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• Energy Sector Commentary for Tuesday
  The energy sector is off to start lower, pressured by weakness in the...

  The energy sector is off to start lower, pressured by weakness in the underlying commodities. U.S stocks are expected to rebound following two-consecutive sessions of losses, ahead of the consumer confidence and job openings data later today.

  
  

  WTI and Brent crude oil futures dropped following yesterday’s rally on fears that a slower global economic outlook could soften energy demand and the potential arrival of more Iranian barrels to the market which outweighed political unrest in the Middle East. Global central banks are prepared to continue fighting record inflation that has not been seen in half century even as investors worry more rates hikes will lead to a recession. A series of attacks on a gas field in Iraq has sent U.S. contractors working on its expansion packing, damaging the hopes of Kurdish Region’s looking to boost their revenues. Despite ongoing fighting in Baghdad, state-owned marketer SOMO said the country’s oil exports are unaffected by the unrest, adding to the further downward pressure we are seeing this morning. Nigeria’s Q2 oil production dropped to 1.43M bpd, its lowest quarterly level since 2016, far below the country’s 1.799M bpd quota under the OPEC+ deal, amid rampant theft and vandalism.

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• Storms left thousands without electrical power in central Oklahoma
  Monday afternoon thunderstorms that brought heavy rainfall to some areas of the state resulted...
  Monday afternoon thunderstorms that brought heavy rainfall to some areas of the state resulted in at least 9,000 customers of Oklahoma Gas and Electric being without power late in the day.
  
  OG&E reported late Monday that prior to the arrival of the downpours of rain and heavy lightning, the utility had about 500 customers still without power due to Sunday night’s severe weather.  
  
  The 9,000 customers were mostly those living in the Oklahoma City metro area. ~Story from OK Energy Today
  
   
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• Russia Oil Output Exceeds Expectation, But Pressure Looms, IEA Chief Says
  Russia’s oil output has exceeded expectations in the wake of the war in Ukraine but Moscow will find...
  Russia’s oil output has exceeded expectations in the wake of the war in Ukraine but Moscow will find it increasingly difficult to uphold production as Western sanctions begin to bite, the head of the International Energy Agency (IEA) said on Aug. 29.
  
  “In the absence of [western] companies, in the absence of the technology providers, in the absence of service companies, it will be much harder for Russia to maintain the production,” IEA chief Fatih Birol told Reuters.
  
  Russian domestic demand has so far remained robust, and the country also offers large discounts to non-European buyers, Birol said on the sidelines of a conference in Stavanger in southern Norway.
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• ☕️What Else is Brewing This Tuesday Morning
  Serena Williams won her opening match at the US Open with literally every celebrity in the world in attendance.
  
  Elon Musk’s lawyers subpoenaed Peiter “Mudge” Zatko, Twitter’s former security boss. They’re hoping he can help Musk wriggle out of buying Twitter.
  
  Honda and LG Energy Solution are investing $4.4 billion in an EV battery plant in the US.
  
  The US government will no longer offer free Covid tests as of Friday, blaming Congress for failing to provide sufficient funding.
  
  
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• NASA will have to try again
  NASA ...
  NASA called off the launch of its moon-bound Space Launch System rocket after discovering that one of the four engines on the rocket wasn’t cooling down to the right temperature. We had similar problems at work yesterday, too. The next launch window is slated for this Friday at 12:48pm ET in Cape Canaveral, but there’s still a lot of work to be done to fix the problem.
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