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• Energy Sector Commentary
  U.S. stock indexes rose after...

  U.S. stock indexes rose after a stronger-than-expected fourth quarter 2023 U.S. GDP report, which showed economic activity grew by 3.3%, and remains robust.  Energy stocks are set to follow suit, gaining on the heels of the strong GDP report, as well as on Brent crude breaking back above $80 this morning on yesterday’s large stockpile draw and still elevated tensions in the Red Sea.  Earnings are continuing to pick up across the sector.

  
  

  Oil prices are up this Thursday morning after data showed U.S. crude stockpiles fell more than expected last week and a fresh attack by Houthi forces on ships off Yemen's coast underscored the peril facing trade in a key global transit route. U.S. crude stockpiles tumbled by 9.2 million barrels last week, the EIA said, while analysts in a Reuters poll had expected a 2.2 million-barrel draw. The draw was driven by a stark drop in U.S. crude imports as winter weather shut-in refineries and kept motorists off the road.

  
  

  Natural gas futures are higher by 5%, trading around $2.80, ahead of weekly inventory data.  Analysts expect a large draw of 321 bcf, the third-largest draw of all time if realized. 

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• FAA won’t allow production increases for Boeing 737 Max planes
  Yesterday, the Federal Aviation Administration ...
  Yesterday, the Federal Aviation Administration put a stop to Boeing’s planned expansion of its 737 Max aircraft production, but it also cleared the runaway for the Max 9 model involved in the scary Alaska Airlines door plug blowout to take off again after airlines finish checking them. The jets have been grounded since the incident on Jan. 5, but they’ll soon be back in the skies. However, the agency said it would not agree to any production expansion “until we are satisfied that the quality control issues uncovered during this process are resolved.”
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• ☕️What Else is Brewing This Morning
  Stat: The opening of a new liquor store doesn’t usually make international news,...
  Stat: The opening of a new liquor store doesn’t usually make international news, but when the store is in Saudi Arabia, which banned booze in 1952, it gets headlines. The conservative Muslim kingdom reportedly allowed its first alcohol shop recently, though the government has not officially confirmed it, per CNBC. But you can’t just rock up to the checkout with a fake ID that says McLovin: In addition to being 21+, only non-Muslim diplomats with prior authorization from an app can shop there. Plus, taking photos is verboten and phones must be stored in special secure pouches to ensure they’re not used.
  
  Bill Ackman and his wife, Neri Oxman, put their money where his tweets are and bought 5% of the Tel Aviv Stock Exchange. It was part of a larger sale of 18.5% of the exchange.
  
  Russia accused Ukraine of downing a plane carrying 74 people—including 65 Ukrainian prisoners of war.
  
  The Supreme Court will allow Alabama to proceed with the first execution using poisonous nitrogen gas.
  
  Jim Harbaugh is reportedly leaving the University of Michigan, where he just won a championship, to return to the NFL as head coach for the Los Angeles Chargers.
  
  In-N-Out will close a store location for the first time in its 75-year history. It blamed crime at the Oakland, California outpost for the decision.
  
  Scientists have achieved the first rhino IVF pregnancy, which could help save the species from dying out.
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• Dow ends lower, S&P 500 squeaks by with fourth straight record close
  U.S. stock indexes finished mixed on Wednesday, with the S&P 500 barely eking out a fourth consecutive all-time...
  U.S. stock indexes finished mixed on Wednesday, with the S&P 500 barely eking out a fourth consecutive all-time high despite a batch of well-received earnings reports.
  
  The S&P 500 SPX finished up only 3.95 points, or less than 0.1%, at 4,868.55, based on preliminary data.
  
  The Dow Jones Industrial Average DJIA closed down by 99.06 points, or 0.3%, at 37,806.39 after swinging between slight gains and losses. It had been up by as much as 158.77 points earlier in the day.
  
  The Nasdaq Composite COMP ended up by 55.97 points, or 0.4%, at 15,481.92. Wednesday’s level is the highest since Jan. 4, 2022.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for March delivery ...
  Benchmark U.S. crude oil for March delivery rose 72 cents to $75.09 per barrel Wednesday. Brent crude for March delivery rose 49 cents to $80.04 per barrel.
  
  Wholesale gasoline for February delivery was unchanged at $2.21 a gallon. February heating oil fell 1 cent to $2.68 a gallon. February natural gas rose 19 cents to $2.64 per 1,000 cubic feet.
  
  
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