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• Saudi crown prince to visit the White House today
  Saudi Arabia’s Crown Prince Mohammed bin Salman will be in DC today...
  Saudi Arabia’s Crown Prince Mohammed bin Salman will be in DC today for his first trip to the US since the 2018 murder of journalist Jamal Khashoggi. MBS and President Trump are expected to discuss deepening ties on commerce, AI, and possibly nuclear energy. Trump is hoping to move forward with the $600 billion investment pledge Saudi Arabia made when he was there in May, while MBS is looking for security guarantees. In advance of the visit, Trump announced yesterday that the US would sell stealthy F-35 jets to Saudi Arabia. But the Wall Street Journal points out that with oil prices down and big commitments to domestic projects, MBS may have less money to spend on “checkbook diplomacy.” Still, many CEOs are expected at the dinner honoring him tonight.
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• ☕️What Else is Brewing Tuesday Morning
  Sinclair buys stake in Scripps, hoping for local TV consolidation. The...
  Sinclair buys stake in Scripps, hoping for local TV consolidation. The two broadcast station owners don’t have a merger deal yet, but Sinclair, which owns 178 affiliate stations, revealed in a regulatory filing yesterday that they’ve had “constructive” talks and that it has taken an 8% stake in Scripps, which owns ~60 stations. Investors like the idea: Scripps stock soared 40%. The effort to purchase Scripps comes after Sinclair began a strategic review to consider potential sales and acquisitions. Its push to get even bigger also follows the company pressing the FCC to relax rules that ban a broadcaster from owning stations that reach more than 39% of the country—and FCC Chair Brendan Carr has said he agrees.
  
  The UN Security Council approved President Trump’s peace plan for Gaza, which calls for an International Stabilization Force to demilitarize and govern Gaza as it rebuilds.
  
  Bangladesh’s ousted Prime Minister Sheikh Hasina was sentenced to death for her role in the deadly crackdown on last year’s student-led uprising.
  
  A federal magistrate judge hinted that the criminal case against former FBI Director James Comey might need to be tossed, saying it appeared there had been “a disturbing pattern of profound investigative missteps.”
  
  The acting head of FEMA, whose handling of flooding in Texas drew criticism, has resigned after six months in the role.
  
  Ford is now selling pre-owned vehicles on Amazon, making it the second automaker to do so after Hyundai.
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• DAILY OIL PRICE: November 17, 2025
  Crude Oil: 59.91   (-0.18)....
  
  
  • Crude Oil: 59.91   (-0.18).
  
  
  • Nymex MTD AVG: 60.0224.
  
  
  • Natural Gas: 4.361   (-0.205).
  
  
  • Gasoline: 1.9901   (-0.0215).
  
  
  • Spreads: December/January (+0.05)     January/February (+0.17).
  
  
  • Plains WTI Posting: 56.39   (-0.18).
  
  

  
  Source: Odessa American
  
  
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• Dow drops again, S&P 500 and Nasdaq fall below 50-day moving averages
  All three major U.S. stock indexes finished lower on...

  All three major U.S. stock indexes finished lower on Monday with investors rattled by doubts over valuations and the AI trade, as well as the potential for fewer-than-expected interest-rate cuts by the Federal Reserve.

  
  

  The Dow Jones Industrial Average fell 557.24 points, or 1.2%, to close at 46,590.24, based on preliminary data.

  
  

  The S&P 500 dropped 61.69 points, or 0.9%, to end at 6,672.42. It finished below its preliminary 50-day moving average of 6,708.39.

  
  

  The Nasdaq Composite declined 192.51 points, or 0.8%, to finish at 22,708.07. It finished below its preliminary 50-day moving average of 22,855.22.

  
  

  Monday's session was a continuation of the theme over "what is happening with AI and valuations, and whether there should be a rotation into more conservative investments," said Globalt senior portfolio manager Thomas Martin in Atlanta. Stocks were in positive territory earlier in the day, but then "it seems like what took hold later may be based on the thinking around the idea of holding back and being conservative and seeing what happens through Thanksgiving."

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• White House walks a tightrope on biofuel blending mandates
  Oil refiners, biofuel producers and major trade associations met with...
  Oil refiners, biofuel producers and major trade associations met with White House officials last week ahead of a Trump administration decision on whether larger refiners must compensate for waived biofuel obligations. The discussions also covered year-round sales of E15 gasoline and potential reforms to the waiver program. The American Petroleum Institute pressed for stricter criteria for small refinery exemptions and proposed pairing those changes with year-round E15 approval, but opposed reallocating waived volumes to non-exempt refiners.
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