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• Oil Prices Spike As OPEC Reveals Production Loss For May
  Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased,...
  Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased, according to OPEC’s latest Monthly Oil Market Report released on Tuesday.
  
  OPEC produced a total of 28.508 million bpd in May—down 176,000 bpd from April 2022. The reason for the decline are decreases in production in Equatorial Guinea (-2,000 bpd), Venezuela (-2,000 bpd), Iran (-20,000 bpd), Iraq (-21,000 bpd), Gabon (-32,000 bpd), Nigeria (-45,000), and most notably—Libya (-186,000 bpd), according to OPEC’s secondary sources.
  
  Saudi Arabia’s directly reported production was 10.538 million bpd.
  
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• Energy Sector Commentary for Tuesday
  The energy sector is off to a higher start, supported by strength in...
  
  
  The energy sector is off to a higher start, supported by strength in the crude complex and the major market indices. U.S. stock futures rose as selling pressure appeared to ease in premarket trading following yesterday’s sharp sell-off that pushed the S&P 500 into bear market territory.
  
  

  
  

  
  

  WTI and Brent crude oil futures are up in early trading as tight supply continues to outweigh the possibility of a recession and fresh COVID-19 curbs in China. A drop in exports in Libya amid a political crisis that has hit output, is also keeping supplies tight.

  
  
  
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• What else is brewing on Tuesday morning
  Charles Schwab will pay clients $187 million in a settlement with the SEC over hidden fees charged by its robo-advisor.
  
  Lightyear, Pixar’s Toy Story prequel spinoff, has been banned from UAE cinemas, likely due to a same-gender kiss that occurs in the movie.
  
  The temperature in Phoenix has not fallen below 80°F at night for the past week.
  
  Prologis, a major warehouse landlord, is acquiring rival Duke Realty in a $26 billion deal.
  
  The Scooby-Doo Mystery Machine van is now listed on Airbnb.
  
  
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• U.S. stocks open higher on Tuesday after Monday skid into bear-market territory
  U.S. stocks were up modestly Tuesday, bouncing after the previous session's rout sent the S&P 500...
  U.S. stocks were up modestly Tuesday, bouncing after the previous session's rout sent the S&P 500 into a bear market. Investors were looking ahead to the conclusion Wednesday of a two-day Federal Reserve meeting that is now seen potentially delivering a 75 basis point increase to the fed funds rate as policy makers attempt to get a grip on persistently hot inflation. The Dow Jones Industrial Average DJIA, 0.41% rose 43 points, or 0.1%, to 30,559, while the S&P 500 SPX, 0.47% was up 0.4% and the Nasdaq Composite COMP, 0.35% gained 0.7%.
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• Market News for Tuesday Morning
  Elon Musk plans to ...
  Elon Musk plans to directly address Twitter TWTR, -5.00% workers this week, the first time since the Tesla TSLA, -7.10% CEO launched his $44 billion takeover for the company.
  
  Coinbase COIN, -11.41% was set to extend a slide Tuesday after a J.P. Morgan analyst abandoned his bullish call in the wake of an “extreme decline” in cryptocurrency prices.
  
  Continental Resources stock CLR, -8.50% is surging after the oil and gas exploration group got a proposal to be taken private by Harold Hamm.
  
  Oracle stock ORCL, -4.60% is climbing after results showed a shift of the tech company’s business to the cloud was paying off.
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