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• ☕️What Else is Brewing Tuesday Morning
  US Steel has another suitor: Esmark, a privately held company, offered to buy the storied company...
  
  
  • US Steel has another suitor: Esmark, a privately held company, offered to buy the storied company for $7.8 billion, a higher bid than the one US Steel recently rejected from rival Cleveland Cliffs.
  
  
  • Argentina devalued the peso by 18% and raised interest rates to 118% after a libertarian candidate who advocated burning down the central bank and has five dogs named for conservative economists snagged an unexpected win in its presidential primary.
  
  
  • The Russian ruble fell yesterday to its lowest value since the early days of the country’s invasion of Ukraine, prompting Russia’s central bank to set an emergency meeting for today.
  
  
  • Brazilian soccer star Neymar will join Saudi Arabia’s Al Hilal FC in the latest instance of the kingdom offering big money to lure a major player. One French outlet says he may earn 160 million euros over two seasons, and his current club is reportedly getting a 90 million euro transfer fee.
  
  

  
  
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• Oil Prices Declining for 2nd Straight Day
  U.S. crude futures fell 1.3% to $81.46 a barrel and are more than 2% lower so far...

  U.S. crude futures fell 1.3% to $81.46 a barrel and are more than 2% lower so far this week amid disappointing economic data out of China in recent days. Brent crude fell 1% to $85.31.

  
  

  "After a nice seven-week rally, oil was ripe for a pullback," says Oanda's Edward Moya in a note. "If China doesn't get some major stimulus, global growth concerns won't be going away anytime soon. The oil market is likely to remain tight, but if China jitters intensify, Brent crude could still drop a few dollars."

  
  

  Oil investors now turn their attention to weekly reports on U.S. oil inventories, first from trade group API at 4:30 pm ET, and followed by official EIA data tomorrow morning.

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• Trump Indicted in 2020 Election Interference Case in Georgia
  Former President Donald J. Trump and 18 others, including some of his former lawyers...

  Former President Donald J. Trump and 18 others, including some of his former lawyers and top aides, have been indicted by an Atlanta grand jury in a sweeping racketeering case focused on Mr. Trump’s efforts to reverse the results of the 2020 election in Georgia.

  
  

  The indictment — handed up after a single, extra-long day of testimony — is an unprecedented challenge of presidential misconduct by a local prosecutor. It brings charges against some of his most prominent advisers, including Rudolph W. Giuliani, his former personal lawyer, and Mark Meadows, who served as White House chief of staff at the time of the election.

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• Fuel inventory woes deepen as prices climb
  Signs of improved economic prospects in the US are driving diesel and distillate fuel prices higher,...
  Signs of improved economic prospects in the US are driving diesel and distillate fuel prices higher, stoking concerns about dwindling inventories. Ultra-low sulfur diesel futures have climbed from $95 on May 31 to $135 on Aug. 9, and refineries are running at full tilt to meet heightened demand, particularly for gasoline, which has reached its lowest seasonal inventory level since 2015.
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• Closing Oil & Gas Prices for Monday
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery fell 68 cents to $82.51 a barrel Monday. Brent crude for October delivery fell 60 cents to $86.21 a barrel.
  
  Wholesale gasoline for September delivery fell 6 cents to $2.91 a gallon. September heating oil fell 3 cents to $3.09 a gallon. September natural gas rose 2 cents to $2.80 per 1,000 cubic feet.
  
  
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