Saudi Arabia to prolong unilateral oil production cut by one month
Over the past week, an increase in delayed or canceled flights within the United States has created trouble for travelers gearing up for the Fourth of July. More than 42,000 flights arrived late and more than 7,900 were canceled from last Saturday through Friday. United Airlines was responsible for most of these cancellations. Despite the inconvenience to passengers, United's CEO, Scott Kirby, controversially opted to take a private jet out of the New York area.
For the third straight year, Chinese companies are agreeing to buy more liquefied natural gas on a long-term basis than any single nation. Details in Markets section. U.S. Supreme Court agreed to hear a case challenging the Securities and Exchange Commission's use of its in-house tribunals to enforce securities laws.
U.S. equities Friday: All three major indices registered gains for the week, with the Dow up 2.2%, the Nasdaq rose 2.3% and the S&P 500 gained 2.5%. On Friday, the Dow ended up 285.18 points, 0.84%, at 34,407.60. The Nasdaq moved up 196.59 points, 1.45%, at 13,787.92. The S&P 500 rose 53.94 points, 1.23%, at 4,450.38.
Upshot, according to Bloomberg: China can provide stability during periods of global shortages, but it could withhold supply and drive up prices if needs at home must be met. Either way, the nation will be shaping the future of the industry for decades to come. Brent-crude prices dropped 13% to about $75 a barrel as of the first half of the year, despite output cuts by the OPEC+ cartel led by Riyadh. This resulted in lower gas prices for American consumers. However, fuel consumption is also declining in China and Europe, hinting at decreased demand.
• Argentina's economy contracted 4.2% in April as one of the worst droughts in the country's history pummeled agriculture exports. Reuters.— Ukrainian forces claimed to have recaptured some territory from Russia along eastern and southern fronts. The deputy defense minister, Hanna Mailar, said Ukrainian troops are advancing with “partial success" towards Bakhmut, a town captured by Russia in a bloody months-long push.