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• Nasdaq leads stocks to lower finish
  Stocks posted their biggest declines in more than a week on Monday, as investors evaluated...
  Stocks posted their biggest declines in more than a week on Monday, as investors evaluated China’s crackdown on a new COVID-19 subvariant and braced for the likelihood of another hot U.S. inflation reading in two days.
  

  
  
  • The Dow Jones Industrial Average DJIA finished down by 164.31 points, or 0.5%, at 31,173.84, after briefly popping into positive territory in early afternoon trade.
  
  
  • The S&P 500 SPX closed lower by 44.95 points, or 1.2%, at 3,854.43.
  
  
  • The Nasdaq Composite COMP ended down by 262.71 points, or 2.3%, at 11,372.60.
  
  
  • Those were the biggest declines for the Dow since June 30, and for the S&P 500 and Nasdaq since June 28, according to Dow Jones Market Data.
  
  
  • The major stock indexes had risen last week, with the S&P 500 up 1.9%, the Dow Jones Industrial Average higher by 0.8% and the Nasdaq Composite gaining 4.6%.
  
  
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• Darby rapidly intensifies into major hurricane in East Pacific
  The fourth tropical storm to earn a name in the East Pacific basin spun to life on Saturday and has since...
  The fourth tropical storm to earn a name in the East Pacific basin spun to life on Saturday and has since exploded into a powerful major hurricane over the open waters of the basin. AccuWeather forecasters say Hurricane Darby is particularly impressive to behold as the tropical cyclone's journey thus far has led to stunning weather imagery.
  
  Forecasters say it is not out of the question that Darby could reach Category 4 hurricane (sustained wind speeds of 130-156 mph or 209-251 km/h) status later Monday.
  
  
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• ArcLight Sells Long-time San Juan Operator LOGOS in $400 Million Deal
  Private-equity fund North Hudson Resource Partners LP purchased San Juan Basin...
  Private-equity fund North Hudson Resource Partners LP purchased San Juan Basin operator LOGOS Resources II LLC from affiliates of ArcLight Capital Partners LLC for $402 million, according to a North Hudson news release.
  
  LOGOS’ net production averages 106 MMcfe/d across a 230,000 net-acre position in the San Juan Basin of New Mexico and Colorado. The company recently commenced its 2022 drilling program and anticipates increasing net production to about 130 MMcfe/day by year-end.
  
  A long-time San Juan Basin operator, LOGOS has an “extensive inventory” of drilling locations in the Mancos Shale and Gallup oil play, North Hudson said in a June press release.
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• How a recession moves oil prices
  From Goldman Sachs to UBS, top firms have made bullish predictions for oil, with JPMorgan...
  From Goldman Sachs to UBS, top firms have made bullish predictions for oil, with JPMorgan even eyeing a worst-case scenario of $380 a barrel.
  
  But Citi has taken the opposite view, and the investment bank's strategists predict oil will take nosedive by the end of the year.
  
  Francesco Martoccia, Citi's head of European commodities strategy, said oil prices could slump as low as $65 a barrel if a recession takes hold.
  
  Oil demand plays a key role, Martoccia explained, and Europe is a likely candidate to cut back on energy consumption.
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• Federal bank survey shows strong drilling activity planned in Oklahoma and other states
  The Kansas City Federal Reserve Bank announced a second-quarter Energy...
  The Kansas City Federal Reserve Bank announced a second-quarter Energy Survey that showed improved drilling in the region that includes Oklahoma. Results were some of the highest in 8 years.
  
  “District drilling and business activity grew faster in Q2, with additional growth expected in the next six months,” said Chad Wilkerson. Oklahoma City Branch executive and economist in the 10th District that covers the states of Colorado, Kansas, Nebraska, Oklahoma, and Wyoming; 43 counties in western Missouri; and 14 counties in northern New Mexico.
  
  The survey also showed expectations for future activity continued to remain strong.
  
  From OK Energy Today
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