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• ☕️What Else is Brewing Wednesday Morning
  The Blind Side’s Tuohy family called Michael Oher’s accusations that they tricked...
  
  
  • The Blind Side’s Tuohy family called Michael Oher’s accusations that they tricked him into a conservatorship to enrich themselves “outlandish” and a “shakedown.” Their lawyer claimed that Oher demanded the family pay him $15 million or he’d go public with his side of the story.
  
  
  • The Pacific Northwest is sweltering under a heat wave that could break records.
  
  
  • Bazooka Candy Brands, which makes the bubble gum that loses flavor in two minutes, is being sold for $700 million.
  
  
  • X appears to be throttling links to rival sites such as Facebook, Instagram, and Substack as well as news outlets that owner Elon Musk has publicly criticized, according to the Washington Post.
  
  
  • The Fulton County sheriff has insisted that no defendant will be treated differently than any other, so expect former President Trump to have his mugshot taken following his indictment on Monday. As one X user predicted, “This will break Etsy.”
  
  

  
  
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• API Reports Large Draw in Crude Oil Inventories
  Crude oil inventories in the United States saw a large draw this week of 6.195 million barrels,...
  Crude oil inventories in the United States saw a large draw this week of 6.195 million barrels, the American Petroleum Institute (API) data showed on Tuesday, after last week’s surprise 4.067 million barrel build.
  
  Analysts were expecting a draw of 2.050 million barrels in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 18 million barrels, according to API data, although there is a net draw in crude inventories since April of almost 30 million barrels.
  
  On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 600,000 barrels in the week ending August 14, with the SPR inventory still sitting at a near 40-year low of 348.4 million barrels. At that rate of replenishment, the SPR should return to 2021 levels in a little under a decade.
  
  Inventories at Cushing, Oklahoma, fell by another million barrels, after falling by 112,000 barrels in the previous week.
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• Governor Green Says Death Toll Has Surpassed 100
  The death toll of people killed in the wildfires...
  The death toll of people killed in the wildfires that scorched western Maui rose to 101, Gov. Josh Green of Hawaii said Tuesday afternoon.
  
  The fire is now one of the worst natural disasters in Hawaii’s history and the deadliest wildfire in the U.S. since 1918. With the survey of the burn areas about a third complete, officials were still working to identify the remains of the dead.
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• Closing Oil & Gas Prices for Tuesday
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery fell $1.52 to $80.99 a barrel Tuesday. Brent crude for October delivery fell $1.32 to $84.89 a barrel.
  
  Wholesale gasoline for September delivery fell 6 cents to $2.85 a gallon. September heating oil fell 6 cents to $3.03 a gallon. September natural gas fell 14 cents to $2.66 per 1,000 cubic feet.
  
  
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• S&P 500 ends at its lowest level in a month
  U.S. stocks closed sharply lower Tuesday as investors monitored...
  U.S. stocks closed sharply lower Tuesday as investors monitored signs of China’s darkening economic backdrop and gauged if a robust U.S. consumer could spell more Federal Reserve rate hikes. The Dow Jones Industrial Average DJIA fell about 360 points, or 1%, to about 34,946, according to preliminary FactSet data. The S&P 500 index SPX dropped 1.2% to about 4,437, its lowest close since mid-July. The Nasdaq Composite Index COMP ended 1.1% lower. Chinese retail sales and industrial production in the world’s second biggest economy grew less than expected in July. Its growing property woes also contributed to a series of surprise interest rate cuts by the central bank in Beijing. In U.S. economic news, retail sales increased 0.7% in July, above the 0.4% forecast, prompting concerns that the Fed might not yet be done hiking interest rates.
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