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• API Report Drop in Crude Oil Inventories
  Crude oil inventories in the United States  fell...
  Crude oil inventories in the United States  fell this week by 1.9 million barrels for the week ending July 5, according to The American Petroleum Institute (API), after analysts had expected a 250,000-barrel draw.
  
  The API reported a surprise 9.163-million-barrel draw in crude inventories for the week prior.
  
  Gasoline inventories fell by 3 million barrels this week, after last week’s 2.468-million-barrel increase.
  
  The inventory outlier was distillates, which saw a 2.3-million-barrel increase in stockpiles, compared to last week’s 740,009-barrel draw.
  
  Cushing inventories were down 1.2 million barrels this week, according to API data, after rising by 404,000 barrels in the previous week.
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• ☕️What Else is Brewing Wednesday Morning
  Millions of Texans are without power after Hurricane Beryl. It...
  Millions of Texans are without power after Hurricane Beryl. It could take weeks for power to be restored to the more than 2 million people who were still without electricity as of yesterday afternoon, CNN reported. The National Weather Service said the outages could create dangerous conditions as the state (and much of the rest of the country) deals with extreme heat. In Houston, where Beryl struck as a Category 1 hurricane on Monday, the heat index passed 100 degrees this week. Texas utility CenterPoint Energy said it expects about 1 million homes to regain power by Wednesday night.
  
  Tesla’s US electric car market share fell below 50% in Q2 for the first time, according to estimates by the research firm Cox Automotive.
  
  Two Democratic senators sent a letter to the Justice Department asking it to appoint a special counsel to investigate if Supreme Court Justice Clarence Thomas broke federal tax laws for allegedly failing to report lavish gifts he received.
  
  Boeing delivered 44 commercial aircraft last month, the most since its 737 Max debacle in January.
  
  Goldman Sachs bought a majority stake in the company that built the stages for Taylor Swift’s Eras Tour.
  
  Disney announced plans for a new cruise ship that will set sail from Tokyo in 2029 as part of the entertainment giant’s 10-year, $60 billion parks and cruises expansion.
  
  Spotify is adding comment sections to its podcast episode pages in a bid to compete with YouTube and presumably give Joe Rogan fans another outlet to discuss conspiracy theories.
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• Market Highlights
  The S&P 500 and Nasdaq are both enjoying six-day winning streaks,...
  The S&P 500 and Nasdaq are both enjoying six-day winning streaks, the S&P 500’s longest streak since January. Both indexes hit new all-time highs yet again in the afternoon. The less tech-exposed Dow trailed as semiconductor stocks powered its younger peers higher.
  
  Bond yields popped then dropped throughout the afternoon as investors parsed through Jerome Powell’s congressional testimony before they ended the day in the green.
  
  Oil prices sank for a third straight day as traders continue to digest the damage to multiple oil export terminals in the Gulf of Mexico after Hurricane Beryl.
  
  Gold stayed steady throughout the day as investors decided to hold their breath ahead of this week’s CPI reading.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for August delivery ...
  Benchmark U.S. crude oil for August delivery fell 92 cents to $81.41 per barrel Tuesday. Brent crude for September delivery fell $1.09 to $84.66 per barrel.
  
  Wholesale gasoline for August delivery fell 1 cent to $2.53 a gallon. August heating oil fell 6 cents to $2.52 a gallon. August natural gas fell 3 cents to $2.34 per 1,000 cubic feet.
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• Oil starts flowing from US Gulf's Winterfell development
  The Winterfell field in the Green Canyon area of the US Gulf of Mexico...
  The Winterfell field in the Green Canyon area of the US Gulf of Mexico has achieved first oil production and is expected to deliver 20,000 barrels of oil equivalent per day by the end of the third quarter, according to Beacon Offshore Energy, Kosmos Energy and their partners. Two of the five wells planned for the first phase of the development have commenced production, with the third well anticipated to go online by September.
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