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• Past few days rank among the worst for wildfire pollution in U.S. history
  New York City was filled with reddish haze yesterday, with...

  New York City was filled with reddish haze yesterday, with its worst air quality on record. A Broadway matinee was interrupted when its star had difficulty breathing, and some nighttime shows were canceled. Pro sports teams in both New York and Philadelphia postponed their games. In Binghamton, N.Y., a meteorologist said that the area around him “looks like Mars” and “smells like cigars.” In Toronto, residents awoke this week to find a thick layer of ash near open windows.

  
  

  The immediate cause is a series of wildfires in Quebec and Ontario, which began burning weeks ago. The larger cause is the same one damaging the air quality in the West: a sharp increase in wildfires during the 21st century, caused partly by the hotter temperatures and drier conditions created by climate change.

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

  Benchmark U.S. crude oil for July delivery rose 79 cents to $72.53 a barrel Wednesday. Brent crude for August delivery rose 66 cents to $76.95 a barrel.

  
  

  Wholesale gasoline for July delivery rose 8 cents $2.64 a gallon. July heating oil rose 3 cents to $2.40 a gallon. July natural gas rose 7 cents to $2.33 per 1,000 cubic feet.

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• Stocks end mostly lower as rate-hike jitters return
  U.S. stocks ended mostly lower Wednesday, feeling the pressure...
  U.S. stocks ended mostly lower Wednesday, feeling the pressure after the Bank of Canada unexpectedly raised interest rates after a long pause, sparking concern the Federal Reserve also might not be done tightening policy.
  
  Fed-funds futures traders look for the central bank to leave rates on hold next week, but have priced in a hike of at least 25 basis points at the subsequent July meeting. Those expectations rose after the Bank of Canada's decision to lift rates, citing stubborn inflation and strong consumer spending.
  
  The Dow Jones Industrial Average shook off the gloom to rise around 92 points, or 0.3%. But the rate-sensitive Nasdaq Composite slumped 1.3%, while the S&P 500 shed 0.4%.
  
  
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• EIA revises up US oil production forecast for 2023
  The Energy Information Administration expects US crude...
  The Energy Information Administration expects US crude oil production to rise by 720,000 barrels per day to 12.61 million bpd this year, surpassing earlier projections, while oil demand growth is seen slowing. Additionally, OPEC+ production cuts are anticipated to moderately decrease global oil inventories over the next five quarters, leading to slightly higher oil prices later this year and in early 2024.
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• Digital Currency Wars
  Quote: “Look, we don’t need more digital currency. We already have digital currency....
  Quote: “Look, we don’t need more digital currency. We already have digital currency. It’s called the US dollar.”
  
  SEC Chair Gary Gensler cemented himself as No. 1 on the crypto industry’s “Most Wanted List” this week…and it’s only Wednesday. Not only did he sue Binance and Coinbase, he went on CNBC to argue that cryptocurrencies and digital tokens don’t have a reason to exist, given that fiat currencies like the US dollar, the yen, and the euro are “all digital right now.” The twist? Gensler taught a course on bitcoin and blockchain at MIT in 2018.
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