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• IEA cuts global oil demand forecast as outlook darkens
  The International Energy Agency has lowered its 2023 global oil demand growth forecast by 220,000 barrels...
  The International Energy Agency has lowered its 2023 global oil demand growth forecast by 220,000 barrels per day, attributing the adjustment to a gloomier economic outlook which it says is "especially heavy" for affluent nations. The revision comes amid a tightening monetary policy in many countries and a worsening outlook for manufacturing, and the IEA also predicts the slowdown will continue to weigh on crude markets next year alongside the effects of more vehicle electrification.
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• CNBC Daily Open: The S&P 500 may hit a record high
  Major U.S. stock indexes ended...
  Major U.S. stock indexes ended Thursday in the green, their fourth consecutive day of gains. Asia-Pacific markets traded higher Friday. Singapore’s Straits Times Index climbed 0.3% after advanced estimates showed the country’s economy growing 0.3% quarter on quarter, avoiding a technical recession. Separately, Australia appointed Michele Bullock as its next central bank governor, making her the first woman to lead the Reserve Bank of Australia.
  
  Tom Lee, who correctly called the stock market rally after June’s softer-than-forecast inflation report, has a modest target for the S&P. But he agrees that it could hit a record high — if recessionary fears can be dispelled by a strong earnings season.
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• Closing Oil & Gas Prices for Thursday
  Benchmark U.S. crude oil for August delivery...
  Benchmark U.S. crude oil for August delivery rose $1.14 to $76.89 a barrel Thursday. Brent crude for September delivery rose $1.25 to $81.36 a barrel.
  
  Wholesale gasoline for August delivery rose 1 cent $2.68 a gallon. August heating oil rose 1 cent to $2.61 a gallon. August natural gas fell 8 cents to $2.55 per 1,000 cubic feet.
  
  
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• EIA reports weekly gains for U.S. crude and distillate supplies
  The Energy...
  The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories climbed by 5.9 million barrels for the week ended July 7. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decline of 1 million barrels. The EIA report also revealed that weekly inventories of gasoline were generally unchanged last week, while distillate supplies increased by 4.8 million barrels. Analysts had forecast a weekly fall of 1.1 million barrels for gasoline and an increase of 150,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.6 million barrels for the week, the EIA said.
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• Weekly Natural Gas Storage Report Summary
  Working gas in storage was 2,930 Bcf as of Friday, July 7, 2023, according to EIA estimates. This represents...
  Working gas in storage was 2,930 Bcf as of Friday, July 7, 2023, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week. Stocks were 569 Bcf higher than last year at this time and 364 Bcf above the five-year average of 2,566 Bcf. At 2,930 Bcf, total working gas is within the five-year historical range.
  
  Source: EIA
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