Energy:
1. Production halted at Russia's Kuibyshev oil refinery following drone attack.
2. India's High Commissioner to Canada: India is considering Canada as a potential crude oil supplier.
3. US EIA strategic petroleum reserves for the week ending June 5th were at their lowest level since the week ending August 18, 2023.
4. A Reuters survey showed OPEC crude oil production fell by 1.06 million barrels per day in May, the lowest level in over 20 years.
5. According to Kyodo News: Japan is negotiating with the US Treasury Department to extend sanctions waivers for Russia's Sakhalin-2 energy project.
6. US Energy Secretary Wright: Oil will be reinjected into US reserves early next year. Nearly 100 ships have already used Jones Act waivers.
7. Iraqi government: We hope to increase oil exports from the Kurdistan region. Increased oil exports will provide greater assurance of wage payments.
8. Iraq's State Oil Marketing Organization (SOMO): Set the official selling price for Basra medium crude oil sold to Asia in July at a premium of $0.3 per barrel over the Oman/Dubai average.
9. Shell CEO: Due to the Strait of Hormuz (related events), the oil market is facing a supply gap of 1.2 billion barrels. Upward pressure on oil and gas prices will persist for an extended period.
Iran Situation:
1. The US military confirmed strikes against Iran for the second consecutive day.
2. Trump claimed millions of barrels of oil are being shipped from Iran every night; the US Energy Secretary claimed ignorance.
Other:
1. The US military claimed to have attacked an oil tanker in the Gulf of Oman for violating blockade measures.
2. According to Sky News: The British government is reportedly developing plans to revise its steel tariff regime.
3. Trump claimed millions of barrels of oil are being shipped from Iran every night; the US Energy Secretary claimed ignorance.
4. According to the Wall Street Journal: The US Commodity Futures Trading Commission (CFTC) is proposing a broad set of new rules to regulate the booming prediction market.
5. CEO of German shipping company Hapag-Lloyd: After the Strait of Hormuz reopens, we will rethink the shipping methods that have long served the Gulf region, but many practices will revert to the state before the Iran war.
