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• DAILY OIL PRICE: October 2, 2025
  Crude Oil: 60.48   (-1.30)....
  
  
  • Crude Oil: 60.48   (-1.30).
  
  
  • Nymex MTD AVG: 61.1300.
  
  
  • Natural Gas: 3.442   (-0.034).
  
  
  • Gasoline: 1.8510   (-0.0349).
  
  
  • Spreads: November/December (+0.32), December/January (+0.17).
  
  
  • Plains WTI Posting: 56.96   (-1.30).
  
  

  
  Source: Odessa American
  
  
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• Dow, S&P 500 and Nasdaq all end at record highs after 5th straight day of gains
  U.S. stocks rose for a fifth-straight day on Thursday,...

  U.S. stocks rose for a fifth-straight day on Thursday, with the Dow, S&P 500 and Nasdaq Composite all tallying a fresh round of record highs.

  
  

  It was the 30th record finish of 2025 for the S&P 500 and Nasdaq, and 10th for the Dow. The small-cap Russell 2000 also rose for a fifth day. Thursday marked the first time since November 2023 that all four indexes have risen for five straight days.

  
  

  The Dow tallied its first five-day winning streak since May 2, Dow Jones Market Data showed. The S&P 500 saw its longest winning streak since July 28. For the Russell 2000, it was the longest since July 3, and for the Nasdaq, the longest since Sept. 15.

  
  

  The S&P 500 rose by 4.15 points, or 0.1%, to finish at 6,715.35, according to Dow Jones Market Data.

  
  

  The Nasdaq Composite rose by 88.89 points, or 0.4%, to 22,844.05.

  
  

  The Dow rose by 78.62 points, or 0.2%, to 46,519.72.

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• EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds
  Crude oil inventories in the...

  Crude oil inventories in the United States increased by 1.8 million barrels during the week ending September 26, after shrinking by 600,000 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 to 416.5 million barrels according to government data, which is still 4% below the five-year average for this time of year.

  
  The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories contracted by 3.674 million barrels.
  
  For total motor gasoline, the EIA reported an increase of 4.1 million barrels, after the week prior’s 1.1-million-barrel decrease. The most recent figures showed that average daily gasoline production had decreased to 9.3 million barrels. For middle distillates, inventories increased by 600,000 barrels, while production decreased to 5 million barrels per day. Distillate inventories decreased 1.7 million barrels in the week prior and are now 6% below the five-year average for this time of year.
  
  Total products supplied over the last four weeks slipped to 20.3 million barrels per day, up 1.2% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day during the previous four weeks, while the distillate four-week average supplied fell to 3.6 million barrels—down 4.4 percent year over year.
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• Oil majors hedge near-term downturn with long-cycle bets
  Major oil companies are reacting to a bleak short-term outlook by trimming...
  Major oil companies are reacting to a bleak short-term outlook by trimming costs, jobs and share buybacks, even as they double down on long-cycle projects based on the view that slowing supply growth later this decade could lift prices into the 2030s, writes Ron Bousso. BP has committed $5 billion to a Gulf of America development due in 2030, while ExxonMobil is holding firm on $27-29 billion in 2025 spending and scouting for deals.
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• Oxy Sells Chemicals Business to Berkshire Hathaway for $9.7B
  Occidental Petroleum will...

  Occidental Petroleum will sell its chemicals business to Berkshire Hathaway for $9.7 billion in cash. An Occidental affiliate will continue to retain OxyChem’s legacy environmental liabilities. The deal is expected to close in the fourth quarter.

  
  

  OxyChem produces basic chemical and vinyl products from 21 manufacturing sites spread across the U.S., Canada, and Chile.

  
  
  

  
  

  
  

  “This transaction strengthens our financial position and catalyzes a significant resource opportunity we’ve been building in our oil and gas business for the last decade,” said Occidental CEO Vicki Hollub. “I’m incredibly proud of the impressive work the team has done to create this strategic opportunity that will unlock 20-plus years of low-cost resource runway and deliver meaningful near and long-term value.”

  
  

  
  

  
  

  The sale of OxyChem will allow Occidental to reduce debt and focus on “high-return oil and gas projects,” the company said Oct. 2. Occidental plans to use $6.5 billion in proceeds to reduce leverage below a $15 billion target set after it acquired Permian oil producer CrownRock in 2023.

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