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• U.S. to sell up to 45 million bbls oil from reserve as part of historic release
  WASHINGTON (Reuters) - The U.S. Department of Energy on Tuesday said it was selling up to 45 million...
  WASHINGTON (Reuters) - The U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve as part of the Biden administration's previously announced, largest-ever release from the stockpile.
  
  Deliveries of crude from the SPR sale would take place from Aug. 16 through Sept. 30, the Energy Department said.
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• Dow, S&P 500 end lower for 5th day as investors brace for Wednesday Fed decision
  Stocks finished mostly lower on Tuesday, with both the Dow and S&P 500 booking a fifth straight day...
  Stocks finished mostly lower on Tuesday, with both the Dow and S&P 500 booking a fifth straight day of declines, a day before the Federal Reserve is expected to raise rates by 75 basis points. The Dow Jones Industrial Average DJIA, -0.50% shed about 150 points on Tuesday, or 0.5%, ending near 30,365. The S&P 500 index SPX, -0.38%, which entered a bear market on Monday, fell another 0.4% Tuesday. The Nasdaq Composite Index COMP, 0.18% closed 0.2% higher. Stocks have come under sharp pressure recently as the Fed looks to get tougher on inflation pegged at a 40-year high.
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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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