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• ☕️What Else is Brewing This Morning
  Ten people were killed by gun violence in three US cities ...
  Ten people were killed by gun violence in three US cities over the weekend.
  
  White powder discovered in the West Wing that caused the White House to be briefly evacuated Sunday evening turned out to be cocaine, per the AP.
  
  The UK is the world’s only major economy where inflation is still rising, per the OECD.
  
  The FAA approved a flying car for testing for the first time ever.
  
  Christmas Tree Shops will liquidate all of its locations.
  
  
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• China escalates its trade war
  Beijing restricted exports of ...
  Beijing restricted exports of two minerals—gallium and germanium—that the US considers critical to national and economic security because of their use in semiconductors, EVs, and other high-tech products. Companies that require these two materials are scrambling to secure supplies because when it comes to gallium and germanium production…China is the only game in town. The export curbs, seen as retaliation for the US’ moves to cut off China from important tech, were announced just days before Treasury Secretary Janet Yellen heads to China.
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• Energy Sector Commentary for Wednesday
  The energy sector has resumed...

  The energy sector has resumed the holiday-shortened week higher, supported by strength in the underlying commodities while major equity futures dipped on weak economic data from Beijing and as investors wait for the FOMC meeting minutes later today.

  
  

  WTI crude oil futures are higher as extended production cuts by Saudi Arabia and Russia earlier this week outweigh demand concerns. Meanwhile, Brent crude oil is trading near the flatline as WTI catches up to Brent’s gains following the Independence Day holiday, which appeared to narrow the spread between the benchmarks. United Arab Emirates energy minister Suhail Al Mazrouei told reporters on Wednesday the recent production cuts should be enough to help balance the oil market. Additionally, Morgan Stanley on Wednesday lowered its oil price forecasts for the third quarter this year to $75 from $77.50 per barrel, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.

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• International News Snippets
  Israel ...
  Israel fired missiles at a refugee camp in the occupied West Bank, targeting militants and killing at least eight Palestinians.
  
  Vladimir Putin is scrambling to protect himself from a future coup, giving a nearly 11 percent pay raise to soldiers.
  
  On an upcoming trip to China, Janet Yellen, the Treasury secretary, is expected to discuss technology and human rights concerns.
  
  Fires in Canada have burned 20 million acres, upending the oil and lumber industries.
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• April shows lower US oil production, record gas output
  US crude oil production reached a ...
  US crude oil production reached a two-month low of 12.615 million barrels per day in April, while demand for crude and petroleum products slipped to 20.446 million bpd, the Energy Information Administration has reported. On the other hand, gross natural gas production in the contiguous US climbed to a record 113.9 Bcf/d in April, with Texas achieving a second consecutive month of output records.
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