S&P Futures Falls 1.5% -- Nears Worst First Half Since 1970 -- So, We've Been Here Before? June 30, 2022

Walgreens: beats.

Gazprom:

• suspends dividend
• first time dividend not paid since 1998
• shares plunge 27%

US economy:

• May inflation rate: mixed note; link here.
• May, 2022, reading: 4.7% over last year
• forecast: "around 4.8%"
• monthly basis: up 0.3% month/month
• forecast: 0.4%, Dow Jones estimate
• headline inflation:
• rose 0.6%, month-over-month
• much faster than the 0.2% in the preceding month, April's month-over-month
• year-over-year inflation: 6.3%
• down slightly from March reading of 6.6%
• 6.6% is highest reading since January, 1982; so we've been here before?

SCOTUS:

• states' rights vs Native Americans
• reverses 2020 ruling
• states' rights strengthened
• narrow ruling; considered significant
• 5-4 ruling:
• 2020: RBG was in majority for Native Americans
• 2022: ACB in majority for Oklahoma ruling
• links everywhere, here's one.
• Gorsuch fumes. After all, this was settled law, wasn't it, set by SCOTUS just two years ago?
  

SCOTUS:

• one justice retires; one to be sworn in today

SCOTUS:

• set to issue its final two rulings

Putin's War:

• Russian abandons Snake Island: key for Ukraine wheat shipments
  

Maxwell:

• sentenced 20 years for sex trafficking teens to no one

North Korea:

• likely culprit behind $100 million crypto heist; link here;
• unless I missed, date of heist not reported

Japan:

• industrial output, May, 2022: drops 7.2% month/month
• forecast: a minus a 0.3%

China:

• will subsidize refiners if oil > $130, link here;
• if one reads Zeihan's c. 2022, this is not a bit surprising
• Saudi Arabia may raise August crude prices to Asia too near-record levels; links everywhere, here's one
• OPEC basket price;
  

Refiners:

• mid-June, 2022: Biden accuses refiners of holding back
• June 22, 2022: Biden's EIA delays weekly refinery report
• June 26 - 28, 2022: G-7 meeting where oil prices huge agenda item
  
• June 29, 2022: EIA reports refinery utilization after G-7 meeting ends
  
• refiners operating at record levels
• most crucial PADD 3 refinery utilization was an incredible, whopping 97.9%;
• link here.
• Biden administration on EIA refinery data: crickets
• now, on to Saudi Arabia

Texas pipeline:

• link here;
• brownfield expansion
• Permian Highway Pipeline
• to increase natural gas capacity by 550 MMcf/d
• Kinder Morgan-XOM
• target in-service date: November 1, 2023

***********************
Back to the Bakken

Far Side: link here.

WTI: $108.50

No wells coming off  confidential list.

RBN Energy: western Canada gas storage faces very low starting point for next winter. 

Canadian gas storage levels concluded the most recent heating season at multi-year lows, especially in the western half of the nation, which hit a 16-year low at the end of March. Though storage sites have been refilling at a steady rate so far this summer, storage in the west, a region vitally important for balancing the North American gas market during high winter demand, remains unusually low for this time of year. In today’s RBN blog, we examine the latest developments in Canadian natural gas storage and explain why storage levels in Western Canada may start the next heating season at critically low levels.