The Ministry of Water Resources said a new round of heavy rainfall begins tomorrow. Significant river rises are expected across multiple basins: Pearl River basin — West River mainstem and tributaries Liujiang, Guijiang and Yujiang; middle–lower Yangtze mainstem and Dongting Lake system — Yuan and Li rivers; Poyang Lake system — Changjiang and Le'an rivers; mid–lower Han River and four rivers in eastern Hubei; upper–middle Huai River mainstem and tributaries Shiguan and Pi rivers; plus Taihu and

Norbert Rucker at Julius Baer said energy supply should recover quickly if the US and Iran reach a temporary peace agreement. The oil plunge below $80 “appears to have been driven by financial markets and rapid position changes by hedge funds and algorithmic traders in futures.” Limited infrastructure damage and continued production during the conflict, plus a gradual resumption of Strait of Hormuz traffic and wider use of alternative export routes, should support a swift supply rebound. Julius Baer sees the energy market trending toward surplus, is cautious on oil and neutral on gas.

U.S. EIA gasoline production in the week to June 12 was 356,000 b/d, up from 296,000 b/d the prior week.