Big Oil is taking it on the chin. The majors have been steadily shifting investments toward natural gas, driven by an emerging globally traded market. But at a U.S. benchmark hub in Louisiana, the fossil fuel has been trading at the lowest seasonal levels in two decades as production from Appalachia and Texas breaks records. —David E. Rovella Here are today’s top stories Texas Representative John Ratcliffe withdrew from consideration for Director of National Intelligence after Democrats assailed him as an unqualified loyalist of President Donald Trump, and many of his fellow Republicans remained silent. Heat scorched Western Europe this July in what will likely be confirmed as the hottest month in recorded history. And yes, man-made climate change is to blame. To combat the global climate crisis,we already have the most efficient carbon capture technology, Bloomberg Businessweek reports. Job numbers in July looked healthy, but Trump’s trade war may be taking its toll. Retail employment dropped to a three-year low while new White House tariff threats could mean more pain for already-suffering factories. Among the richest Americans, listing fully furnished mansions is becoming increasingly common. But how do you put a price on taste? Got alt-milk? This Swedish oat milk maker can barely keep up with U.S. demand, and its global takeover is just beginning. What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter is downplaying speculation that Fed Chair Jerome Powell will call Trump’s bluff and hold firm on rate cuts despite the White House threat to intensify its trade war with China. What you’ll need to know tomorrow A series of explosions hit Bangkok on Friday morning. Cryptocurrency investors be warned: The IRS is coming for you. Trump uses China’s riot rhetoric in describing Hong Kong protesters. Traders have a theory about Trump’s latest China tariff tweets. Is the “Powell put” enough to counter the U.S.-China trade war? Read part two of our report on the secret war on analogue drugs. This $20 million Nazi Porsche might not be a Porsche after all. What you’ll want to read in Bloomberg Pursuits If you live in New York City, Saturday is the day to wander around Chelsea and look at (or maybe buy) the expensive art on display. Now Larry Gagosian, arguably the king of the world famous gallery district, is expanding his empire. Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg.com. You’ll get our unmatched global news coverage and two premium daily newsletters, The Bloomberg Open and The Bloomberg Close, and much, much more. See our limited-time introductory offer. Want the best in-depth reporting from Asia Pacific and beyond delivered to your inbox every Friday? Sign up here for The Reading List, a new weekly email coming soon. Download the Bloomberg app: It’s available for iOS and Android. | 