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• Tight supplies lift US Gulf Coast heavy crude prices
  Heavy crude oil prices along the US Gulf Coast are approaching parity...
  Heavy crude oil prices along the US Gulf Coast are approaching parity with lighter oil grades after rising in recent weeks, driven by factors including declining exports from Mexico and the growing prospect of sanctions on Venezuelan crude. This trend foreshadows an increase in gasoline prices as the US gears up for the summer driving season.
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• March CPI report shows sharpest 1-year rise in consumer prices since September
  The increase in inflation in March was largely driven by a rise in gasoline...
  The increase in inflation in March was largely driven by a rise in gasoline prices and persistent increases in the cost of shelter, namely rent and housing.
  
  Energy prices shot up 1.1% last month after a 2.3% increase in February. The last two months have seen the biggest back-to-back increases in energy prices since last summer.
  
  Rents rose 0.4% in March, as did a proxy for the cost of homeownership known as OER, or owner equivalent rent.
  
  Other notable increases included car insurance (2.6%), clothes (0.7%) and medical care (0.5%).
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• ☕️What Else is Brewing Wednesday Morning
  Scientists have finally found the cure to screen addiction: more eclipses....
  Scientists have finally found the cure to screen addiction: more eclipses. During the eclipse Monday afternoon, internet traffic plunged by 40%–60% from the previous week in states like Arkansas and Ohio that were in the path of totality, according to Cloudflare. Web traffic in states with a partial view of the eclipse, such as Maryland and Connecticut, also declined, but not as dramatically (down 29%).
  
  Dude Perfect, the sports entertainment collective that rose to fame with its viral trick shots, scored a $100 million investment to grow its empire.
  
  Elon Musk predicted that artificial intelligence will be smarter than anyone on Earth by next year.
  
  A European court ruled that Switzerland’s inaction on climate change violates citizens’ human rights.
  
  The EPA is requiring more than 200 US chemical plants to reduce toxic emissions that can cause cancer as part of the Biden administration’s effort to advance environmental justice.
  
  Wrestlemania 40 suplexed several WWE event records, including highest attendance, viewership, and merchandise sales.
  
  Eid, the end of Ramadan, is today. Eid Mubarak to all who are celebrating.
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• API Reports Rise in Crude Oil Inventories
  Crude oil inventories in the United States rose this week by...
  Crude oil inventories in the United States rose this week by 3.034 million barrels for the week ending April 5, according to The American Petroleum Institute (API). Analysts had expected an inventory build of 2.415 million barrels.
  
  This comes after the API reported a 2.286 million barrel dip 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 another 0.6 million barrels as of April 5. Inventories are now at 364.2 million barrels—the highest point since last April.
  
  Cushing inventories saw a build this week, rising 124,000 barrels after falling by 781,000 barrels in the previous week.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for May delivery ...
  Benchmark U.S. crude oil for May delivery fell $1.20 to $85.23 per barrel Tuesday. Brent crude for June delivery fell 96 cents to $89.42 per barrel.
  
  Wholesale gasoline for May delivery rose 1 cent to $2.76 a gallon. May heating oil fell 5 cents to $2.68 a gallon. May natural gas rose 3 cents to $1.87 per 1,000 cubic feet.
  
  
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