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• Oil prices dip as market awaits EIA report
  (Reuters) - Oil prices dipped on Tuesday as traders awaited...

  (Reuters) - Oil prices dipped on Tuesday as traders awaited an inventory report from the U.S. Energy Information Administration and began looking toward declining demand at the end of the summer driving season in early September.

  
  

  Brent crude futures settled at $66.12 a barrel, down 51 cents, or 0.77%. U.S. West Texas Intermediate crude futures finished at $63.17, down 79 cents, or 1.24%.

  
  

  "It really is seasonal factors," said John Kilduff, a partner at Again Capital. "We're not getting any lift from the stock market and the inflation report was positive and points to a rate cut."

  
  

  U.S. consumer prices increased in July as tariff-induced rising costs for imported goods helped to drive the strongest gain in six months for one measure of underlying inflation.

  
  

  Kilduff said demand for diesel, which has driven oil demand, appeared to be flagging. Inventory reports from the American Petroleum Institute and EIA on Tuesday and Wednesday, respectively, may show signs of falling demand.

  
  

  Outlooks issued by OPEC and the EIA pointed to increased production this year, but both expect U.S. output to decline in 2026 while other regions of the globe will increase oil and natural gas production.

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• Increased heavy crude supplies bode well for U.S. refiners
  US refiners are banking...
  US refiners are banking on stronger margins in the second half of the year as rising heavy crude production from Canada, the Middle East and California is expected to widen the price spread with lighter grades. Executives from Marathon, Valero and PBF Energy say the rebound, combined with seasonal maintenance, should lift fourth-quarter earnings, though potential Russian oil sanctions remain a wildcard.
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• FERC ruling in Targa waivers case may set precedent
  Pipeline company Targa must resume tariff filing and financial reporting...
  Pipeline company Targa must resume tariff filing and financial reporting for its oil pipelines in 120 days after the Federal Energy Regulatory Commission upheld an earlier ruling that it no longer qualifies for temporary waivers. The decision, stemming from a 2020 Enerplus complaint over discriminatory rates, could signal stricter oversight for other pipeline operators.
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• A New Northern Path for Permian Gas
  Tallgrass Energy is advancing plans for a new interstate natural gas...
  Tallgrass Energy is advancing plans for a new interstate natural gas pipeline linking the Permian Basin to the Rockies Express Pipeline (REX), aiming to move up to 2.4 Bcf/d by late 2028. The project, already supported by anchor shipper commitments, will connect low-cost Permian gas to rising power generation markets across the Plains and Midwest, driven by data center growth, electrification, and U.S. reshoring. The pipeline’s routing is yet to be determined, with potential paths offering westward competition with Canadian imports or eastward offsets to declining Rockies gas production. Analysts note the line could displace some Northeast and Rockies supply but is more likely to expand total volumes feeding REX. Tallgrass is positioning the project as part of a broader decarbonization strategy, integrating carbon capture, hydrogen blending, and coordination with renewables to ensure resilient, low-priced domestic energy. Its timing aligns with expected takeaway capacity shortfalls by 2029 despite recent Permian expansions. While interstate permitting challenges remain, securing early commitments and highlighting emissions solutions may strengthen Tallgrass’ competitive edge in a crowded midstream landscape increasingly focused on natural gas as a cornerstone of reliable electricity generation.
  
  
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• ☕️What Else is Brewing Tuesday Morning
  Two people died in an explosion at a US Steel Plant. ...
  Two people died in an explosion at a US Steel Plant. The incident occurred at the US Steel Clairton Coke Works plant in Clairton, PA, just before 11am ET yesterday. Two people were found dead, and 10 others were injured. Many of the injuries were non-life-threatening, according to Allegheny County Emergency Services. The explosion occurred inside a battery operating area of the plant and triggered several secondary explosions, according to officials. The cause of the incident is still under investigation. About 1,300 employees work at the Clairton site.
  
  Economist E.J. Antoni was nominated by President Trump to be the next commissioner of the Bureau of Labor Statistics.
  
  Colombia’s Miguel Uribe Turbay, a conservative senator and presidential hopeful, died at age 39, more than two months after being shot at a campaign rally.
  
  The NFL wants to increase security at team and league facilities after a gunman targeted its headquarters in an NYC shooting in July.
  
  Kim Davis, a former Kentucky county clerk who refused to issue marriage licenses to gay couples, formally asked the Supreme Court to overturn its same-sex marriage decision.
  
  StubHub restarted the process of going public, which it plans to do in September, after previously pausing its efforts over concerns about how tariffs would impact the markets.
  
  Gold imports will not face tariffs, President Trump announced yesterday.
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