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• ConocoPhillips CEO Ryan Lance: Upstream M&A Wave ‘Not Done’ Yet
  Dealmaking in the upstream oil and gas industry totaled $234 billion in 2023. The trend shows no signs...
  Dealmaking in the upstream oil and gas industry totaled $234 billion in 2023. The trend shows no signs of slowing, ConocoPhillips CEO Ryan Lance said at the CERAWeek by S&P Global conference.
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• ☕️What Else is Brewing Wednesday Morning
  Japan hiked interest rates for the first time in 17 years. The...
  Japan hiked interest rates for the first time in 17 years. The Bank of Japan raised short-term rates to 0% as the country’s economy finally showed some signs of growth after years of low inflation and wage stagnation. The move means there are no longer any negative interest rates in the world after several European central banks ended their policies in 2022. Bank of Japan Gov. Kazuo Ueda said that the negative interest rates and other measures the country took to boost its economy have “fulfilled their roles.”
  
  MacKenzie Scott is donating $640 million to hundreds of small nonprofits, more than double what she originally pledged.
  
  Coca-Cola said that all 20-ounce Coke bottles will be made from 100% recycled plastic starting this week.
  
  India accounts for 83 of the 100 most polluted cities in the world, according to a new report.
  
  The UN issued a “red alert” on climate change after logging record-breaking increases in global temperatures last year.
  
  Selena Gomez is reportedly considering selling her cosmetics brand at a $2 billion valuation.
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• API Reports Draw In Crude Oil Inventories
  Crude oil inventories in the United States fell this week by...
  Crude oil inventories in the United States fell this week by 1.519 million barrels for the week ending March 15, according to The American Petroleum Institute (API), after analysts had predicted a 77,000 barrel build. The API reported a large 5.521-million-barrel rise in crude inventories in the week prior.
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of March 8. Inventories are now at 362.3 million barrels. 
  
  Cushing inventories also rose this week, gaining 325,000 barrels after falling by 998,000 barrels in the previous week.
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• Grayburg-Jackson Field may hold untapped potential
  Houston-based producer HNR Acquisition has completed an analysis indicating...
  Houston-based producer HNR Acquisition has completed an analysis indicating that the addition of perforations to its existing wells in the Grayburg-Jackson Field of the Permian Basin could unlock an additional 34 million barrels of untapped oil reserves, on top of the more than 15 million barrels of proven reserves. "We believe that based on historical perforations, only 44 percent of the Grayburg-San Andres had been tapped," said HNRA Vice President of Operations Jesse Allen.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for April delivery...
  Benchmark U.S. crude oil for April delivery rose 75 cents to $83.47 per barrel Tuesday. Brent crude for May delivery rose 49 cents to $87.38 per barrel.
  
  Wholesale gasoline for April delivery was unchanged at $2.76 a gallon. April heating oil fell 3 cents to $2.76 a gallon. April natural gas rose 4 cents to $1.74 per 1,000 cubic feet.
  
  
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