including results from Microsoft MSFT Alphabet GOOG Visa V and Texas Instruments TXN after the closing bell Tuesday. Longer-duration Treasury yields also continued to retreat, with the 10-year rate TMUBMUSD10Y pegged at 4.82%, after briefly touching 5% a day earlier.
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• Energy Sector Commentary
  The energy sector is off to a mixed to higher start,...
  The energy sector is off to a mixed to higher start, backed by low conviction strength in the crude complex while major equity futures steadied as traders digest a fresh slate of earnings reports and continue to closely monitor the latest moves in Treasury yields.
  

  Following two consecutive days of sizeable declines, WTI and Brent crude oil futures are mostly flat, down less than 50 cents, as investors weigh diplomatic efforts in the Middle East that have eased some supply disruptions concerns against weak economic data out of the eurozone and the IEA’s latest outlook report. The IEA released its World Energy Outlook report where it cut its 2050 oil demand projection by 2.4M bpd and called the energy world fragile and undergoing major changes over the coming years. Attention will now start to shift to the U.S. inventory data cycle, beginning post-close with the release of API's report followed by the EIA data tomorrow.

  
  

  Natural gas futures continued to gain momentum for the second day and are up ~1.5% in early trading, backed by cooler weather forecasts in key consuming regions that should boost heating demand through next week.

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