Preliminary data show Nigeria's average exports of four main crude grades were estimated at 932,000 b/d in October, down from 952,000 b/d in September.

Even as Europe's heatwave fades, asset managers are reassessing how climate change will affect portfolios. Pictet Asset Management reports a surge in client queries on risks and opportunities from extreme heat. Nuveen says the impact of European drought will soon begin to show up in corporate credit spreads. Rathbones fund manager David Harrison prefers companies exposed to climate solutions and grid infrastructure. BloombergNEF finds references to extreme heat in recent corporate filings at a record high, and mentions of the Rhine and water levels on earnings calls at the highest levels since 2018.

JPMorgan reiterated its overweight rating on SpaceX (SPCX.O) and a $240 price target, citing rising confidence in Grok AI’s prospects. The bank flagged SpaceX’s acquisition of Cursor, reported to have roughly $4bn in annual recurring revenue, about 75% from enterprise customers. JPMorgan said Cursor should bolster SpaceX’s enterprise AI strategy, provide additional model training data and improve Grok’s performance.