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• A pivotal week for the U.S. stock market lies ahead, as inflation data looms
  Investors are eagerly awaiting the June Consumer Price Index...
  Investors are eagerly awaiting the June Consumer Price Index (CPI) report, which will shed light on the Federal Reserve's future monetary policy. The report, set to be released this week, could either fuel the stock market rally or dampen it due to escalating macroeconomic challenges. Economists predict a 3.1% year-over-year increase in the CPI, indicating a slowdown from the previous month. However, the core price measure, excluding volatile food and fuel costs, is still expected to rise by 5.0% annually. Some experts believe that inflation will continue to weaken, supporting the notion that the Fed's aggressive interest-rate hikes may be nearing their end. Nonetheless, others caution that the stock market's bullish sentiment, excessive cash balances, and stretched valuations for technology companies make it vulnerable to disappointment, especially if CPI data fails to meet high expectations. The Fed has hinted at further interest-rate increases this year to combat inflation, potentially leading to a more restrictive monetary policy.
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• From Twitter: Inherited Mineral Rights
  Did you recently inherit mineral rights?...

  
  

  Did you recently inherit mineral rights? As long-time mineral owners and advocates, we can help you better understand the do's and don'ts of mineral ownership. Give us a call and we will answer any questions you may have. #oil #gas #energy #mineralrights #oklahoma #texas pic.twitter.com/w86FuI5pkX

  
  — Oklahoma Minerals (@OklahomaMineral) July 8, 2023

  
  
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• Closing Oil & Gas Prices for Friday
  Benchmark U.S. crude oil for August delivery...
  Benchmark U.S. crude oil for August delivery rose $2.06 to $73.86 a barrel Friday. Brent crude for September delivery rose $1.95 to $78.47 a barrel.
  
  Wholesale gasoline for August delivery rose 5 cents $2.59 a gallon. August heating oil rose 8 cents to $2.56 a gallon. August natural gas fell 3 cents to $2.58 per 1,000 cubic feet.
  
  
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• US Drillers Add Oil and Gas Rigs for First Time in 10 Weeks
  U.S. energy firms this week added oil and natural gas rigs for...
  U.S. energy firms this week added oil and natural gas rigs for the first time in 10 weeks, due to the biggest weekly increase in gas rigs since October 2016, energy services firm Baker Hughes Co said in its closely followed report on July 7.
  
  The total oil and gas rig count, an early indicator of future output, rose six to 680 in the week to July 7. Despite this week's rig increase, Baker Hughes said the total count was still down 72 rigs, or 10%, below this time last year.
  
  U.S. oil rigs fell five to 540 this week, their lowest since April 2022, while gas rigs rose 11 to 135, their highest since early June.
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• U.S. stocks close lower after jobs data; Dow off 2% for the week
  U.S. stocks finished lower on Friday, with the S&P 500 sliding for a third-straight day while...
  U.S. stocks finished lower on Friday, with the S&P 500 sliding for a third-straight day while all three major indexes kicked off the second half of 2023 with a weekly loss. The S&P 500, fell by 12.55 points, or 0.3%, to 4,399.04, bringing its weekly loss to 1.2%, its biggest since the week before last, according to preliminary closing data from FactSet. The Nasdaq Composite shed 18.33 points, or 0.1%, to 13,660.72 while falling 0.9% on the week. The Dow Jones Industrial Average retreated by 187.25 points, or 0.6%, to 33,735.01, falling 2% for the week. Energy stocks were a notable standout on Friday, with the S&P 500 energy sector gaining more than 2% as crude-oil prices saw their biggest weekly jump in three months. Small-cap stocks also outperformed on Friday, with the Russell 2000 rising 24.67 points, or 1.3%, to 1,866.90, although it still fell 1.1% this week. Investors digested the June jobs report from the Department of Labor on Friday, which showed that the pace of job creation decelerated last month, even as wage growth, a key inflation input, remained stubbornly elevated.
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