JP Morgan CEO Jamie Dimon says get ready for an economic 'hurricane'.
US Natural gas prices touch $9.5/MMBtu
The drought in the western parts of US, coupled with lack of hydro electric generation is also putting pressure on gas fired plants and gas prices.
Saudi Arabia raised July crude prices for Asian buyers
Vegetable Oil prices drop as Indonesia retracts palm oil export ban
FAO Vegetable Oil Price Index fell 3.5% in May.
Two reasons being cited are Indonesia retracting palm oil export ban and sluggishness in rapeseed oil demand due to high prices
Freight, Shipping & Logistics
Iran accuses Greece and USA of stealing and smuggling oil
Discoveries & Launches
Egypt and Cyprus to start working on gas pipeline end of 2022
In general, as gas prices rise investments in LNG are rising globally.
Geopolitics and War
European Union to ban insurance for tankers that carry Russian oil
European Union to ban insurance for tankers that carry Russian oil.
Last week, the European Union (EU) had finally come to an agreement to phase out imports of crude oil from Russia through the sea routes by the year-end.
Energy G2 makes its first acquisition in the Permian Basin
Supply & Demand
OPEC+ ups its production plans for July and August by 50%
OPEC+ ups its production plans for July and August by 50% (an additional 75,000 bpd). This coupled with an increase in US SPR reserve withdrawals may provide some relief to oil prices.
US crude oil production remains steady at 11.9 million bpd
US crude oil production remains steady at 11.9 million bpd as rig counts remained the same.
Severe drought looms in the western US and the African horn
"With climate change, it seems like the dominoes are beginning to fall," Nasa hydrologist JT Reager told the BBC.
California residents have been told to conserve water at home or risk mandated water restrictions as a severe drought on the West Coast is expected to get worse during the summer months.
People have been told to limit outdoor watering and take shorter showers. In Los Angeles, many are being asked to cut their water use by 35%.
#Hammered by four #droughts in a row, as many as 17 million #people are going #hungry in three countries in the #Horn of #Africa, with #aid #agencies warning that the hardest-hit areas are #threatened by #famine #ClimateCrisis #ClimateEmergency #GlobalWarming #Africa https://t.co/n08uGJkUPD— Salina Reddy (@ReddySalina) June 2, 2022
#BirdFlu - "Now Even #Chicken Is Getting Too Expensive? The world’s most popular meat has succumbed to #inflation. That’s what happens when three pandemics coincide with a drought. https://t.co/jwcvHOjxZ1— TraderStef (@TraderStef) May 31, 2022
Drought-stricken US warned of looming 'dead pool'— Svein Tveitdal (@tveitdal) June 3, 2022
A once-in-a-lifetime drought in the western part of the US is turning up dead bodies - but that's the least of people's worries. https://t.co/aCzI4PglkF