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• DAILY OIL PRICE: October 29, 2025
  Crude Oil: 60.48   (+0.33)....
  
  
  • Crude Oil: 60.48   (+0.33).
  
  
  • Nymex MTD AVG: 59.9203.
  
  
  • Natural Gas: 3.376   (+0.031).
  
  
  • Gasoline: 1.9737   (+0.0485).
  
  
  • Spreads: December/January (+0.32)     January/February (+0.22).
  
  
  • Plains WTI Posting: 56.96   (+0.33).
  
  

  
  Source: Odessa American
  
  
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• U.S. stocks end mixed after Fed's Powell downplays chances of December rate cut
  The Dow Jones Industrial Average broke four days of gains...

  The Dow Jones Industrial Average broke four days of gains to finish lower on Wednesday. At the same time, the S&P 500 ended flat, after Federal Reserve Chair Jerome Powell said a December interest-rate cut is not a "foregone conclusion."

  
  

  Earlier in the day, all three major U.S. stock indexes appeared to be on their way toward more all-time closing records. But only the Nasdaq Composite finished higher for the day.

  
  

  The Dow Jones Industrial Average fell 74.37 points, or almost 0.2%, to close at 47,632, based on preliminary data. That's still the second-highest closing level in the Dow's history.

  
  

  The S&P 500 ended lower by less than 1 point at 6,890.59, or second-highest closing level in the index's history.

  
  

  The Nasdaq Composite rose 130.98 points, or almost 0.6%, to finish with its 36th record close of the year, at 23,958.47.

  
  

  On Wednesday, Powell said a continued scarcity of data in December could argue for caution on rate cuts.

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• EIA: Oil, Oil Product Inventories Continue to Plummet in the U.S.
  Crude oil inventories in the United States decreased...

  Crude oil inventories in the United States decreased by 6.9 million barrels during the week ending October 24, after losing 1 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles down to 416 million barrels according to government data, which is 6% below the five-year average for this time of year.

  
  The EIA’s data release follows API’s figures released a day earlier, which suggested that crude oil inventories declined by 4 million barrels.
  
  For total motor gasoline, the EIA reported that inventories had contracted by 5.9 million barrels, after the week prior’s 2.1-million-barrel decrease. The most recent figures showed average daily gasoline production decreasing slightly to 9.6 million barrels. For middle distillates, inventories decreased by another 3.4 million barrels, while production fell by 134,000 barrels daily to an average of 4.5 million barrels. Distillate inventories drew down by 1.5 million barrels in the week prior and are now 8% below the five-year average for this time of year.
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• Atlantic drilling dropped from 5-year offshore leasing plan
  The Trump administration is backing away from a proposal to auction offshore...
  The Trump administration is backing away from a proposal to auction offshore oil and natural gas leases along the US East Coast, following backlash from Republican coastal states worried about tourism losses and environmental harm. The latest version of the Interior Department's draft five-year offshore leasing program includes potential lease sales in the Gulf of America, the West Coast and Alaska, though revisions are still possible.
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• Fed cuts interest rates by 25 basis points
  The Federal Reserve on Wednesday...

  The Federal Reserve on Wednesday cut its benchmark interest rate by a quarter-point for the second time this year, a move that could bring financial relief to consumers and businesses — but also carries risk as inflation ticks up.

  
  

  In its statement accompanying the rate-cut announcement, the central bank said that although economic activity has been expanding, jobs growth had slowed while inflation had increased.

  
  

  Fed Chair Jerome Powell cautioned in a press conference following the announcement that the government shutdown, which started Oct. 1, would weigh on economic activity as it drags on, although he said those effects would likely reverse once it ends. Deadlines for funding food assistance and salaries for federal workers including air-traffic controllers and TSA agents are set to hit this week, while Congress remains in a stalemate.

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