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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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• U.S. stocks log lowest close of September as Fed meeting looms
  U.S. stocks finished lower on Tuesday despite paring sharp declines...
  U.S. stocks finished lower on Tuesday despite paring sharp declines from earlier in the day as the S&P 500 and Nasdaq Composite logged their lowest closing levels of September, based on preliminary end-of-day data from FactSet.
  
  The S&P 500 SPX fell by 9.53 points, or 0.2%, to 4,443.99, while the Nasdaq Composite COMP shed 32.05 points to 13,678.19. The Dow Jones Industrial Average DJIA fell by 106.57 points to 34,517.73. U.S. stocks sunk as rising Treasury yields and higher oil prices put pressure on equities ahead of Wednesday’s interest-rate decision from the Federal Reserve. The central bank is widely expected to leave borrowing costs on hold, but could still rattle markets by leaving the door open for more interest-rate hikes at future meetings.
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