Energy:
1. The attacked port in Oman has resumed operations.
2. Bessant: The US may grant country exemptions for Russian oil.
3. Petronas (Malaysia's national oil company): Advancing offshore oil exploration with regional partners.
4. Russian Deputy Prime Minister Novak: Met with the Saudi Energy Minister; both agreed on the uncertainty surrounding oil demand.
5. French Transport Minister: No major concerns regarding French aviation fuel and gasoline supplies. France will not experience fuel shortages this summer.
6. According to a government announcement, India will extend its temporary distribution of kerosene to households for cooking and lighting until June 30, 2026.
7. International Monetary Fund: Global oil inventories are expected to fall to 7.5 billion barrels in July, the lowest level in five years; compared to approximately 8 billion barrels before the Iran-Iraq War.
8. EIA Natural Gas Report: As of the week ending May 29, total U.S. natural gas inventories stood at 2.578 trillion cubic feet, an increase of 95 billion cubic feet from the previous week, and a decrease of 3 billion cubic feet from the same period last year, a year-on-year decrease of 0.1%. This is 138 billion cubic feet higher than the 5-year average, an increase of 5.7%.
Precious Metals and Mining:
1. India's HDFC mutual fund has suspended large one-off inflows into gold ETFs.
2. An Abu Dhabi-based copper company received another export exemption for Zambian copper concentrate but still states it has no plans to export.
3. World Gold Council: Global gold ETFs saw net outflows in May; the Fed's interest rate hike may unexpectedly benefit gold.
