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• API Reports Draws in Crude and Fuel Inventories
  Crude oil inventories in the United fell by 1.58...

  Crude oil inventories in the United fell by 1.58 million barrels for the week ending October 11, according to The American Petroleum Institute (API). Analysts had expected a build of 3.2 million barrels.

  
  For the week prior, the API reported a 10.9-million-barrel build in crude inventories.
  
  So far this year, crude oil inventories have slumped by 7 million barrels since the beginning of the year, according to API data.
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of October 11. SPR inventories are now at 383.9 million barrels, a figure that reflects an increase of more than 36 million from its multi-decade low last summer, yet 251 million down from when President Biden took office. At the current rate of replenishment, it will take more than five years to return to January 2020 levels.
  
  Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma,  rose by 410,000 barrels, according to API data, on top of the 1.359-million-barrel build of the previous week.
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• ☕️What Else is Brewing Thursday Morning
   Elon Musk sues California commission over rocket launches. SpaceX...
   Elon Musk sues California commission over rocket launches. SpaceX filed a suit against the California Coastal Commission on Tuesday, stating that the panel improperly blocked an Air Force-backed plan to increase the number of Falcon 9 launches from 36 to 50. The commission, which is tasked with protecting California’s ~1,000 miles of coastline, rejected the bid for additional launches from the Vandenberg Space Force Base in Santa Barbara. One of the 12 commissioners mentioned Musk “spewing and tweeting political falsehoods” in the decision. The lawsuit asserts that using the CEO’s public statements to block the plan would violate his free speech rights.
  
  Impact Plastics and its CEO were sued by the family of a worker killed at a plant due to flooding from Hurricane Helene. Surviving employees said they were not allowed to leave.
  
  A Georgia judge blocked the state election board’s new rule requiring Election Day ballots to be counted by hand, citing the potential for “administrative chaos.”
  
  Two boys died over the weekend, one in Tennessee and one in Minnesota, in incidents at haunted hayrides.
  
  Lufthansa received a record $4 million penalty from the Department of Transportation for preventing Jewish passengers from boarding a flight in 2022.
  
  Liam Payne, a member of the band One Direction, died after falling from a hotel in Buenos Aires. He was 31.
  
  
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• Oil prices hold at 2-week low on lower oil demand growth forecasts
  Oil prices held near a two-week low on Wednesday after...

  Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle East conflicts will disrupt supply.

  
  

  Earlier this week, crude prices fell in response to a weaker demand outlook and a media report that Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.

  
  

  Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4.0 million barrels per day (bpd) of oil in 2023, U.S. Energy Information Administration (EIA) data showed.

  
  

  Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.

  
  

  As of October 16, 2024, the closing prices for oil and natural gas are:

  
  

  West Texas Intermediate (WTI) Crude Oil: $70.39 per barrel

  
  

  Brent Crude: $74.22 per barrel

  
  

  RBOB Gasoline: $2.0403 per gallon

  
  

  Natural Gas: $2.367 per thousand cubic feet

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• Dow closes at record high as U.S. stocks rebound from tech pullback
  Major U.S. stock indexes bounced back from a selloff...

  Major U.S. stock indexes bounced back from a selloff in the prior session to finish higher on Wednesday, buoyed by strong corporate-earnings results from names like Morgan Stanley and United Airlines.

  
  

  The Dow Jones Industrial Average finished up by 337.28 points, or 0.8%, at a record high of 43,077.70, based on preliminary data. It surpassed its previous record close of 43,065.22 reached on Monday.

  
  

  The S&P 500 closed up by 27.21 points, or 0.5%, at 5,842.47.

  
  

  The Nasdaq Composite ended up by 51.49 points, or 0.3%, at 18,367.08.

  
  

  "Banks as a whole seem to be trading pretty well based on positive quarterly earnings, and that signifies the interest-rate environment and lending environment are starting to stabilize and look more attractive for banks,'' said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management.

  
  

  "When looking at the whole economic landscape, banks should be able to operate in more attractive lending opportunities,'' Jacobs said via phone.

  
  

  Meanwhile, Treasury yields finished broadly lower as oil futures dropped again on uncertain future demand. Two-, 10-, and 30-year yields closed at their lowest levels in almost two weeks.

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• Exxon Seeks Buyers for Portion of Assets in North Dakota's Bakken Shale
  Top U.S. oil producer ...
  Top U.S. oil producer Exxon Mobil Corp. told Reuters on Oct. 15 that it plans to sell a portion of its assets in North Dakota's Bakken Shale formation.
  
  Following a wave of megamergers in U.S. shale patches, oil producers are reviewing their portfolios to decide which assets remain core to their strategy and which to divest.
  
  "ExxonMobil is exploring market interest for select assets in the Bakken Shale Play, which includes approximately 137 operated wells and 676 non-operated and royalty wells across 49,000 net acres in North Dakota", a company spokesperson said in response to Reuters questions.
  
  Two sources told Reuters that the planned sale could fetch upwards of $500 million. They said it was part of Exxon's efforts to focus on assets with the highest growth potential after a $60 billion takeover of rival Pioneer Natural Resources in May.
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