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• S&P 500 exits bear market as stocks close higher
  U.S. stocks rose Thursday, with the S&P 500 closing above...
  U.S. stocks rose Thursday, with the S&P 500 closing above the threshold that marks an exit from a bear market. Stocks were buoyed following a rise in weekly jobless claims that reinforced expectations the Fed will hold rates steady next week, analysts said. The S&P 500 SPX, +0.62% rose around 26 points, or 0.6%, to close just shy of 4,294, according to preliminary figures. A close above 4,292.44 meets the criteria for exiting a bear market, marking a 20% rise from the benchmark’s October closing low. The Dow Jones Industrial Average DJIA, +0.50% rose around 169 points, or 0.5%, while the Nasdaq Composite COMP, +1.02% jumped 1%.
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• Energy Sector Commentary for Thursday
  Energy stocks are set to open in the green amid higher broader...

  Energy stocks are set to open in the green amid higher broader index futures and gains in both crude oil and natural gas this morning.  News flow in the sector remains light, with sector equities tracking broader markets and commodity prices.

  
  

  Oil rose on Thursday as tighter supply resulting from Saudi Arabia's pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown. At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million bpd in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.

  
  

  Natural gas futures are higher by a penny ahead of weekly inventory data expected to show a build of 116 bcf for last week.

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• Cushing hub sees gain in stored crude oil while U.S. total slips
  The amount of crude oil in storage at Oklahoma’s Cushing hub...
  The amount of crude oil in storage at Oklahoma’s Cushing hub increased in the past week, while national figures saw a slight decline.
  
  Nationally, the total amount of crude oil in storage was 459.2 million barrels as of early June, compared to the 416.8 million barrels reported in early June of 2022. The U.S. storage total declined 500,000 barrels from the 459.7 million reported by the EIA as of May 26.
  
  The U.S. Energy Information Administration reported Cushing held 40.6 million barrels of oil as of June 2 of this year, up 1.7 million from the 38.9 million reported on May 26. A year ago, Cushing held only 23.4 million barrels in early June 2022.
  
   
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• ConocoPhillips to develop another Alaska oil field
  ConocoPhillips, Alaska’s top oil producer, announced...
  ConocoPhillips, Alaska’s top oil producer, announced it plans to develop the Nuna field, a move that will add a predicted 20,000 barrels of oil to the state’s daily production.
  
  The company has held the small field since acquiring it in 2019 from Dallas-based Caelus. Drilling at Nuna is set to begin late next year, followed soon after by oil production, the company said. Nearly 30 development wells are planned reported the Anchorage Daily News.
  
  
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• New LNG export facility proposed offshore La.
  Grand Isle LNG has proposed building a 4.62-million-short-ton-per-year liquefied natural gas export...
  Grand Isle LNG has proposed building a 4.62-million-short-ton-per-year liquefied natural gas export facility offshore Plaquemines Parish, La., with first deliveries targeted for 2026. The project will be executed in two phases using a platform-based modular design approach, and all platforms and many components will be fabricated in Louisiana.
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