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• Israel Begins Ground Operations in Southern Lebanon
  The Israeli military announced early Tuesday that its...

  The Israeli military announced early Tuesday that its troops had begun crossing into southern Lebanon, saying that they would destroy Hezbollah military infrastructure in villages close to the Israel-Lebanon border.

  
  

  In a statement issued shortly before 2 a.m., the military described the operation as “limited” and said that its troops had begun entering Lebanon “a few hours ago” in order to target sites that “pose an immediate threat to Israeli communities in northern Israel.”

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• Export boom puts Houston oil contracts into the spotlight
  Trading volumes on US Gulf Coast oil price benchmarks are on the rise...
  Trading volumes on US Gulf Coast oil price benchmarks are on the rise as booming oil exports push Houston contracts to the forefront, sidelining Cushing, Okla., as the dominant US pricing hub. With global demand pulling more oil through Gulf Coast terminals, Cushing is shifting to a secondary role as a flow-through hub, according to Energy Aspects analyst Jeremy Irwin.
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• US Dockworkers Strike
  At least 45,000 dockworkers across 36 East and Gulf Coast ports ...
  At least 45,000 dockworkers across 36 East and Gulf Coast ports began striking after their contract expired early this morning, the first such strike in the US since 1977. The work stoppage could disrupt supply chains and cause delays; see what's at stake here.
  
  East and Gulf Coast ports handle more than 68% of containerized exports and more than 56% of containerized imports (see map). Analysts estimate losses to the US economy could be up to $5B per day. President Joe Biden has said he is not planning to invoke a nearly 80-year-old act to order the strikers back to work.
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• ☕️What Else is Brewing Tuesday Morning
  Powell hints that more rate cuts are coming…but maybe not fast. Fed...
  Powell hints that more rate cuts are coming…but maybe not fast. Fed Chair Jerome Powell made it clear when speaking at a conference yesterday that the central bank is willing to keep bringing interest rates down, but that how much and how fast will depend on what the economic data shows. JPow said the economy is “solid” and “we intend to use our tools to keep it there.” But he also noted that the committee that makes the decision will take it meeting by meeting, stating, “This is not a committee that feels like it’s in a hurry to cut rates quickly.”
  
  Hundreds of people remained missing yesterday as rescue efforts continue after Hurricane Helene. At least 130 have been confirmed dead due to the storm, which caused flooding and knocked out power to millions.
  
  Epic Games slapped Google with an antitrust suit over app stores for a second time. The new suit also targets Samsung, claiming it worked with Google to add a default feature to its phones that makes it harder for users to use third-party app stores.
  
  Sad news: Baseball’s Pete Rose, who set a record for most hits but also earned a lifetime ban for betting on MLB games, died at age 83. And Dikembe Mutombo, an NBA legend and champion of humanitarian causes in his native Democratic Republic of the Congo, died at age 58 from brain cancer.
  
  The FTC said it would allow Chevron’s $53 billion purchase of Hess, but it barred Hess CEO John B. Hess from sitting on Chevron’s board over his communications with OPEC.
  
  YouTube said it reached a deal to bring back music videos, including some from famous artists like Adele and Green Day, that were removed because of a contract dispute with performance rights group SESAC. Don’t worry, this one was always available.
  
  
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• U.S. crude oil posts third monthly loss in a row in September
  U.S. crude oil prices posted a third monthly loss in September as rising...
  U.S. crude oil prices posted a third monthly loss in September as rising supplies from OPEC+ and weak demand in China haunt the market.
  
  The U.S. benchmark has declined more than 7% for the month, while global benchmark Brent has fallen about 9%.“Oil markets are experiencing a panic attack,” Amarpreet Singh, energy analyst at Barclays, told clients in a Friday note. “Balances are set to loosen next year, but concerns are likely overdone.”
  
  Barclays expects Brent to average $85 in 2025.
  
  Here are Monday’s closing energy prices:
  

  
  
  • West Texas Intermediate November contract: $68.17 per barrel, down 1 cents, or 0.01%. Year to date, U.S. crude oil has fallen nearly 5%.
  
  
  • Brent November contract: $71.77 per barrel, down 21 cents, or 0.29%. Year to date, the global benchmark has declined nearly 7%.
  
  
  • RBOB Gasoline October contract: $1.9621 per gallon, up 0.47%. Year to date, gasoline has pulled back more than 6%.
  
  
  • Natural Gas November contract: $2.923 per thousand cubic feet, up 0.72%. Year to date, gas has gained about 16%.
  
  

  
  Oil prices remain under pressure in part because OPEC+ plans to begin increasing production in December, and as demand in China, the world’s largest crude importer, remains soft.
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