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• API Reports Fall in Crude Oil Inventory
  Crude oil inventories in the United States ...
  Crude oil inventories in the United States fell this week by 5.521 million barrels for the week ending March 8, according to The American Petroleum Institute (API), largely contradicting analysts, who had predicted a 0.4 million barrel build. The API reported a 423,000-barrel rise in crude inventories in the week prior.
  
  Cushing inventories rounded out the losses this week, falling 998,000 barrels after rising by 500,000 barrels in the previous week.
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• ☕️What Else is Brewing Wednesday Morning
   Inflation was a bit hotter than expected last month. Consumer...
   Inflation was a bit hotter than expected last month. Consumer prices rose 3.2% in February, the Labor Department reported yesterday, up a pinch from the 3.1% that economists expected. That marks the second straight month that inflation came in higher than forecast. The data reinforces the Fed’s position to wait until inflation is tamed before cutting interest rates. Still, the central bank is widely expected to cut rates sometime later this year despite yesterday’s less-than-ideal report. It will meet next week to continue deliberations on a potential rate reduction.
  
  Apollo Global Management reached out to Paramount Global about a possible takeover, Axios reported.
  
  TikTok could be building an Instagram-like photo app, according to code found in its app.
  
  Andrew Tate, the social media influencer who was arrested in Romania in 2022 on charges of rape and human trafficking, will be extradited to the UK.
  
  Lego increased its market share in the toy industry, thanks to Harry Potter sets and a Fortnite partnership boosting sales last year.
  
  Iowa’s win over Nebraska in the Big Ten women’s basketball tournament championship was the most-watched women’s bball game on CBS since 1999.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for April delivery ...
  Benchmark U.S. crude oil for April delivery fell 37 cents to $77.56 per barrel Tuesday. Brent crude for May delivery fell 29 cents to $81.92 per barrel.
  
  Wholesale gasoline for April delivery rose 1 cent to $2.59 a gallon. April heating oil fell 3 cents to $2.62 a gallon. April natural gas fell 5 cents to $1.71 per 1,000 cubic feet.
  
  
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• S&P 500 closes at new all-time high as market shrugs off February inflation data
  U.S. stocks finished higher on Tuesday with megacap technology stocks...
  U.S. stocks finished higher on Tuesday with megacap technology stocks driving the gains despite worries that a hotter-than-expected February inflation reading could delay the Federal Reserve's interest-rate cuts until the second half of 2024.
  
  The S&P 500 was up 57.33 points, or 1.1%, to end at 5,175.27. It was the 17th record close for the large-cap benchmark index in 2024.
  
  The Dow Jones Industrial Average advanced 235.83 points, or 0.6%, to finish at 39,005.49.
  
  The Nasdaq Composite surged 246.36 points, or 1.5%, ending at 16,265.64.
  
  The three major indexes also booked their largest one-day point and percentage gains since Feb. 22, according to Dow Jones Market Data.
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• Lease sales on prime Permian land on hold in N.M.
  New Mexico's State Land Office has decided to suspend lease sales on...
  New Mexico's State Land Office has decided to suspend lease sales on premium oil and natural gas tracts in the Permian Basin until the state Legislature approves deadlocked bills that would raise the royalty rates for top-tier acreage from 20% to 25%. New Mexico Oil and Gas Association CEO Missi Currier has warned that the impasse could hurt both petroleum producers and public beneficiaries.
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