Energy:
1. German government spokesperson: There is currently no substantial shortage of aviation fuel or other fuels.
2. Data from the U.S. Department of Transportation shows that fuel costs for U.S. airlines rose 78% in April, reaching nearly $6.5 billion.
3. Indian government official: Indian refiners are producing 53,000 tons of liquefied petroleum gas per day, a 60% increase compared to pre-Iran crisis levels.
4. Sources say Russia plans to cut oil exports from its western ports by one-third month-on-month in June, as refineries plan to increase production.
5. Citi lowered its 3-month gold price target to $4,000/oz from $4,300/oz; it maintained its 6-12 month gold price target at $5,000/oz.
6. Indian Oil Minister: More and more natural gas is expected to arrive from Mozambique. No concern about oil and gas prices; oil prices are not expected to remain at current high levels for long. Ample oil and gas inventories are expected in the coming months, leading to price declines.
7. Fitch: Brent crude is expected to remain at $100-110/barrel during the Strait of Hormuz closure, before falling to around $70/barrel in September. A supply glut is anticipated again in the fourth quarter of 2026, leading to further price declines.
8. Sources: Abu Dhabi National Oil Company (ADNOC) has opened its first dedicated tender for Persian Gulf crude, selling domestically produced crude in bulk to Asian traders and refineries. The tender, which concluded last weekend, secured at least 14 million barrels of shipments.
Iran Situation:
1. Trump: Negotiations with Iran are progressing "very well." An agreement could be reached this weekend.
2. Netanyahu stated that he and Trump have "tactical differences" but share the same core objectives.
