Good morning and welcome back! Today's Smart Brevity: 1,208 words, < 5 minutes.
Situational awareness: Aramco has selected Bank of America, Goldman Sachs and JPMorgan Chase for top roles in its upcoming IPO, Bloomberg reports from anonymous sources.
And, at this moment in 1988, Guns N' Roses had reached the top of the Billboard charts with today's classic intro tune...
Crude oil prices are up last night and this morning after a wild day, and now get ready for new bursts of market-moving news today and later this week, as closely watched data will be announced.
The big picture: It's hardly a surge and the market is grappling with fresh estimates of softening demand growth.
Driving the news: Yesterday prices instantly plunged by over $1 per barrel at midday when news broke that national security adviser John Bolton was out.
The Bolton news tapped the brakes on prices that had been buoyed by signs that Saudi Arabia is committed to continuing OPEC's oil production-limiting agreement with Russia.
It's not the only thing creating headwinds for oil prices. Shortly after Bolton was gone, The U.S. Energy Information Administration again trimmed its global oil demand growth forecast.
But, but, but: Prices got a lift late yesterday afternoon when the American Petroleum Institute reported a 7.2 million barrel decline in U.S. crude stockpiles last week, according to Reuters.
What's next: EIA will issue its report on U.S. crude stockpiles later this morning. And tomorrow the International Energy Agency will release its monthly analysis of global crude demand, which comes the same day that OPEC and Russian officials will gather in Abu Dhabi.
One big question: It's unclear to what extent Bolton's exit may lead to any changes in U.S. posture.
Illustration: Rebecca Zisser/Axios
Axios' Amy Harder reports ... The Climate Leadership Council, a pro-carbon tax coalition whose members include oil giants and environmental groups, is making some new moves.
Driving the news: Today they're announcing...
Why it matters: The 2-year-old group is seeking traction at a time when very few Capitol Hill Republicans embrace carbon pricing, and it has lost some cachet on the left too.
Quick take: The push to preempt only stationary source rules looks like an effort at compromise ahead of any future legislative debate.
The big picture: The group was launched in early 2017 by GOP elder statesmen including former secretaries of state James Baker and George Shultz.
What’s next: CEO Ted Halstead said the coming weeks will bring more new members and new financial commitments to its lobbying arm. Bipartisan legislation reflecting the groups' plan will arrive this year, he adds.
Rivian R1T seen at the New York International Auto Show. Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images
Electric vehicle startup Rivian yesterday announced a $350 million equity investment from Cox Automotive, a big industry data and information company.
Why it matters: It's a fresh sign of intense interest in Michigan-based Rivian from deep-pocketed players, Axios' Joann Muller and I reported.
But, but, but: This is a bigger story than Rivian. Their fundraising underscores how the future of EVs is wide open amid increasing activity from startups and legacy automakers alike.
There's lots of money available in the EV space as investors look where to place their bets.
Where it stands: Rivian is building a battery-powered pickup and SUV, with plans to launch them in the U.S. late next year.
What's next: Beyond the investment, Cox and Rivian will "explore partnership opportunities in service operations, logistics, and digital retailing," according to the announcement. Someone from Cox will also join Rivian's board.
Nikos Tsafos of the Center for Strategic and International Studies has an engaging look at the future of global gas markets.
What's next: The next decade separates the U.S., Russia and Qatar into the exporters that "tower" over the landscape while China's huge import thirst grows too.
The big picture: "The gas world will ... be pulled in three directions: more integration and competition, more efforts to exercise market power, and more geopolitics complementing and complicating market forces," he writes.
Why you'll hear about this again: On the geopolitical front, Tsafos explores U.S. promotion of LNG as an energy security boon to buyers or to "lessen U.S. displeasure on other fronts, like trade imbalances."
The intrigue: The whole forward-looking analysis is worthy of your time, but I was also just marveling at China's rise...
Solar: "Los Angeles' municipal utility unanimously approved the contract for the cheapest solar and energy storage project in the U.S. on Tuesday," according to Greentech Media.
Storage: "Rising customer interest and incentives in more states contributed to a 41% quarter-over-quarter increase in the U.S. residential storage market during the second quarter of 2019, according to the latest U.S. Energy Storage Monitor," per Utility Dive.
Climate: "A group of leaders from business, politics and science have called for a massive investment in adapting to climate change over the next decade, arguing it would reap significant returns as countries avoid catastrophic losses and boost their economies," AP reports.