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• Energy Sector Commentary for Wednesday
  The energy sector is off to a higher start, supported...

  The energy sector is off to a higher start, supported by strength in the crude complex and the major market futures. U.S stocks are expected to open higher as concerns about a banking crisis continued to dim and as investors brace themselves for a key inflation reading later this week which will provide more clues on the Fed’s monetary tightening policy.

  
  

  WTI and Brent crude oil futures are extending gains for the third-consecutive session on export halts from Iraqi Kurdistan which raised concerns of tightening supply. Adding to the crude export halts which were announced on Saturday and amounted to 450,000 bpd, earlier today Norwegian oil firm DNO announced it had begun shutting down production at its fields in Kurdistan. The company’s fields averages output of 107,000 bpd in 2022, which equates to a quarter of Kurdish exports. Oil also gained support from easing concerns of future bank failures and a drop in U.S. crude inventories. The API reported crude stocks fell by 6.1 million barrels last week.

  
  

  Natural gas futures are trading down on forecasts for warmer temperatures for most locations east of the Rocky Mountains and on high levels of output.

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• Nasdaq and Dow score triple-digit gains at Wednesday’s opening bell
  U.S. stock indexes opened higher Wednesday morning, helped by a rally in China’s technology stocks,...
  U.S. stock indexes opened higher Wednesday morning, helped by a rally in China’s technology stocks, slipping Treasury yields, and a calmer mood in the banking sector.
  

  
  
  • The Dow Jones Industrial Average DJIA, +0.69% went up 242 points, or 0.7% to 32,627
  
  
  • The S&P 500 SPX, +0.99% increased 39 points, or 1% to 4,010
  
  
  • The Nasdaq Composite COMP, +1.28% advanced 149 points, or 1.3% to 11,869
  
  
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• ☕️What Else is Brewing This Wednesday Morning
  JPMorgan CEO Jamie Dimon agreed to testify under oath over the bank’s ties to the late convicted sex...
  JPMorgan CEO Jamie Dimon agreed to testify under oath over the bank’s ties to the late convicted sex offender Jeffrey Epstein.
  
  AMC stock popped 13% after a report from The Intersect claimed Amazon was considering buying the theater chain.
  
  Lucid, the EV startup, is laying off ~18% of its workforce, or around 1,300 employees.
  
  Disney has cut its metaverse division as part of 7,000 layoffs, according to the WSJ.
  
  McKinsey, the consulting firm that usually recommends layoffs at other companies, is cutting about 1,400 roles from its own roster.
  
  Substack is allowing writers on its platform to buy shares in the company for as little as $100. Substack has already raised $82 million in venture capital
  
  
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• SBF Bribery Charge
  Cryptocurrency exchange FTX founder Sam Bankman-Fried ...
  Cryptocurrency exchange FTX founder Sam Bankman-Fried was charged yesterday with bribing a Chinese official, the thirteenth federal charge brought against the 31-year-old since December. The one-time billionaire led FTX and sister investment firm Alameda Research until their collapse in November (see timeline). 
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• Russia Claims to Successfully Have Rerouted Oil
  A Russian official said the country has successfully rerouted all the oil it would have sold...
  A Russian official said the country has successfully rerouted all the oil it would have sold to the West to "friendly" nations. Nikolai Shulginov, Russia's energy minister, implied that Moscow has offset the impact of sanctions aimed at curtailing export revenue. He maintained that Russia will continue to focus on sending commodities to allies.
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