From Friday local time, France expanded heatwave warnings to 53 departments.

Energy: 1. Gasoline shortage risks intensify; Russia reportedly plans to import gasoline by sea. 2. The UAE plans to invest in port expansion to reduce its dependence on the Strait of Hormuz. 3. Iraq takes steps to increase oil exports when the Strait of Hormuz reopens. 4. Angola plans to increase crude oil exports to 1.09 million barrels per day in August. 5. Iraqi Oil Ministry spokesperson: Iraq is prepared to resume oil exports as soon as possible. 6. U.S. EIA crude oil inventories fell for the eighth consecutive week in the week ending June 12. Strategic petroleum reserves fell to their lowest level since the week ending July 29, 1983. Cushing crude oil inventories fell to an operating low of approximately 20 million barrels, the lowest level since October 2014. Inventories at the largest U.S. oil storage hub plummeted to critically low levels. 7. IEA Monthly Report: Gulf region oil supply expected to rebound strongly, but supply recovery will take months. The gradual reopening of the Strait of Hormuz will lead to a significant surplus in oil reserves next year. Global oil demand is projected to decline by 1.1 million barrels per day in 2026 due to the Iran war (previously forecast as a decline of 420,000 barrels per day). 8. According to Yonhap News Agency: South Korea will implement zero tariffs on liquefied natural gas and liquefied petroleum gas to combat inflation. 9. Azerbaijan's Ministry of Emergency Situations: A fire broke out at an oil refinery in Baku. 10. Indonesia plans to officially launch its B50 biofuel program on July 1st. Precious Metals and Mining: 1. The Central Bank of Chile projects an average copper price of $5.8 per pound in 2026, an upward revision from its previous forecast of $5.4 per pound. It projects an average copper price of $5.2 per pound in 2027, an upward revision from its previous forecast of $5.1 per pound. 2. Zimbabwe approves the construction of its second gold refinery. 3. Market News: Rio Tinto's Oyu Tolgoi copper concentrate shipments were disrupted on Wednesday due to road closures. 4. Warsh's hawkish comments fueled expectations of an interest rate hike, causing LME copper prices to fall by more than 1%. Iran Situation: 1. Iranian media reported that three Iranian oil tankers passed through the Strait of Hormuz. 2. Trump: Oil prices may fall below pre-war levels. He stated that if dissatisfied with the US-Iran memorandum, bombing operations will resume. The Strait of Hormuz will reopen within one or two days.

The Federal Reserve accepted a total of $251 million from four counterparties in its fixed-rate reverse repurchase operations.