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• Energy Sector Commentary for Tuesday
  The energy sector is set to extend yesterday’s declines into this morning’s...

  The energy sector is set to extend yesterday’s declines into this morning’s session, pressured by further weakness in the crude complex and in the major equity indices which continued to fall on growing concerns over global economic growth.

  
  

  WTI and Brent crude oil futures are down over 4% in early trading with the U.S. benchmark falling back below the $100-mark, driven by additional strength in the dollar, demand-sapping COVID-19 curbs in China and fears of a global economic slowdown. The euro lost ground and is trading near parity with the dollar. Multiple Chinese cities are adopting fresh COVID-19 curbs, from business shutdowns to broader lockdowns in an effort to rein in new infections from the highly infectious BA.5.2.1 subvariant of the virus. While U.S. President Biden will make the case for higher oil production from OPEC when he meets Gulf leaders in Saudi Arabia this week, as analysts don’t expect much from the visit. U.S. Treasury Secretary Janet Yellen is in Asia to discuss ways to strengthen sanctions on Moscow, including a price cap on Russian oil to limit the country's profits and help to lower energy prices. The IEA Executive Director Birol said that any price caps on Russian oil should include refined products.

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• OKC man accused in oil fraud case won’t stand trial until 2023
  An Oklahoma City federal judge has ruled a defendant in an alleged scheme involving confidential drilling...
  An Oklahoma City federal judge has ruled a defendant in an alleged scheme involving confidential drilling plans of Continental Resources won’t stand trial until February 2023.
  
  The Oklahoman reported the ruling came in the criminal fraud charges against Blaine Dyer, who, if convicted, could face 30 years in prison.
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• What is Brewing This Tuesday Morning
  Gap CEO Sonia Syngal is stepping down from her position atop the struggling retailer.
  
  India will overtake China as the world’s most populous country next year, according to the UN.
  
  Speaking of India: Police arrested a group of Indian con men who staged a fake Indian Premier League cricket match on a farm and duped Russian gamblers into betting on it.
  
  A larger share of US home sales fell through last month than at any point since April 2020, according to Redfin.
  
  The successor to McDonald’s in Russia has a major problem: a shortage of french fries.
  
  Real Housewives of Salt Lake City star Jen Shah pleaded guilty to running a fraudulent telemarketing scheme.
  
  
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• Oil majors face output slump, deep losses if Russia stops Kazakh pipeline
  Western energy majors will cut output and lose billions of dollars if Russia, as is feared, suspends...
  Western energy majors will cut output and lose billions of dollars if Russia, as is feared, suspends a pipeline that is almost the only export route for oil from land-locked Kazakhstan, company sources, traders and analysts say.
  
  The closure of the CPC pipeline that carries oil from Kazakhstan to the Black Sea Russian export terminal in the port of Novorossiisk would shut in more than 1% of the global oil supply, exacerbating what is already the most severe energy crunch since the Arab oil embargo in the 1970s.
  
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• MarketWatch: Oil slumps over 4% as U.S. benchmark slides back below $100 a barrel
  Oil futures fell sharply early Tuesday, with the U.S. benchmark slipping back below $100 a barrel, hampered...
  Oil futures fell sharply early Tuesday, with the U.S. benchmark slipping back below $100 a barrel, hampered by a strong dollar and continued worries over COVID-19 restrictions in China.
  

  
  
  • West Texas Intermediate crude for August delivery CL.1, -4.14% CL00, -4.18% CLQ22, -4.14% fell $4.80, or 4.6%, to $99.29 a barrel on the New York Mercantile Exchange.
  
  
  • September Brent crude BRN00, -3.86% BRNU22, -3.87%, the global benchmark, dropped $4.80, or 4.5%, to $102.30 a barrel on ICE Futures Europe.
  
  
  • Back on Nymex, August gasoline RBQ22, -4.05% fell 5% to $3.2923 a gallon, while August heating oil HOQ22, -1.83% lost 2.6% to $3.6706 a gallon.
  
  
  • August natural-gas futures NGQ22, +2.71% rose 3.4% to $6.643 per million British thermal units.
  
  
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