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• From Twitter: The growing clout of U.S. oil
  The growing clout of U.S. oil means that...

  
  

  The growing clout of U.S. oil means that any downward change in U.S. production would have an upward effect on global prices and vice versa.https://t.co/krufJkZw8E

  
  — OilPrice.com (@OilandEnergy) August 7, 2023

  
  
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• Energy Sector Commentary
  The energy sector is poised for...

  The energy sector is poised for a lower start, ending a three-day winning streak amid further weakness in the crude complex and after major equity futures turned lower. Investor sentiment took a hit this morning after Moody’s downgraded their credit rating on several banks and warned of possible cuts to others, driving the entire sector lower and reigniting fears of the health of the U.S. banking systems. Earnings season continued to wind down today with just a handful of producers and midstream operators announcing results but earnings will start to take a back seat as attention shifts to Thursday’s July CPI print, this week's key macro event.

  
  

  WTI and Brent crude oil futures extended yesterday’s declines into this morning’s session, pressured by Chinese trade data which showed imports and exports fell much more than expected in July, strength in the dollar, and as traders begin to assess the impending end of the U.S. summer driving season.

  
  

  After three-consecutive days of strong gains, natural gas futures steadied this morning with attention still on ongoing heat warnings across the U.S. and forecasts turning hotter for the third week of August.

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• ☕️What Else is Brewing Tuesday Morning
  Severe storms swept across the East Coast yesterday, knocking out power to over 1 million households...
  Severe storms swept across the East Coast yesterday, knocking out power to over 1 million households and delaying or canceling thousands of flights.
  
  Ukraine says it thwarted a plot to assassinate President Volodymyr Zelensky.
  
  The former Minneapolis police officer who held back the crowd during the killing of George Floyd was sentenced to nearly five years in prison.
  
  Campbell Soup is buying Sovos Brands, the company behind Rao’s, the fanciest sauce you can plop out of a jar, for $2.3 billion.
  
  Elon Musk said he may need surgery before he can fight rival tech CEO Mark Zuckerburg.
  
  “Hank the Tank,” a black bear believed to be responsible for 21 home break-ins in California, has been captured (and won’t be harmed).
  
  
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• Yellow’s bankruptcy might cost taxpayers
  The 99-year-old trucking company made it official on Sunday, filing for bankruptcy and ending the employment...
  The 99-year-old trucking company made it official on Sunday, filing for bankruptcy and ending the employment of its 30,000 workers following years of financial struggle and a labor battle with the Teamsters. But for most outside the trucking industry, the big question looming now is whether the company’s plan to sell off its assets will enable it to pay back the controversial $700 million pandemic-era loan it got from the government or whether other creditors like Apollo Global Management will get whatever is left from the freight company.
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• From Twitter: Egypt signs oil & gas exploration contracts worth $320 Million
  Egypt has unveiled a strategic move by...

  
  

  Egypt has unveiled a strategic move by formalizing three contractual agreements aimed at the exploration and extraction of natural gas and crude oil within the Mediterranean region.
  
  Read more here: https://t.co/gMBbPRXq4z#oil #gas #Egypt #energy #exploration #Mediterranean pic.twitter.com/0EfpuuuZGr

  
  — GulfAfricaReview (@ReviewGulf) August 7, 2023

  
  
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