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• Exxon's Beaumont expansion boosts US refining capacity
  The Energy Information Administration has reported that US crude oil...
  The Energy Information Administration has reported that US crude oil refining capacity totaled 18.38 million barrels per day as of January 1, up 1.5% year over year to mark the second consecutive annual increase. The growth was largely attributed to a roughly 250,000-bpd expansion at ExxonMobil's Beaumont, Texas, refinery.
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• ☕️What Else is Brewing Monday Morning
  Two unreported Southwest incidents come to light. In...
  Two unreported Southwest incidents come to light. In news that only was revealed recently, two Southwest flights involving Boeing 737 Max 8s experienced mishaps, though both were able to land safely without injuries to passengers or crew. According to Bloomberg, the FAA has opened an investigation into an April flight that came within 400 feet of crashing into the Pacific Ocean near Hawaii due to an inadvertent landing attempt that was aborted. One month later, a flight from Phoenix to Oakland sustained damage from “a Dutch roll,” which is when an aircraft’s tail slides side to side with the plane rocking in a way that causes the wings to roll up and down, an event Southwest did not report until two weeks later.
  
  A wildfire north of Los Angeles forced the evacuation of at least 1,200 people and grew to more than 16 square miles yesterday.
  
  President Biden’s campaign amassed $28 million ahead of a fundraiser in LA on Saturday that featured George Clooney, Julia Roberts, and Barack Obama.
  
  Israel’s military announced a daytime pause in fighting along a road in southern Gaza to allow for the delivery of more humanitarian aid. But it emphasized this didn’t amount to a cease-fire.
  
  Bryson DeChambeau won his second US Open in a thriller at Pinehurst—another heartbreak for Rory McIlroy.
  
  Charles Barkley said he would retire from TV following the 2024–25 NBA season. TNT could lose its NBA broadcast rights after next season, and the Chuckster says he’d rather call it a career than go somewhere other than the network.
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• US drillers cut oil and gas rig count to lowest since January 2022
  U.S. energy firms this week cut the number of oil and...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The total rig count is down 97, or 14%, below last year.

  
  

  The total oil and gas rig count, an early indicator of future output, fell by four to 590 in the week to June 14. Oil rigs fell by four to 488 this week, which was also their lowest since January 2022, while gas rigs were unchanged at 98, the lowest since October 2021.

  
  

  In Texas, the state with almost half of the country's active rigs, the total count slid by 2 to 285, the lowest number of rigs operating in the state since January 2022.  Oklahoma dropped 1 rig, now at 37 rigs turning to the right.

  
  

  Baker Hughes said the total rig count is down 97, or 14%, below last year.

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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for July delivery...
  Benchmark U.S. crude oil for July delivery fell 17 cents to $78.45 per barrel Friday. Brent crude for August delivery fell 13 cents to $82.62 per barrel.
  
  Wholesale gasoline for July delivery fell 2 cents to $2.40 a gallon. July heating oil fell 2 cents to $2.47 a gallon. July natural gas fell 8 cents to $2.88 per 1,000 cubic feet.
  
  
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• Dow logs longest losing streak in 2 months, S&P 500 pulls back from record highs
  U.S. stocks closed mostly lower on Friday, with the Dow booking a weekly...
  U.S. stocks closed mostly lower on Friday, with the Dow booking a weekly loss and the Nasdaq Composite clinching a fresh record close.
  
  This past week, investors received good news on the U.S. inflation front and political uncertainty in Europe.
  
  The Dow Jones Industrial Average fell 57.94 points, or 0.2%, to 38,589.16, booking a 0.5% weekly loss.
  
  S&P 500 closed 2.14 points lower, or less than 0.1%, finishing at 5,431.60, just short of another record close.
  
  Nasdaq Composite Index gained 21.32 points, or 0.1%, closing at 17,688.88, a new record close.
  
  The S&P 500 gained 1.6% for the week, while the Nasdaq rose 3.2%.
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