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• ☕️What Else is Brewing Thursday Morning
  Mitch McConnell to step down as Senate GOP leader. McConnell,...
  Mitch McConnell to step down as Senate GOP leader. McConnell, the longest-serving party leader ever in the Senate, said yesterday that he’ll give up his leadership position after the presidential election in November. His decision that it’s “time for the next generation of leadership” comes after the 82-year-old Kentucky politician’s health has been in the news after two recent episodes of freezing up while speaking publicly and as the old-school Republican has clashed with Donald Trump and his supporters.
  
  Wendy’s backtracked clarified that it’s not planning on implementing surge pricing after Frosty lovers reacted badly to the chain’s CEO saying on an earnings call this week that it planned to roll out dynamic pricing next year.
  
  Texas saw the second-largest wildfire in the state’s history, which prompted concerns about a nuclear facility as it blazed through.
  
  Lawmakers struck a deal to keep the government from shutting down this weekend.
  
  Comedian Richard Lewis, known for his standup and role on Curb Your Enthusiasm, died at age 76.
  
  Sam Bankman-Fried’s lawyers argued he should only serve between 5 and 6.5 years in prison for fraud at FTX—a far cry from the 100 years that probation officers have suggested.
  
  European media companies, including Axel Springer (which owns Morning Brew), slapped Google with a $2.3 billion lawsuit claiming they were harmed by the company’s digital ad policies.
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• Stocks Down Ahead of Key Inflation Update
  The Dow Jones Industrial Average® (DJI) lost...

  The Dow Jones Industrial Average® (DJI) lost ground a third consecutive day Wednesday, and other major equity benchmarks also sagged as investors marked time ahead of Thursday's Personal Consumption Expenditures Price Index (PCE), a closely followed inflation reading.

  
  

  The PCE is the Fed's preferred inflation gauge, and the spotlight on Thursday's numbers is particularly bright after two other measures earlier this month, the Consumer Price Index (CPI) and Producer Price Index (PPI), both posted stronger-than-expected increases, stirring worries inflation may be perking up. PCE numbers, like CPI and PPI, are expected to show inflation accelerated slightly in January.

  
  

  Here's where the major benchmarks ended:

  
  
  

  
  
  • The S&P 500® index (SPX) fell 8.42 points (0.2%) to 5,069.76; the Dow Jones Industrial Average lost 23.39 points (0.1%) to 38,949.02; the Nasdaq Composite® (COMP) declined 87.56 points (0.6%) to 15,947.74.
  
  
  • The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.264%.
  
  
  • The Cboe Volatility Index® (VIX) rose 0.39 to 13.82.
  
  
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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 33 cents to $78.54 per barrel Wednesday. Brent crude for April delivery rose 3 cents to $83.68 per barrel.

  
  

  Wholesale gasoline for March delivery fell 7 cents to $2.27 a gallon. March heating oil fell 9 cents to $2.66 a gallon.

  
  

  April natural gas rose 8 cents to $1.89 per 1,000 cubic feet.

  
  

  

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

  The energy sector is off to a slightly lower start, pressured by weakness in the major equity futures which are lower as investors wait for the release of January’s PCE data tomorrow morning. 

  
  

  WTI and Brent crude oil futures are trading near the flatline following last night’s API print which showed a sizable build in crude stocks and as market participants await economic data to assess the path for interest rate cuts. U.S. crude stocks showed an 8.43 million barrel build in the week ending Feb. 23, which surpassed expectations of a 1.8 million barrel build. Federal Reserve Governor Michelle Bowman signaled on Tuesday that she was in no rush to cut U.S. interest rates, particularly given continuing inflation risks. Meanwhile, the possibility of OPEC+ extending voluntary oil output cuts is lending support. 

  
  

  Natural gas futures rebounded this morning after touching their lowest levels in nearly four years following the expiry of the March contract yesterday, despite forecasts for milder weather.

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• Civitas, Prioritizing Permian, Jettisons Non-core Colorado Assets
  Civitas Resources is offloading non-core interests in Colorado...
  Civitas Resources is offloading non-core interests in Colorado as the company prioritizes investment in the Permian Basin.
  
  Civitas divested $85 million of non-core acreage in the Denver-Julesburg (D-J) Basin during the fourth quarter—primarily non-operated interests with minimal production, the Denver-brd company reported in earnings after markets closed Feb. 27.
  
  The company remains on track to reach a $300 million divestment target by the middle of the year. Civitas has been cleaning up its portfolio in Colorado and plowing billions of dollars into deals in the Permian Basin—the nation’s top oil-producing region.
  
  The company plans to deploy roughly 60% of its total investment into the Permian this year, with the remaining 40% earmarked for the D-J Basin.
  
  Last year, Civitas made a splashy entrance into the Permian with nearly $7 billion in M&A.
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