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• Energy Sector Commentary
  The energy sector is off to a higher start, supported by strength in the...

  The energy sector is off to a higher start, supported by strength in the major market futures and the underlying commodities. U.S equities are expected to open higher after the release of March CPI data which showed inflation is cooling and as investors wait for Fed meeting minutes later today.

  
  

  WTI and Brent crude oil were lower earlier but jumped as optimism that the U.S Federal Reserve is getting closer to ending its hawkish policy increased after the release of U.S CPI data for March. The U.S Consumer Production Index showed a rise of 0.1% in March, lower-than analyst estimates of a 0.2% month-over-month rise. Inflation eased to 5%, closer to the Fed’s 2% goal, and to its lowest in nearly two years. Traders will be watching out for weekly EIA data as analysts expect a decline in crude inventories. Meanwhile, the API reported crude inventories rose by about 380K barrels last week which had pressured futures earlier.

  
  

  Natural gas futures are mostly unchanged for the second-consecutive session, despite forecasts for above-normal temperatures in the next two weeks.

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• Headline inflation rate tame in March, but core CPI reading remains elevated
  The numbers: Consumer prices rose a scant 0.1% in March largely because of lower energy...
  The numbers: Consumer prices rose a scant 0.1% in March largely because of lower energy costs, but U.S. inflation more broadly was still high and showed little sign of quickly subsiding.
  
  Economists polled by the Wall Street Journal had forecast a 0.2% increase in the consumer price index. It was the smallest uptick in three months.
  

  
  
  The yearly rate of inflation slowed to 5% from 6% and touched the lowest level since May 2021. What helped was an extremely high inflation reading in March 2022 dropping out of the yearly rate.
  
  More negatively, the so-called core rate of inflation that omits food and energy rose a sharper 0.4%. Wall Street had forecast a 0.4% gain.
  
  Fed officials don’t ignore food and energy given their importance as household staples, but they view the core rate as a more accurate predictor of future inflation trends.
  
  
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• Diamondback Energy Reportedly Exploring Delaware Basin Asset Sale
  Diamondback Energy is reportedly exploring the sale of its Delaware Basin assets in Pecos County, Texas,...
  Diamondback Energy is reportedly exploring the sale of its Delaware Basin assets in Pecos County, Texas, according to an April 11 Bloomberg report.
  
  The report, which quoted unnamed sources familiar with the matter, said no final decision had been made on a divestiture. Analysts, writing in an April 11 note, said Diamondback’s Delaware Basin assets “are inferior to its core Midland Basin footprint, in our view, and struggle to compete for capital.”
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• ☕️What Else is Brewing Wednesday Morning
  EY tossed its big plan to separate its audit and consulting divisions after facing pushback from...
  EY tossed its big plan to separate its audit and consulting divisions after facing pushback from some partners.
  
  A Whole Foods flagship store that opened last year in downtown SF is closing its doors temporarily, citing crime that threatens the safety of its employees.
  
  Chipotle unveiled an all-electric store design that will eliminate those sizzling gas grills in the name of sustainability.
  
  What you need to know about the legal fight over the abortion pill mifepristone.
  
  YouTube TV has begun selling NFL Sunday Ticket, which it recently acquired the rights to. The package starts at $249 for the upcoming season.
  
  An elephant at the Berlin Zoo learned how to peel a banana.
  
  
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• What a $300 million donation to Harvard will get you:
  ..your name ...
  ..your name on a grad school. The university is changing the name of its grad school to the Harvard Kenneth C. Griffin Graduate School of Arts and Sciences after—you guessed it—hedge fund billionaire Ken Griffin made a $300 million donation to Harvard University. Griffin has now given more than $500 million in total to Harvard, where he graduated in 1989 before making his billions and buying a $43.2 million copy of the Constitution at his son’s request. Griffin’s $150 million gift to Harvard in 2014 for financial aid remains the largest single donation for undergrad assistance, according to Bloomberg.
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