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• API Reports Build In Crude Oil Inventories
  Crude oil inventories in the United States rose this week by...
  Crude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22, according to The American Petroleum Institute (API). The API reported a 1.519-million-barrel drop in crude inventories in the week prior. 
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by another 0.7 million barrels as of March 22. Inventories are now at 363 million barrels—the highest point since last April.
  
  Cushing inventories also rose this week, gaining 2.392 million barrels after climbing by 325,000 barrels in the previous week.
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• Macquarie: More growth ahead for US oil production
  Cost reductions and efficiency gains will push US oil production to a...
  Cost reductions and efficiency gains will push US oil production to a record of around 14 million barrels per day by the end of 2024 and about 14.5 billion bpd by the end of 2025, Macquarie Group analysts predicted. "This year's headwinds could flip to tailwinds in a scenario where the growth impulse from private companies recharges and public companies attack high-graded resource bases next year," the analysts said.
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• ☕️What Else is Brewing Wednesday Morning
  Visa and Mastercard agree to $30 billion deal to cap swipe fees. After...
  Visa and Mastercard agree to $30 billion deal to cap swipe fees. After a nearly 20-year legal battle, the credit card behemoths said they’ll slightly reduce the 2% fees that they charge retailers every time a consumer uses one of their cards. Retailers will also be able to adjust prices at checkout depending on the type of card used. The banks that issue cards—like JPMorgan Chase, Citigroup, and Bank of America—will likely bear the brunt of the changes, as they typically receive most of the revenue from swipe fees.
  
  Adam Neumann bid upward of $500 million to acquire WeWork out of bankruptcy.
  
  The NFL will play two games on Christmas Day this year (a Wednesday) in a reversal of the league’s initial stance.
  
  Florida Gov. Ron DeSantis signed a bill banning children under 14 in the state from having their own social media accounts.
  
  Disney+ changed its logo to make it look more like Hulu’s as the two streaming services prepare to merge.
  
  Nadeem Anjarwalla, a Binance executive detained in Nigeria, reportedly escaped custody using a fake passport.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for May delivery ...
  Benchmark U.S. crude oil for May delivery fell 33 cents to $81.62 per barrel Tuesday. Brent crude for May delivery fell 50 cents to $86.25 per barrel.
  
  Wholesale gasoline for April delivery fell 5 cents to $2.70 a gallon. April heating oil fell 6 cents to $2.62 a gallon. April natural gas fell 4 cents to $1.58 per 1,000 cubic feet.
  
  
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• MarketWatch: U.S. stocks finish lower as Wall Street takes a breather from record-setting rally
  U.S. stocks finished lower on Tuesday as Wall Street took a breather...
  U.S. stocks finished lower on Tuesday as Wall Street took a breather from its record-setting rally, while investors continued to gauge the likely path of the Federal Reserve's monetary policy ahead of key inflation data due later in this holiday-shortened week.
  
  The S&P 500 was down 14.61 points, or 0.3%, to end at 5,203.58, according to Dow Jones Market Data.
  
  The Dow Jones Industrial Average dropped 31.31 points, or less than 0.1%, to finish at 39,282.33.
  
  The Nasdaq Composite fell 68.77 points, or 0.4%, ending at 16,315.70. It was the largest one-day point and percentage decline since March 15.
  
  The S&P 500 and the Dow industrials booked three consecutive days of losses, while the Nasdaq ended lower for two straight sessions, according to Dow Jones Market Data.
  
  Stocks this week eased off the gas pedal from a robust rally that has propelled the three benchmark indexes to multiple all-time highs in the first quarter of 2024. Investors awaited the February Personal Consumption Expenditures (PCE) price index print on Friday, when U.S. markets will be closed for the Good Friday holiday.
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