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• Saudi Arabia and Russia curb oil supply again to try to boost price
  Saudi Arabia and Russia announced Monday that they would make additional cuts to oil...

  Saudi Arabia and Russia announced Monday that they would make additional cuts to oil supply as a global economic slowdown hangs over the outlook for energy demand.

  
  

  Saudi Arabia — the world’s biggest exporter of crude oil — said it would extend a cut of 1 million barrels a day in its oil production at least until the end of August. The cut, which took effect on Saturday, was initially planned to last for the month of July in an attempt to shore up oil prices.

  
  

  Russia’s Deputy Prime Minister Alexander Novak said that his country would voluntarily cut supplies by 500,000 barrels per day in August by cutting exports. Reuters reported, citing Novak’s office, that Russia would reduce production by that amount, deepening a cut of the same size Moscow implemented in March.

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• Patterson-UTI to Acquire Global Drill Bit Company Ulterra
  Patterson-UTI Energy Inc. said on July 5 it has entered into...
  Patterson-UTI Energy Inc. said on July 5 it has entered into a definitive agreement to acquire Ulterra Drilling Technologies LP, a global provider of specialized drill bit solutions, for roughly $780 million.
  
  Under the terms of the transaction, Patterson-UTI will acquire Ulterra Drilling Technologies LP from affiliates of Blackstone Energy Partners on a debt-free basis for aggregate consideration of $370 million of cash and 34.9 million shares of Patterson-UTI common stock.
  
  The deal follows Patterson-UTI’s pending $5.4 billion merger, announced in June, with NexTier Oilfield Solutions Inc.
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• ☕️What Else is Brewing This Morning
  Ten people were killed by gun violence in three US cities ...
  Ten people were killed by gun violence in three US cities over the weekend.
  
  White powder discovered in the West Wing that caused the White House to be briefly evacuated Sunday evening turned out to be cocaine, per the AP.
  
  The UK is the world’s only major economy where inflation is still rising, per the OECD.
  
  The FAA approved a flying car for testing for the first time ever.
  
  Christmas Tree Shops will liquidate all of its locations.
  
  
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• China escalates its trade war
  Beijing restricted exports of ...
  Beijing restricted exports of two minerals—gallium and germanium—that the US considers critical to national and economic security because of their use in semiconductors, EVs, and other high-tech products. Companies that require these two materials are scrambling to secure supplies because when it comes to gallium and germanium production…China is the only game in town. The export curbs, seen as retaliation for the US’ moves to cut off China from important tech, were announced just days before Treasury Secretary Janet Yellen heads to China.
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• Energy Sector Commentary for Wednesday
  The energy sector has resumed...

  The energy sector has resumed the holiday-shortened week higher, supported by strength in the underlying commodities while major equity futures dipped on weak economic data from Beijing and as investors wait for the FOMC meeting minutes later today.

  
  

  WTI crude oil futures are higher as extended production cuts by Saudi Arabia and Russia earlier this week outweigh demand concerns. Meanwhile, Brent crude oil is trading near the flatline as WTI catches up to Brent’s gains following the Independence Day holiday, which appeared to narrow the spread between the benchmarks. United Arab Emirates energy minister Suhail Al Mazrouei told reporters on Wednesday the recent production cuts should be enough to help balance the oil market. Additionally, Morgan Stanley on Wednesday lowered its oil price forecasts for the third quarter this year to $75 from $77.50 per barrel, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.

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