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• Closing Oil & Gas Prices for Monday
  Benchmark U.S....

  Benchmark U.S. crude oil for July delivery fell $3.05 to $67.12 a barrel Monday. Brent crude for August delivery fell $2.95 to $71.84 a barrel.

  
  

  Wholesale gasoline for July delivery fell 11 cents $2.48 a gallon. July heating oil fell 5 cents to $2.31 a gallon. July natural gas rose 2 cents to $2.27 per 1,000 cubic feet.

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• Nasdaq ends up over 1% as stocks rally ahead of inflation data, Fed decision
  U.S. stocks powered higher on Monday for the third straight day...
  U.S. stocks powered higher on Monday for the third straight day as both the S&P 500 and Nasdaq Composite posted their highest closing levels since April 21, 2022. All three major U.S. equity indexes rose as stocks built on their gains following the S&P 500’s exit from bear-market territory late last week. Meanwhile, investors were looking ahead to Tuesday’s consumer-price inflation data and a Federal Reserve decision on interest rates due on Wednesday. The S&P 500 SPX, +0.93% gained 40.15 points, or 0.9%, to 4,339.01. The Nasdaq Composite COMP, +1.53% rose by 202.78 points, or 1.5%, to 13,461.92. The Dow Jones Industrial Average DJIA, +0.56% increased by 189.55 points, or 0.6%, to 34,066.33.
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• DOE awards first contracts under SPR refill program
  The US Department of Energy said on Friday it awarded supply contracts to five companies...

  The US Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3.1 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel.

  
  

  The DOE had announced the purchase plan in May as a step to refill the emergency stockpile after a record release following Russia's invasion of Ukraine last year.

  
  

  "These 3 million barrels are being purchased for an average price of about $73 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers," the DOE said in a press release.

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• N.D. tribe improves oil market access with pipeline deal
  The Mandan, Hidatsa and Arikara Nation of North Dakota...
  The Mandan, Hidatsa and Arikara Nation of North Dakota has purchased a pipeline segment from Enbridge to facilitate the transportation of oil from the tribe's Fort Berthold Reservation to the wider market. The tribe expects the 31-mile, 15,000-barrel-per-day Plaza/Wabek pipeline to enter service within a year.
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• Energy Sector Commentary for Monday
  The energy sector is off to a lower start, pressured...

  The energy sector is off to a lower start, pressured by weakness in oil futures. The major market futures inched higher this morning as investors brace themselves for inflation data as well as Fed, ECB and BoJ interest rate decisions later this week.

  
  

  WTI and Brent crude oil futures are extending last week’s losses and are sharply lower as investors attempt to gauge the Federal Reserve’s appetite for further rate hikes against supply concerns and the prospect of higher Chinese demand. A stronger dollar ahead of this month’s Fed meeting is putting additional pressure on energy contracts. Today’s drop in prices has pushed Brent and NYMEX benchmarks to one-month lows.

  
  

  Natural gas futures are down as prelim estimates for EIA storage data (week-ending 9-Jun) had a build of +95 to +105 Bcf vs the 5-yr average of +84 Bcf. However, forecasts are expected to be warmer than normal in the middle of the US, especially Texas and Louisiana.

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