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• DT Midstream to Buy 3 Pipe Networks from ONEOK in $1.2B Deal
  ONEOK announced a pending sale of three pipeline...
  
  
  ONEOK announced a pending sale of three pipeline networks to DT Midstream (DTM) for $1.2 billion on Nov. 19.
  
  The three interstate networks, regulated by the Federal Energy Regulatory Commission (FERC), are located in the north-central and Midwest U.S. and have a total capacity of 3.7 Bcf/d.
  
  According to the company's announcement, the sale will allow ONEOK to focus on growing its operations in other areas, such as Texas and Colorado.
  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  
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• ☕️What Else is Brewing Wednesday Morning
  Trump tapped Howard Lutnick to be Commerce Secretary and McMahon for...
  Trump tapped Howard Lutnick to be Commerce Secretary and McMahon for education. In a post on social media, the president-elect praised Lutnick as “a dynamic force on Wall Street.” The billionaire CEO of financial services firm Cantor Fitzgerald, Lutnick is a longtime supporter of Trump, serving as a co-chair of his 2024 transition team. Lutnick reportedly sought the role of treasury secretary and earned the endorsement of Elon Musk but fell out of favor for the job, per the Wall Street Journal. Trump nominated his other transition co-chair, former WWE CEO Linda McMahon, for Education Secretary. He also selected the doctor and TV personality Mehmet Oz to run the Centers for Medicare and Medicaid Services.
  
  The Manhattan DA agreed to postpone sentencing in Donald Trump’s criminal hush money case until after he leaves office in 2029.
  
  Delta will serve Shake Shack burgers on select flights starting in December.
  
  Microsoft announced an AI interpreter for Teams meetings that can simulate speakers’ voices in nine different languages.
  
  Instagram said it will soon allow users to manually reset their recommendation algorithms across Explore, Reels, and Feed pages.
  
  Airbnb is encountering local resistance to its plan to hold gladiator fights in Rome’s Colosseum next year (yes, this is real).
  
  
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• Hamm: Deregulation won't fix oil's geological limits
  America's oil boom is hitting a geological ceiling, according to Continental...
  America's oil boom is hitting a geological ceiling, according to Continental Resources Executive Chairman Harold Hamm, who predicts only modest oil production increases of 1-2 million barrels per day over the next five to six years, driven primarily by the Permian Basin. Even with fewer regulations under the incoming Trump administration, Hamm cautions that maturing shale fields and dwindling resources will constrain the industry's capacity to replicate past booms.
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• Crude oil prices steady after Ukraine hits Russia with U.S.-made, longer-range missiles
  Crude oil futures held steady on Tuesday after Ukraine struck Russia...
  Crude oil futures held steady on Tuesday after Ukraine struck Russia with longer-range, U.S.-made missiles.
  
  The strikes came after President Joe Biden authorized Ukraine to use the longer-range missiles for limited strikes in Russia in a major departure from Washington's previous position.
  
  Russia's defense ministry said Tuesday that Ukraine hit a facility in the Bryansk region with six ATACAMS missiles as tensions escalate in Eastern Europe. In response, Russian President Vladimir Putin lowered Moscow's threshold for using nuclear weapons.
  
  Here are Tuesday's closing energy prices:
  

  
  
  • West Texas Intermediate December contract: $69.39 per barrel, up 23 cents, or 0.33%. Year to date, U.S. crude oil has declined about 3%.
  
  
  • Brent January contract: $73.31 per barrel, up 1 cent, or 0.01%. Year to date, the global benchmark has lost nearly 5%.
  
  
  • RBOB Gasoline December contract: $2.0377 per gallon, higher by 0.96%.Year to date, gasoline has fallen about 3%.
  
  
  • Natural Gas December contract: $2.998 per thousand cubic feet, adding 0.84%. Year to date, gas has gained about 19%.
  
  
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• Dow ends lower, Nasdaq gains 1% as Wall Street shrugs off Russia's nuclear shift
  After a short geopolitical interruption, Wall Street surged on Tuesday,...
  After a short geopolitical interruption, Wall Street surged on Tuesday, helped by Walmart (WMT) and Nvidia (NVDA).
  
  Mounting Ukraine concerns sent major indexes down sharply just before the open as Russia spooked the market by lowering its threshold for a nuclear strike. This followed the Biden administration allowing Ukraine to use long-range missiles supplied by the United States. These developments initially overshadowed Walmart's solid results and anticipation ahead of earnings from Nvidia tomorrow afternoon.
  
  By late morning, however, the overseas news was digested and stocks clawed back. The market gained traction as the closing bell approached and volatility slipped from early peaks.   Here's where the major benchmarks ended:
  
   The S&P 500^® index (SPX) was up 23.36 points (0.4%) to 5916.98; the Dow Jones Industrial Average^® ($DJI) dipped 120.66 points (0.28%) to 43,268.94; and the Nasdaq Composite^® ($COMP) rose 195.66 points (1.04%) to 18,987.49.
  
  The 10-year Treasury note yield fell four basis points to 4.38%.
  
  The CBOE Volatility Index^® (VIX) eased to 16.04 after an earlier pop above 17.
  
  In sector action, info tech and communication services led the way thanks to mega-cap strength. Still, real estate and utilities—both traditionally defensive plays—also found some buyers amid the geopolitical tension. So did large U.S. armaments companies. Energy stocks fell despite a bounce in crude related to the Ukraine events.
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