NEWS

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US Personal income was up 0.1% month-over-month in June with a 0.7% increase in compensation helping to offset a 2.0% decline in personal current transfer receipts. The Core-PCE Price Index, which excludes food and energy, increased 0.4% and was up 3.5% year-over-year (versus 3.4% in May).

Chevron reported better than expected second quarter earnings Friday. With oil and natural gas prices at significant highs we look at capital spending and Noble Energy acquisition updates. Fellow oil major Exxon also reports Friday.

Oil giant ExxonMobil reported better than expected second quarter earnings Friday as oil and natural gas prices hit long term highs after the Covid pandemic. The chemical segment hit record profits with surging plastic prices.

Retail monster Amazon.com reported June quarter earnings Thursday,first report since founder Jeff Bezos stepped down, beating on earnings but missed on revenues. $AMZN stock tumbled after they guided much lower than  expected. Q2 midline revenue of $109BN is projected to grow  the slowest in the past decade.

The EIA reported a build of +36 Bcf of working gas in storage. Natural gas benchmark futures closed again above $4 per mBtu . European gas markets continue to trade close to highest in over 10 years.  LNG exports and Mexican pipeline transfers were at record high levels in the first half of 2021

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