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• Running Short of Gas: Russia's Pipeline Repair Has Europe Worried
  When Russia turns off the gas through the Nord Stream 1 pipeline for maintenance in July, Europe is...
  When Russia turns off the gas through the Nord Stream 1 pipeline for maintenance in July, Europe is starting to worry that it won't turn it back on again.
  
  This week, Russia cut gas flows to Europe to 40% of the pipeline's capacity, blaming delayed equipment repairs and leaving Germany and other European states racing to find alternative supplies to head off the risk of rationing when winter comes.
  
  Now, Europe fears Russian President Vladimir Putin will use a scheduled maintenance program on the pipeline from July 11 to 21 to turn the screws, putting a brake on efforts to refill inventories in retaliation for far-reaching sanctions over Moscow's invasion of Ukraine.
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• What Else is Brewing
  Three people were killed when an Amtrak train hit a dump truck in rural Missouri and derailed.
  
  The Jan. 6 committee announced a surprise hearing for this afternoon to present new evidence and hear witness testimony.
  
  Digital World Acquisition Corp., the SPAC that’s planning to merge with former President Trump’s social media app Truth Social, said that all of its board members had received subpoenas from a New York federal grand jury. The merger is already being investigated by financial regulators.
  
  Explorers say they found the deepest shipwreck ever discovered. The USS Samuel B. Roberts, which was sunk in the Philippines during World War II, was found at a depth of 22,916 feet.
  
  
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• U.S. trade deficit in goods narrows by 2.2% in May to $104.3 billion
  The numbers: The nation’s trade deficit in goods fell 2.2% in May to $104.3 billion,...
  The numbers: The nation’s trade deficit in goods fell 2.2% in May to $104.3 billion, a second straight decline that could give a lift to gross domestic product in the second quarter.
  
  The trade gap in goods fell from $106.7 billion in April and a record $125.6 billion in March, Census Bureau figures show.
  

  
  
  An advanced estimate of wholesale inventories, meanwhile, showed a 2% increase in May. Retail inventories rose 1.1% in the month, according to an early estimate.
  
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• Oil prices end higher for a second session as better-than-expected U.S. economic data ease demand worries
  Oil futures ended higher for the second session in a row on Monday as better-than-expected U.S. economic...
  Oil futures ended higher for the second session in a row on Monday as better-than-expected U.S. economic data eased some worries over a potential slowdown in energy demand. Traders also monitored talks by Group of Seven nations on additional moves aimed at targeting Russian crude.
  

  
  
  • West Texas Intermediate crude for August delivery CL.1, 0.90% CL00, 0.92% CLQ22, 0.90% rose $1.95, or 1.8%, to settle at $109.57 a barrel on the New York Mercantile Exchange, the highest front-month finish since June 21, FactSet data show.
  
  
  • August Brent crude BRNQ22, +0.90%, the global benchmark, added $1.97, or 1.7%, to $115.09 a barrel on ICE Futures Europe, while the most actively traded September contract BRNU22, +0.87% settled at $110.98 a barrel, up $1.88, or 1.7%.
  
  
  • Back on Nymex, July gasoline RBN22, +1.01% shed 1.2% to $3.8372 a gallon, while July heating oil HON22, +1.21% fell 3% to $4.2302 a gallon.
  
  
  • July natural gas NGN22, -0.95% added 4.5% at $6.501 per million British thermal units after a more than 10% loss last week.
  
  
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• Reuters: Mexico's Pemex increases crude exports to U.S., cuts shipments elsewhere
  Mexico's state-owned oil company Pemex substantially increased crude oil exports to the North American...
  Mexico's state-owned oil company Pemex substantially increased crude oil exports to the North American market in May, according to the firm's most recent report, which shows a significant cut in shipments to Europe and Asia.
  
  Pemex said its crude exports averaged 965,000 barrels per day (bpd) in May, and some 740,000 bpd went to "America," which accounts mainly for the United States.
  
  That compares to shipments of 594,000 bpd to the same region in April, out of a total 1.02 million bpd.
  
  Meanwhile, exports to Europe fell to 32,000 bpd in May from 100,000 bpd in April, and dispatches to the Far East fell to 192,000 bpd from 330,000 bpd in April, Pemex said without giving an explanation for the changes.
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