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• ☕️What Else is Brewing Thursday Morning
  The last operational power plant in Gaza ...
  The last operational power plant in Gaza went offline yesterday, running out of fuel after Israel fully closed the two entry points into the area, prohibiting the transport of food, fuel, water, and more. The lockdown followed a surprise assault by Hamas over the weekend and the subsequent taking of hostages back into Gaza. See ongoing updates here.
  
  The UAW unexpectedly added nearly 9,000 workers at Ford’s largest truck plant to its strike in a major escalation against Detroit’s Big Three.
  
  Microsoft owes $29 billion in back taxes, according to the IRS.
  
  Disney has raised prices at its theme parks, including for parking and annual passes. The hike comes after Disney said it plans to invest $60 billion in the parks over the next decade.
  
  ACT scores for 2023 grads were the lowest since 1991. It was the sixth year in a row that scores on the test declined.
  
  Salman Rushdie has written a memoir about the knife attack at a literary event last year that left him blind in one eye. The book will be published on April 16.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for November delivery...
  Benchmark U.S. crude oil for November delivery fell $2.48 to $83.49 a barrel Thursday. Brent crude for December delivery fell $1.83 to $85.82 a barrel.
  
  Wholesale gasoline for November delivery fell 5 cents to $2.21 a gallon. November heating oil fell 2 cents to $3 a gallon. November natural gas was unchanged at $3.38 per 1,000 cubic feet.
  
  
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• U.S. stocks eke out 4-day win streak as bond yields fall, CPI on deck
  U.S. stocks eked out a fourth straight day of gains on Wednesday...
  U.S. stocks eked out a fourth straight day of gains on Wednesday as investors combed through minutes of the Federal Reserve’s September policy meeting and awaited a key inflation update due Thursday. The Dow Jones Industrial Average DJIA advanced about 65 points, or 0.2%, ending near 33,804, after flipping between small gains and losses. The S&P 500 Index SPX gained 0.4% and the Nasdaq Composite Index closed 0.7% higher. That was the fourth straight day of gains for all three stock indexes. Likely bolstering stocks was the continued pullback of long-term Treasury yields, with the benchmark 10-year TMUBMUSD10Y rate retreating by 5.8 basis points to 4.596%, the lowest yield in almost two weeks.
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• Energy Sector Commentary
  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 futures are higher as investors digest the latest PPI data and ahead of the release of the Federal Reserve’s September policy meeting minutes. The producer price index rose 0.5% for September, coming out higher than the Dow Jones estimate for a 0.3% rise. While slightly higher than what economists expected, the September figure still represented a slowing from the 0.7% producer prices increase in the prior month.

  
  

  WTI and Brent crude oil futures are extending yesterday’s modest declines as the focus shifts away from the possibility of supply disruptions due to geopolitical tensions in the Middle East. Concerns over the conflict between Israel and Palestinian Islamist group Hamas are easing, with Saudi Arabia saying on Tuesday it is working with regional and international partners to prevent the escalation of the situation in Gaza and neighboring areas.

  
  

  Natural gas futures are pivoting after six consecutive days of gains after consensus for tomorrow's EIA storage report showed a build of +94 Bcf vs 5-yr average of +93 Bcf.

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• How Israeli war could affect Strategic Petroleum Reserve
  The nation’s Strategic Petroleum Reserve, the...
  The nation’s Strategic Petroleum Reserve, the one drained by President Biden in an effort last year to lower nationwide gasoline prices, is in an even brighter spotlight because of the attack by Hamas on Israel and the declared war.
  
  Crude oil prices surged on Monday, then lowered slightly on Tuesday. Both Brent crude, the worldwide benchmark, and West Texas Intermediate, the U.S. benchmark, moved closer to $90 a barrel. It has analysts suggesting the conflict in Israel could result in large global oil supplies being withheld.
  
  “If the conflict envelopes Iran… up to 3% of global oil supply is at risk. And if a wider conflict eventuates that ends up impacting transit through the Strait of Hormuz, around 20% of global oil supply could be held hostage,” energy analyst Saul Kavonic said in an interview with Reuters.
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