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• Closing Oil & Gas Prices for Wednesday
  Benchmark U.S....

  Benchmark U.S. crude oil for July delivery rose $1.43 to $74.34 a barrel Wednesday. Brent crude for July delivery rose $1.52 to $78.36 a barrel.

  
  

  Wholesale gasoline for June delivery rose 6 cents to $2.72 a gallon. June heating oil rose 5 cents to $2.41 a gallon. June natural gas rose 8 cents to $2.40 per 1,000 cubic feet.

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• Dow extends losing streak to fourth day as debt-ceiling talks continue
  U.S. stocks finished lower on Wednesday, with the Dow posting...
  U.S. stocks finished lower on Wednesday, with the Dow posting a four-session skid, as the White House and House Republicans continued debt-ceiling talks ahead of a fast-approaching deadline. The Dow Jones Industrial Average DJIA fell about 255 points, or 0.8%, ending near 32,800, booking a fourth session in a row of declines, its longest stretch of losses in about two weeks, according to Dow Jones Market Data. The S&P 500 index SPX shed 0.7% and the Nasdaq Composite Index COMP closed down 0.6%, according to preliminary FactSet figures. Treasury Secretary Janet Yellen said on Wednesday that it’s “almost certain” that the federal government won’t be able to meet all of its obligations in early June if Congress doesn’t strike a deal on the U.S. debt limit, and that she’s worried about “substantial financial-market distress” even when there’s an agreement to avoid a default.
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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 oil futures, while U.S. futures are lower as negotiations between the White House and the Republican representatives continue, with no clear compromise in sight.

  
  

  WTI and Brent crude oil futures are higher on concerns over tight supply and as investors digest a warning from the Saudi Energy minister who raised the prospect of further OPEC+ cuts. According to the API, crude inventories fell about 6.8 million barrels last week, in line with gasoline inventories which dropped 6.4 million barrels. The market will be keeping an eye on EIA data to confirm these inventory levels which would mark a third-consecutive week of falling gasoline inventories.

  
  

  Natural gas futures are higher, attempting to end a 3-day losing streak driven by bearish weather forecasts and higher production. The consensus for EIA weekly storage data due tomorrow has a build of +102 Bcf vs the 5-year average of +96 Bcf.

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• How Big is the Permian Basin
  The Permian covers an area some 250 miles wide by 300 miles long and is composed of over 7,000 fields...
  The Permian covers an area some 250 miles wide by 300 miles long and is composed of over 7,000 fields in West Texas, with sub-basins including the Delaware and Midland. The Permian accounts for nearly 40% of all oil production in the U.S. and nearly 15% of its natural gas production, according to the Federal Reserve Bank of Dallas.
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• ☕️What Else is Brewing This Morning
  Peloton, in a new marketing campaign, is trying to rebrand itself as a fitness company for everyone rather...
  Peloton, in a new marketing campaign, is trying to rebrand itself as a fitness company for everyone rather than a fancy in-home bikemaker. It also refreshed its app and introduced new pricing tiers, including a free option.
  
  Target is pulling some LGBTQ merchandise from its Pride Collection, citing backlash from customers and the need to protect the safety of its employees.
  
  Apple inked a megadeal with the tech manufacturing giant Broadcom to make 5G radio components in the US.
  
  “She-cession” no more: US companies employ more women now than at any point in history.
  
  Photoshop + generative AI = .
  
  
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