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• Texas production tops 5M BPD as demand soars
  Crude oil production in Texas reached a record high of 5.49 million...
  Crude oil production in Texas reached a record high of 5.49 million barrels per day in May, while US oil demand set a new record for the time of year of 20.8 million barrels per day. The increase, which comes against the backdrop of challenging economic conditions, was driven mainly by increased use of natural gas liquids by plastics manufacturers, as producers tapped drilled-but-uncompleted wells.
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• Energy Sector Commentary for Tuesday
  The energy sector is taking a...

  The energy sector is taking a step back this morning following two straight days of strong gains, tracking a small pullback in crude prices as major equity futures ebbed. Investors are skittish this morning as they are navigating a flood of corporate earnings reports and ahead of key economic data later this week. Sector news this morning was highlighted by results from BP and a host of mid-cap E&Ps and services.

  
  

  After three-consecutive days of strong gains, WTI and Brent crude oil futures inched back this morning amid a lack of a real catalyst. Looking ahead, the group will be focused on the next round of inventory reads and to comments from the OPEC+ committee meeting on Friday. Expectations of further voluntary output cuts from Saudi Arabia has put a cap on this morning’s declines.

  
  

  Natural gas futures are extending yesterday’s losses as record levels of output outweigh forecasts for above-normal temperatures in key consuming regions.

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• Oil ends July on a high, faces correction risk
  Crude oil prices finished July at their highest levels since April 2022, driven by tightening global...
  Crude oil prices finished July at their highest levels since April 2022, driven by tightening global supplies and growing demand, as well as significant cuts from OPEC nations and their allies. Profit-taking, however, weighed on prices during trading earlier today with West Texas Intermediate crude futures down 56 cents on the previous session at $81.24 a barrel and Brent crude futures trading down 54 cents at $85.89 a barrel. "Oil prices may face a correction risk as the markets may have been overbought in the past month," says CMC Markets analyst Tina Teng.
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• Market Outlook for Tuesday
  The Institute for Supply Management’s manufacturing index is due for release Tuesday, which outside...
  The Institute for Supply Management’s manufacturing index is due for release Tuesday, which outside of inflationary periods (i.e., now), tends to be one of the more important economic indicators for financial markets, given its record as a bellwether.
  
  The ISM report is due out at 10 a.m. Eastern, when the job openings and construction spending reports also come out. Monthly auto sales also will be released throughout the day.
  
  Pfizer PFE, Caterpillar CAT, Uber Technologies UBER report after the close, Starbucks SBUX and Electronic Arts EA highlight the day’s earnings reports. Pfizer lowered its sales guidance while Caterpillar beat Wall Street earnings estimates and Uber reported a surprise profit.
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• ☕️What Else is Brewing Tuesday Morning
  The US Women’s National Team drew Portugal 0–0, meaning they’ll advance to the knockout round...
  The US Women’s National Team drew Portugal 0–0, meaning they’ll advance to the knockout round at the World Cup. But it was nervy.
  
  Sad news: Angus Cloud, the 25-year-old actor who played Fez on Euphoria, has died. And Paul Reubens, the actor best known for creating the character Pee-wee Herman, also died, at age 70, after battling cancer.
  
  Taco Bell was hit with a proposed class-action lawsuit claiming the chain advertised its Mexican Pizzas and Crunchwraps as having more than double the fillings they actually do.
  
  A zoo in China has denied claims that its bears are really people in bear suits after videos surfaced of the bears standing on two legs.
  
  
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