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• ☕️What Else is Brewing Wednesday Morning
  UPS slashed 12k jobs. The shipping giant said it will require employees to return to...
  UPS slashed 12k jobs. The shipping giant said it will require employees to return to the office five days a week this year as it changes how it operates amid a slowdown in demand. Revenue declined in Q4, while annual sales fell 9.3% in 2023. Amazon, its biggest customer, accounted for 11.8% of revenue last year, up from the year before, as revenue from other customers declined due to lower demand and more in-store pickups, executives said. UPS is also dealing with higher labor costs due to the deal it made with the Teamsters union to avoid a strike last summer.
  
  Elon Musk is (temporarily) no longer the richest person in the world after a Delaware judge struck down his $55 billion Tesla pay package for being excessive. Tesla’s board now must propose a new compensation plan for its CEO. Musk, who can appeal to the state’s Supreme Court, is worth a measly $154b without the package.
  
  Citibank was sued by NY AG Letitia James for allegedly failing to protect customers from online scams.
  
  The US Olympic figure skating team will receive better-late-than-never gold medals after Russian skater Kamila Valieva was disqualified for doping at the 2022 Beijing Games.
  
  Toyota urged the owners of 50,000 older vehicles in the US to get repairs over a potentially deadly airbag problem.
  
  The Kansas City Chiefs’ win over the Baltimore Ravens set a record as the most-watched AFC title game ever, with over 55 million viewers.
  
  Chita Rivera, the legendary Broadway star of West Side Story and Chicago, died yesterday at 91
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• Dow seals 7th record close of 2024 as Microsoft results, Fed decision loom
  U.S. stocks ended mixed Tuesday after consumer-confidence numbers and job-opening data pointed to a sturdy...
  U.S. stocks ended mixed Tuesday after consumer-confidence numbers and job-opening data pointed to a sturdy U.S. economy, while the Federal Reserve’s looming interest-rate decision and a busy earnings week from the likes of Microsoft are at the front of investors’ minds.
  
  The Dow Jones Industrial Average went up 133.86 points or 0.4% to end at 38467.31, its seventh record close in 2024, according to preliminary closing data from FactSet.
  
  The S&P 500 edged down 2.96 points or less than 0.1% to close at 4924.97
  
  The Nasdaq Composite declined 118.15 points or 0.8% to finish at 15509.90
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• Alaskan pipeline plan struggles to draw investment
  Alaska's ambitious $43 billion liquefied natural gas initiative, aimed at building an 800-mile pipeline...
  Alaska's ambitious $43 billion liquefied natural gas initiative, aimed at building an 800-mile pipeline akin to the existing trans-Alaska oil pipeline, has faced significant challenges in attracting financial backers. The project, designed to export gas to Asia while providing more affordable fuel locally, is currently struggling to secure the $150 million needed for engineering and design work before a final investment decision can be made.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for March delivery ...
  Benchmark U.S. crude oil for March delivery rose $1.04 to $77.82 per barrel Tuesday. Brent crude for March delivery rose 47 cents to $82.87 per barrel.
  
  Wholesale gasoline for February delivery rose 3 cents to $2.26 a gallon. February heating oil fell 2 cents to $2.81 a gallon. March natural gas rose 3 cents to $2.08 per 1,000 cubic feet.
  
  
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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a lower start, reeling amid weakness in both the crude complex and broader equity futures. With the benchmark indices hovering around fresh record highs, investors are stepping back this morning as they digest a wave of corporate earnings and ahead of the Fed’s policy announcement tomorrow.

  
  

  Traders are also reacting to headlines that Saudi Aramco halted their production capacity expansion plans, driving the OFS sharply lower ahead of the bell.

  
  

  WTI and Brent crude oil futures extended yesterday’s declines into the new session, pressured by lingering concerns over the potential fallout of China's Evergrande being liquidated and reports OPEC+ export data suggests a sluggish start to supply cuts being made. The markets are also positioning themselves ahead of this week’s OPEC+ meeting and while expectations are low that the group will make a decision on oil policy for April, analysts are hoping it could still shed some light on production plans. Aramco, in an indication of the future demand outlook, said it had received a directive from the energy ministry to maintain its maximum sustainable capacity at 12 million barrels a day, and not to continue increasing it to 13 million barrels per day. Meanwhile, Washington vowed to take "all necessary actions" to defend its troops following a deadly drone attack in Jordan by Iran-backed militants, the first U.S. military deaths since the Israel-Gaza war began, putting markets on edge.

  
  

  On the first day of trading as the front month contract, March natural gas futures are up over 1.5% in early trading, bouncing off yesterday’s sharp pullback. Warmer weather forecasts and continued outages at the Freeport LNG export plant continued to dampen sentiment.

  
  
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