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• EIA: Oil industry's upstream spending fell sharply in 2021
  An Energy Information Administration analysis of financial reports reveals that 119 publicly traded global...
  An Energy Information Administration analysis of financial reports reveals that 119 publicly traded global oil producers spent $244 billion on exploration and development in 2021, 28% below the five-year average before the pandemic. The companies, which accounted for an estimated 60% of total non-OPEC liquid fuels production, added 19.2 billion barrels of oil equivalent to proved reserves last year, with organic reserve additions replacing 77% of production, the EIA reports.
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• US Steps Up Heavy Crude Imports as Biden Blasts Profiteering
  U.S. refiners last month imported the most, heavy crude in nearly two years, customs data showed, as...
  U.S. refiners last month imported the most, heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil.
  
  Heavy crudes are cheaper than lighter shale oils produced in the U.S. and typically make more diesel and less gasoline. Diesel stocks are draining, with U.S. inventories down 19% last month, and margins are soaring, boosting refiners’ profits.
  
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• What Else is Brewing Friday Morning
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  • WNBA superstar Sue Bird said that this season, her 21st, will be her last.
  
  
  • A fisherman in a remote area of the Amazon confessed to killing a British journalist and an Indigenous expert who had gone missing while on a reporting trip there.
  
  
  • Revlon filed for Chapter 11 bankruptcy protection because of too much debt and mangled supply chains.
  
  
  • Beyonce announced that her new project, “Renaissance,” will drop on July 29. It will be her first solo studio album since 2016.
  
  
  • Headline of the day: “Convicted scammer Anna Sorokin says she is now selling NFTs.”
  
  

  
  
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• Storage Injection Meets Expectations; Rebound Rally for Natural Gas Futures Continues
  The U.S. Energy Information Administration (EIA) reported a 92 Bcf injection of natural gas into...
  The U.S. Energy Information Administration (EIA) reported a 92 Bcf injection of natural gas into storage for the week ended June 10, essentially in line with market expectations. Nymex natural gas futures, already ahead, held comfortably in positive territory after the report.
  
  The print compared with an injection of 28 Bcf during the same week last year and a five-year average injection of 79 Bcf.  The July contract closed Thursday up 4.4 cents at $ 7.464/MMBtu, after reaching an intraday high of $8.027.
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• Closing Oil & Gas Prices for Thursday
  Benchmark U.S. crude oil for July delivery rose $2.27 to $117.58 a...

  Benchmark U.S. crude oil for July delivery rose $2.27 to $117.58 a barrel Thursday. Brent crude for August delivery rose $1.30 to $119.81 a barrel.

  
  Wholesale gasoline for July delivery rose 7 cents to $3.96 a gallon. July heating oil rose 2 cents to $4.57 a gallon. July natural gas rose 4 cents to $7.46 per 1,000 cubic feet.
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