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• Closing oil and gas prices for Wednesday
  Benchmark U.S. crude oil for August...

  Benchmark U.S. crude oil for August delivery fell $3.33 to $106.19 a barrel Wednesday. Brent crude for August delivery fell $2.91 to $111.74 a barrel.

  
  

  Wholesale gasoline for July delivery rose 4 cents to $3.83 a gallon. July heating oil rose 4 cents to $4.40 a gallon. July natural gas rose 5 cents to $6.86 per 1,000 cubic feet.

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• API Reports Biggest Crude Oil Inventory Rise Since February
  The American Petroleum Institute (API) reported a build this week for crude oil of 5.607 million...
  The American Petroleum Institute (API) reported a build this week for crude oil of 5.607 million barrels, while analysts predicted a draw of 1.433 million barrels.
  
  It is the first build over 5 million barrels since mid-February, according to API data. The build comes as the Department of Energy released 6.8 million barrels from the Strategic Petroleum Reserves in Week Ending June 17.
  
  U.S. crude inventories have shed some 68 million barrels since the start of 2021 and about 11 million barrels since the start of 2020, according to API data.  In the week prior, the API reported a build in crude oil inventories of 736,000 barrels after analysts had predicted a draw of 1.2 million barrels.
  
  Cushing saw a decrease of 390,000 barrels this week. Cushing inventories slipped to 22.615 million barrels in the week prior, as of June 10, according to EIA data—down by nearly two-thirds from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
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• Argentina Notches Record Shale Production, Backed by Vaca Muerta Boost
  Argentina’s output of oil and gas from shale rose to record levels in May, the government said on June...
  Argentina’s output of oil and gas from shale rose to record levels in May, the government said on June 21, bolstering hopes that its massive Vaca Muerta shale formation can help reverse a costly energy deficit that has strained public coffers.
  
  Unconventional oil production averaged approximately 241,000 bbl/d, a 57% jump from the same time last year. Shale gas production, meanwhile, averaged approximately 76 million cubic meters per day, a year-on-year increase of 39%.
  
  “We have a constantly growing sector, thanks to the strong boost we gave Vaca Muerta,” Energy Secretary Dario Martinez said in a statement.
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• S&P 500 could slide another 33% in a 1970s-style inflation environment: Société Générale
  The bear market in stocks probably isn’t over — and could have much longer to run...
  The bear market in stocks probably isn’t over — and could have much longer to run if the economy falls into a 1970s-style stagflation scenario, a Wall Street equities strategist warned this week.
  
  The S&P 500 officially entered a bear market last week, falling more than 20% from its Jan. 3 record finish. The U.S. equity benchmark is on track for a historically ugly half-year performance as markets expect tighter monetary policy to get a grip on the inflation but worry the interest rates will rise to levels that cause a recession.
  

  
  
  “We have been and remain in a ‘de-risking, defensive and de-rating’ mindset for 2022, as Fed hikes in the current downturn should create collateral damage, leading us to adopt a bearish stance on U.S. Consumer, Financials and Small-caps,” said Manish Kabra, Societe Generale’s head of U.S. equities, in a Tuesday note. “But the committed fight against inflation looks set to trigger a domino effect, with the Housing and Credit markets looking like the next dominos to drop.”
  
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• Oil and gas stocks suffer broad, sharp selloff as crude futures drop
  The S&P 500's energy sector was suffering a unanimous selloff, as crude oil ...
  The S&P 500's energy sector was suffering a unanimous selloff, as crude oil cl00 and natural gas futures ng00 slumped amid growing demand concerns and as the Biden administration calls for a gas-tax holiday. The SPDR Energy Select Sector ETF xle dropped 3.4% with all 21 equity components losing ground, as crude oil futures shed 4.4% and natural gas futures lost 1.0%. Futures es00 for the S&P 500 spx were down 1.4%. The energy ETF's biggest decliners were shares of Marathon Oil Corp. mro, down 5.2%, and Devon Energy Corp. dvn, down 4.5%. Among other more-active components, shares of Occidental Petroleum Corp. oxy slid 3.4%, Exxon Mobil Corp. xom declined 3.0% and Kinder Morgan Inc. kmi shed 2.6%. The best performer was Williams Companies Inc.'s stock wmb, which fell 1.9%.
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