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• Court: Biden overreached on offshore drilling ban
  A federal judge in Louisiana ruled that President Biden's withdrawal...
  A federal judge in Louisiana ruled that President Biden's withdrawal of large coastal areas from offshore drilling was illegal, stating that such a permanent ban exceeded executive authority under the Outer Continental Shelf Lands Act and broke with longstanding executive practice.
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• DAILY OIL PRICE: October 6, 2025
  Oil climbed thanks to a decision by OPEC+ to ...
  Oil climbed thanks to a decision by OPEC+ to boost crude production at a more modest rate than experts expected. Gold continued its record run, rising above $3,900 for the first time ever, while bitcoin hovered just below a new all-time high.
  

  
  
  • Crude Oil: 61.69   (+0.81).
  
  
  • Nymex MTD AVG: 61.0983.
  
  
  • Natural Gas: 3.357   (+0.033).
  
  
  • Gasoline: 1.9016   (+0.0411).
  
  
  • Spreads: November/December (+0.35)     December/January (+0.21).
  
  
  • Plains WTI Posting: 58.17   (+0.81).
  
  

  
  Source: Odessa American
  
  
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• S&P 500 logs 4th straight record close, while Dow snaps win streak
  U.S. stock indexes closed mixed, with the S&P 500...

  U.S. stock indexes closed mixed, with the S&P 500 seizing a fourth record finish in a row despite the government shutdown continuing for a sixth straight day.

  
  

  Investors remain optimistic about the Federal Reserve potentially cutting rates for a second time this year later this month, as well as about the start of quarterly earnings.

  
  

  The S&P 500 also tallied its seventh straight finish in the green, the longest winning streak for the index since May 2, Dow Jones Market Data showed. The Dow, meanwhile, snapped a six-session stretch of gains. The Nasdaq Composite also finished in record territory, boosted by huge gains in shares of Advanced Micro Devices.

  
  

  The Dow fell 63.31 points, or 0.1%, ending near 46,694, according to preliminary numbers from Dow Jones Market Data.

  
  

  The S&P 500 rose about 24.49 points, or 0.4%, to finish at 6,740.28.

  
  

  The Nasdaq Composite gained 161.16 points, or 0.7%, to 22,941.67.

  
  

  The Russell 2000 rose 10.18 points, or 0.4%, to finish at 2,486.35 and scoring a back-to-back record close.

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• Sources: Chevron Looks to Sell D-J Pipeline Assets for $2B
  [Reuters] - Chevron is selling a collection...

  [Reuters] - Chevron is selling a collection of pipeline assets in the Denver-Julesburg (D-J) Basin that are likely to fetch more than $2 billion, people familiar with the matter said. Chevron is one of the largest producers of oil and gas in the D-J Basin, which predominantly covers Colorado but also parts of Wyoming.

  
  

  Investment bankers at Bank of America have been working in recent weeks to solicit potential interest in the infrastructure, which was largely inherited from the oil major’s $13 billion acquisition of Noble Energy in 2020 and its subsequent full takeover of Noble’s midstream business a year later, said the sources, who asked not to be named because the talks are private.

  
  

  Collectively, the assets generate around $200 million EBITDA, some of the people added. Based on sales of similar assets, Chevron can expect to fetch upwards of $2 billion.

  
  

  A sale is not guaranteed, and Chevron could ultimately retain some or all of the assets, the people cautioned.

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• Phillips 66 to Pay $100MM in Cleanup as LA Refinery Closes
  Phillips 66 (...

  Phillips 66 (PSX) will pay about $100 million in the third quarter for clean-up related to the closure of its Los Angeles area refinery and attached pipeline system, the company said Oct. 2.

  
  

  The facility, attached to offshore production platforms, received its last waterborne crude on September 30. Phillips expects to complete crude processing operations on October 16.

  
  

  In an update on the company’s refinery, PSX said it expects to pay about $70 million for environmental mitigation at the refinery site and another $30 million for midstream assets that will be shuttered once the refinery closes.

  
  

  The state had more bad refinery news Oct. 3, after a fire in Chevron’s El Segundo refinery temporarily closed most production at the site. Chevron is relocating its headquarters from San Ramon, California, to Houston, but plans to maintain operations in El Segundo.

  
  

  Phillips began closing down its unit in September and stated that some operations have already been idled. The company expects closing operations to continue to the end of the year. The refinery has a daily capacity to handle about 139,000 bbl of crude.

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