Federal Reserve Chair Kevin Warsh said the president never asked him to do anything improper and that he would not have complied even if asked.

A persistent European heatwave has lifted summer electricity demand, reversing the downtrend since the 2022 energy crisis. ENTSO-E data show average French demand in April–mid July reached the highest level for that period since 2022, marking the first YoY increase in that window after three consecutive years of decline. EEX data show French next‑month delivery power prices have risen roughly fourfold since late April, topping €80/MWh by end‑June and remaining elevated month‑to‑date. Power futures plunged in spring on strong solar generation and weak seasonal demand, but expectations of sustained high temperatures have quickly reversed the market.

API: U.S. Cushing crude inventories +238,000 barrels in the week to July 10; prior -69,000 barrels.