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• Energy Sector Commentary for Wednesday
  The energy sector is off to a...

  The energy sector is off to a mixed-to-lower start, pressured by weakness in the underlying commodities. Meanwhile, the major equity indices are edging higher as the market awaits the Fed’s policy decision later today.

  
  

  The rally in crude futures has taken a pause as WTI and Brent crude oil contracts are extending yesterday’s losses ahead of the Federal Reserve’s policy decision and inventory data due later today. Traders will be closely watching the release of today’s EIA inventory report as last night’s API figures showed a 5.25-million-barrel draw, compared to analyst estimates of a 2.2 million barrel decline. Goldman Sachs anticipates growing oil demand and extended supply cuts may push the market into a deficit and pave a way for Brent crude futures to reach $105 per barrel. The investment bank also expects the Bank of England to keep interest rates unchanged on Thursday after data showed a surprise drop in inflation in August.

  
  

  Natural gas futures have erased earlier gains and are lower on below-normal temperatures and as traders expect a mild winter may push contracts below $2.00/MMBtu.

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• API Reports Large Draw in Crude Oil Inventories
  The American Petroleum Institute (API) has reported a large 5.25-million-barrel draw...
  The American Petroleum Institute (API) has reported a large 5.25-million-barrel draw in U.S. crude inventories, offsetting last week’s 1.174-million-barrel build.
  
  Analysts were expecting an inventory draw of 2.667 million barrels for the week. The total number of barrels of crude oil moves so far this year is now squarely in the red, according to API data, and there is a net draw in crude inventories since April of more than 52 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 last week, with the SPR inventory still sitting at a near 40-year low of 351.2 million barrels.
  
  Distillate inventories fell by 258,000 barrels, partially offsetting the 2.592-million barrel build in the week prior, and are 13% below the five-year average for this time of year.
  
  Cushing inventories fell by another large 2.564 million barrels after falling 2.417 million barrels last week, leaving just over 22 million barrels in Cushing.
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• $3.5B gas-to-liquid-fuel plant planned in Ark.
  Hyundai Engineering America and S&B Engineering and Construction have been selected to engineer,...
  Hyundai Engineering America and S&B Engineering and Construction have been selected to engineer, design, and build a $3.5 billion natural-gas-to-liquid-fuel facility in Jefferson County, Ark. The plant will use Fischer-Tropsch technology to convert the natural gas to highly refined diesel and jet fuels.
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• ☕️What Else is Brewing Wednesday Morning
  US gasoline prices reach highest level since October 2022, averaging $3.88 per gallon...
  US gasoline prices reach highest level since October 2022, averaging $3.88 per gallon (More)
  
  Markets: Stocks dipped yesterday as investors remained cautious ahead of today’s announcement from the Fed on interest rates (Spoiler alert: They’re expected to hold steady). The news was better for Instacart, which climbed 12% in its first day of trading after its highly anticipated IPO.
  
  The cost of crude oil has jumped, pushing U.S. gas prices to the highest level in 11 months.
  
  The group that won a Supreme Court case against affirmative action sued West Point, arguing it should be barred there too.
  
  JoAnne Epps, the acting president of Temple University, died after becoming ill onstage at a memorial service. She was 72.
  
  A 150-year-old giant banyan tree in downtown Lahaina, Hawaii, that burned during the fires is showing signs of recovery.
  
  Customers will likely struggle to get Clorox wipes after a cyberattack at the company.
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• 🔔Closing Oil & Gas Prices
  Benchmark U.S. crude oil for October delivery...
  Benchmark U.S. crude oil for October delivery fell 28 cents to $91.20 a barrel Tuesday. Brent crude for November delivery fell 9 cents to $94.34 a barrel.
  
  Wholesale gasoline for October delivery fell 4 cents to $2.66 a gallon. October heating oil rose 8 cents to $3.37 a gallon. October natural gas rose 12 cents to $2.85 per 1,000 cubic feet.
  
  
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