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• Natural gas moves higher Tuesday morning
  Ahead of tomorrow’s expiration, front-month natural gas futures extended their gains...
  Ahead of tomorrow’s expiration, front-month natural gas futures extended their gains (+62 cents @ $9.32) and hit a 14-year high, supported by a persistent heat wave in the United States that drove up demand for gas-powered electricity for air conditioning. Virtually all the contiguous United States experienced above-normal temperatures in the past week, with the further dangerously hot weather forecast.
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• Energy Sector Commentary for Tuesday
  The energy sector is poised for a higher start, backed by strength in...

  The energy sector is poised for a higher start, backed by strength in the crude complex but gains will be capped by a drop in broader equity sentiment. Futures dipped lower this morning after Walmart cut its profit forecast amid rising food inflation, sending retail stocks tumbling in the premarket. The news comes ahead of a busy week of earnings, economic data, as well as the outcome of the Federal Reserve meeting with the markets expecting a three-quarter percentage point hike. On the economic front, investors are expecting the latest reading of the Case-Shiller Home Price Index, the consumer confidence report and new home sales data later this morning.

  
  

  WTI and Brent crude oil futures continued to gain ground for a second day, boosted by increasing concerns about tightening European supply after Russia cut gas supply through a major pipeline. The gains come despite the strength of the dollar. Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity and the cut in supplies is expected to leave countries unable to meet their goals to refill natural gas storage ahead of the winter demand period.

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• U.S. stocks open lower as Walmart profit warning spooks investors
  U.S. stocks opened lower on Tuesday after Wal-Mart ...
  U.S. stocks opened lower on Tuesday after Wal-Mart WMT, -7.77% cut its profit outlook and blamed food inflation for forcing American consumers to curtail spending on other items. The S&P 500 SPX, -0.56% retreated 16 points, or 0.4%, to 3,951. The Dow Jones Industrial Average DJIA, -0.29% shed 97 points, or 0.3%, to 3,189. The Nasdaq Composite COMP, -1.02% dropped 94 points, or 0.8%, to 11,685. Wal-Mart shares fell 8.3%, or $11, to $121.
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• U.S. home-price growth slips in May from record high: Case-Shiller
  The numbers: The S&P CoreLogic Case-Shiller 20-city index decelerated to a 20.5%...
  The numbers: The S&P CoreLogic Case-Shiller 20-city index decelerated to a 20.5% year-over-year gain in May down from 21.2% in the previous month.
  
  In May, the 20-city index rose a seasonally adjusted 1.3%, down from 1.7% in April.  S&P said that the year-over-year growth in May was the second highest for the 20-city index. April’s gain was the peak.
  
  A separate report from the Federal Housing Finance Agency showed a 1.4% monthly gain. And over the last year, the FHFA index was up 18.3%.
  
  Key details: Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in May. Price growth was strongest in the South and Southeast, which saw 30.7% growth.
  
  Minneapolis, Chicago, and D.C. reported the lowest year-over-year gains, though these cities still saw home prices grow.
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• Oil producers' revenues, costs rose in lockstep in Q1
  An Energy Information Administration analysis found that a group of 53 public US oil and natural gas...
  An Energy Information Administration analysis found that a group of 53 public US oil and natural gas producers collectively responsible for around 34% of domestic oil production saw combined cash flows jump 86% year over year to $25.7 billion during the first quarter, while capital spending nearly doubled from a year earlier to $14.6 billion amid higher material and labor costs. Production expenses for the group averaged $28.06 per barrel of oil equivalent during the quarter, marking a 59% increase from pre-pandemic levels and the highest quarterly average in the past five years.
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