U.S. EIA refined petroleum product production for the week to May 22: 76,000 b/d, down from 214,000 b/d the prior week.

MORGAN STANLEY economist Chris Read said a broad slowdown in Australia’s housing market could partly offset concerns that construction costs and rents will continue to push up inf. Read, who also serves as the bank’s equity strategist and Australia economist, said housing inflation is a key worry given the country’s core inf rate remains above the RESERVE BANK OF AUSTRALIA’s target. In a report he wrote that over the coming months the BUZZ will be the extent to which rising energy costs feed into broader inf pressures, and to look to demand indicators for signs of how much firms can pass through costs.

Li Auto (LI.O) expects Q2 vehicle deliveries of 95,000-100,000 units.