OPEC output revised to 19.01 mln b/d in April and 18.83 mln b/d in May, down 177,000 b/d month-on-month. China refined-product net imports fell 290,000 b/d in April to 965,000 b/d (March change: -130,000 b/d). India refined-product net imports rose 51,000 b/d in April to 465,000 b/d (March change: -91,000 b/d). US refined-product net imports fell 11,000 b/d in May to -576,000 b/d (net export), after a -266,000 b/d change in April.

Chaired by Premier Li Qiang, the State Council executive meeting reviewed and approved the 15th Five-Year Plan for Education. The plan prioritizes education, targets greater equity, structural optimization and quality improvement, and seeks to strengthen education’s support for science and talent development. It calls for optimizing education resource allocation and bolstering funding guarantees, upgrading public education services and implementing quality education to promote students’ healthy, all-round development.

Baosheng Group fixed-income analyst Afonso Borges said in a note that Wednesday’s May US CPI prompted a modest, short-dated Treasury-led rally that was reasonable given the inflation print beat expectations and should lower the risk of Fed rate hikes later this year. He said the market reaction was markedly milder than the sharp moves after last Friday’s stronger-than-expected jobs report. Borges noted that on the 12 most recent inflation-report release days, the two-year Treasury yield’s average move was just 3 bps—very muted and less than half the average move on jobs-report days.