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• Analyst expects energy's leadership to grow, led by oil
  The energy sector's market leadership is set to grow, says technical analyst Johnathan Krinsky, chief...
  The energy sector's market leadership is set to grow, says technical analyst Johnathan Krinsky, chief market technician at BTIG, who notes a recent rise in crude oil prices as evidence, and points out that "WTI (West Texas Intermediate) put in consecutive closes above $83, including a weekly close, for the first time since last November," ending the week on its highest point this year at $85.50 a barrel. Krinsky and other analysts note a golden cross forming on the commodity's chart, which suggests further rises are imminent, and his reading also indicates emerging strength across the sector.
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• Trump-era LNG-by-rail rule halted pending further study
  The Pipelines and Hazardous Materials Safety Administration has paused a Trump-era rule allowing the...
  The Pipelines and Hazardous Materials Safety Administration has paused a Trump-era rule allowing the transportation of highly flammable liquefied natural gas by rail to conduct a more comprehensive safety analysis. The suspension will remain in effect until the agency publishes a revised rule or until June 2025, whichever occurs first.
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• ☕️What Else is Brewing Wednesday Morning
  Coco Gauff,...
  Coco Gauff, 19, becomes first American teen to reach US Open semifinals since Serena Williams in 2001 (More) | See latest bracket (More)
  
  United Airlines briefly grounded its planes nationwide over tech issues.
  
  Jorge Vilda, the head coach of the World Cup-winning Spanish women’s team, was fired. Spain’s soccer federation has been in turmoil after its now-suspended president kissed player Jenni Hermoso, who said the kiss was nonconsensual.
  
  Senate Republican Leader Mitch McConnell had “no evidence” of a stroke or seizure disorder during his two recent freeze-ups, a Capitol physician said.
  
  The Messi Effect: Apple’s MLS Season Pass drew more than 110,000 new US sign-ups the day Messi made his debut for Inter Miami (July 21), up from 6,143 the day before, per Antenna.
  
  Two construction workers in China damaged a portion of the Great Wall after they allegedly plowed a hole through it with an excavator as a shortcut for their construction project.
  
  
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• Flooding in Greece
  Torrential rains have triggered a potentially ...
  Torrential rains have triggered a potentially historic flooding event in Greece, with rain totals of more than 30 inches expected in some places through today from a storm system locally known as Daniel. The storm system has already released 2 feet of rain in parts of central Greece over 24 hours and has caused floods in neighboring Turkey and Bulgaria. At least seven people have been killed across the three countries.
  
  Weather analysts say the system could develop into a Mediterranean tropical-like cyclone, also known as a “medicane," as warmer temperatures in the Mediterranean Sea fuel extreme weather patterns. The system is also part of a weather pattern known as an "Omega Block," named for resembling the Greek letter Omega, which is allowing a heat dome to build over central Europe while bringing heavy rain to the Mediterranean. 
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• Energy Sector Commentary for Wednesday
  The energy sector is off to a...

  The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major equity futures which are down on renewed inflation worries.

  
  

  WTI and Brent crude oil futures are snapping five-consecutive sessions of gains, on a stronger dollar and as concerns over tight supply wanes. Against a basket of currencies, the dollar index was at 104.69, not far off the six-month high of 104.90 which was touched overnight. Saudi Arabia and Russia’s decision to consider whether to deepen cuts or raise output depending on market conditions on a monthly basis, has put pressure on oil futures this morning, a day after Brent rose above $90 for the first time in 2023. Market participants will now be keeping an eye on today’s API and tomorrow’s EIA data which will provide clues on gasoline demand as prices at the pump are now at the highest seasonal level in more than a decade. Congress is set to sell off a 1-million-barrel emergency cache of gasoline created in the aftermath of Hurricane Sandy amid questions about the reserve’s usefulness.

  
  

  Natural gas futures are extending their recent declines on forecasts for cooler weather and lower gas demand in the next two weeks.

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