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• Energy Sector Commentary
  The energy sector is off to a lower start, pressured by weakness in the...

  The energy sector is off to a lower start, pressured by weakness in the underlying commodities while major equity futures steadied as investors looked toward the next crop of economic data that includes home sales, durable goods, and consumer confidence.

  
  

  WTI and Brent crude oil futures dropped this morning, stumbling ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating. Brent's six-month backwardation is at its lowest since December and barely positive, indicating shrinking concern about supply crunches while the two-month spread is in shallow contango, indicating traders are factoring in a currently slightly oversupplied market. Focus will now turn to the latest round of U.S. inventory data from the API this afternoon followed by government data tomorrow which analyst expected to show a draw last week.

  
  

  After four consecutive days of strong gains, natural gas inched lower this morning, retreating from three-month highs hit in the prior session on slightly moderating weather forecasts in key consuming regions while expectations for rising LNG exports stemmed the declines.

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• Hundreds of flights canceled as severe weather slams East Coast
  Millions across the country are waking up to more...
  Millions across the country are waking up to more severe weather Tuesday, with hundreds of flights in and out of the East Coast canceled overnight after thunderstorms struck the region and a deadly heatwave smothered the South.
  
  More than 715 flights within, into, and out of the U.S. were canceled as of early Tuesday morning, with nearly 280 of those flights going into and out of Newark Liberty International Airport, according to online tracker FlightAware.
  
  LaGuardia Airport had more than 115 cancellations, while John F. Kennedy International Airport had more than 70 and Boston Logan International Airport had nearly 60.
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• Putin Says Russia Is United Behind Him, After Quelling Rebellion
  A visibly angry Vladimir V. Putin on Monday denounced as “blackmail” a weekend rebellion by the Wagner...
  A visibly angry Vladimir V. Putin on Monday denounced as “blackmail” a weekend rebellion by the Wagner mercenary group even as he defended his response to the mutiny and hinted at leniency for those who took part, saying that “the entire Russian society united” around his government.
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• ☕️What Else is Brewing Tuesday Morning
  The person accused of fatally shooting five people and wounding 17 others at Colorado Springs gay bar...
  The person accused of fatally shooting five people and wounding 17 others at Colorado Springs gay bar Club Q last year pleaded guilty yesterday and was sentenced to life in prison.
  
  IBM will buy software maker Apptio for $4.6 billion to boost its cloud and automation business.
  
  Meta introduced a VR subscription service that gives Meta Quest users two new games for $7.99 each month.
  
  Jesse Watters will take over the 8pm slot left vacant in the Fox News lineup by the ouster of Tucker Carlson.
  
  New York City wants to crack down on carbon emissions…from pizzerias.
  
  
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• Stock Market Outlook for Tuesday
  US stock futures rise early Tuesday, as investors brace for economic data that includes...
  US stock futures rise early Tuesday, as investors brace for economic data that includes home sales, durable goods, and consumer confidence, all due this morning. Check out the latest market moves.
  
  Earnings on deck:  Manchester United, Walgreens Boots Alliance Inc, and more, all reporting.
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