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• ☕️What Else is Brewing Wednesday Morning
  Pixar made the biggest staff cut in its history. The...
  Pixar made the biggest staff cut in its history. The Disney-owned animation studio laid off 14% of its workforce, or 175 employees, as part of an effort to cut costs and refocus on quality over quantity, according to The Hollywood Reporter. The mandate comes from Disney CEO Bob Iger, who hopes to shepherd the Mouse House to its former glory after a period of churning out several underwhelming direct-to-streaming series and movies. Following the layoffs, Pixar plans to prioritize upcoming feature films like Inside Out 2 and Toy Story 5 over streaming.
  
  Nestle is launching a new frozen-food brand marketed toward Ozempic and Wegovy users.
  
  Amazon reportedly halted orders of Nvidia’s “superchip” as it waits for an even more advanced model to power its cloud computing operation.
  
  A British passenger was killed and several others were seriously injured yesterday when a flight from London to Singapore hit severe turbulence.
  
  Donald Trump is threatening to sue over “blatantly false assertions” in the biopic The Apprentice, which debuted at Cannes this week.
  
  Matthew Perry’s death is being investigated by Los Angeles police over how the beloved Friends actor received the ketamine that was found in his system.
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• U.S. Crude Oil, Gasoline Inventories See Sizable Gains
  Crude oil inventories in the United States rose this week by...
  Crude oil inventories in the United States rose this week by 2.48 million barrels for the week ending May 10, according to The American Petroleum Institute (API).  For the week prior, the API reported a 3.104 million barrel dip in crude inventories.
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of May 17. Inventories are now at 368.8 million barrels—the highest point since last April, but well below the 656 million barrels in inventory in June 2020.
  
  Gasoline inventories rose this week as well, by 2.088 million barrels, more than countering last week’s 1.269 million barrel dropoff. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories fell this week by 320,000 barrels, offsetting last week’s 349,000-barrel build. Distillates were 7% below the five-year average for the week ending May 10, the latest EIA data shows.
  
  Cushing inventories saw a build this week, according to API data, adding 1.77 million barrels after decreasing by 601,000 barrels in the previous week.
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• S&P 500, Nasdaq inch up to close at records ahead of Nvidia earnings
  U.S. stocks finished higher, with the S&P 500 and the Nasdaq Composite...
  U.S. stocks finished higher, with the S&P 500 and the Nasdaq Composite notching new all-time closing highs as investors digested a slew of quarterly results from big retailers.
  
  The S&P 500 was up 0.3%, to end near 5,321, posting its 24th record high so far in 2024.
  
  The Nasdaq Composite rose 0.2%, to finish around 16,832. The tech-heavy index scored its 10th all-time high this year.
  
  The Dow Jones Industrial Average ended below the 40,000 milestone. It advanced 0.2%, finishing around 39,873 on Tuesday.
  
  U.S. stocks drifted around their record levels in quiet trading on Tuesday while a batch of earnings reports from some of the country's biggest retailers offered some insights into the state of the consumer.
  
  Shares of Macy’s Inc. were up 5.2%, while the Lowe's Companies dropped by 2%.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for June delivery ...
  Benchmark U.S. crude oil for June delivery fell 54 cents to $79.26 per barrel Tuesday. Brent crude for July delivery fell 83 cents to $82.88 per barrel.
  
  Wholesale gasoline for June delivery fell 3 cents to $2.51 a gallon. June heating oil fell 3 cents to $2.46 a gallon. June natural gas fell 8 cents to $2.67 per 1,000 cubic feet.
  
  
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• Tanker to take on first load from Trans Mountain expansion
  The first crude oil cargo from the Trans Mountain Pipeline expansion...
  The first crude oil cargo from the Trans Mountain Pipeline expansion project in Canada is being loaded in Vancouver this week, according to shipping data. The load of 550,000 barrels of Access Western Blend is being exported to China, according to the data.
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