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• What else is brewing this Friday morning
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  • LeBron James is a billionaire, becoming the first active NBA player to hit three commas, according to Forbes.
  
  
  • Lawyer Michael Avenatti was sentenced to four years in prison for defrauding his former client, Stormy Daniels.
  
  
  • Tiger Global Management’s hedge fund, which is known for its bets on high-growth tech companies, continued to implode in May and has lost 52% through the year.
  
  
  • Russia has seized 20% of Ukraine’s territory, Ukrainian President Volodymyr Zelensky said on the war’s 98th day.
  
  
  • The Platinum Jubilee celebrations for Queen Elizabeth’s 70 years on the throne kicked off yesterday.
  
  

  
  
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• Oil execs weigh in on energy issues at conference
  Speaking at Bernstein's Annual Strategic Decisions conference, Chevron CEO Michael Wirth said oil, prices...
  Speaking at Bernstein's Annual Strategic Decisions conference, Chevron CEO Michael Wirth said oil, prices and refining margins will continue their upward march, but argued that introducing export limits to ease prices would be "an unwise move." Also present at the conference was EOG Resources CEO Ezra Yacob, who said global natural gas markets are undergoing "a bit of a structural change" that "has to do with coal-switching and obviously kind of an awakening, let's say, in Europe right now of realizing that policy was pushing the transition a little bit faster than technology could deliver."
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• Natural Gas Futures Slashed After EIA Storage Report Tops Estimates; Cash Rises Again
  In a continuation of the extreme price swings seen the past three and a half months, natural...
  In a continuation of the extreme price swings seen the past three and a half months, natural gas futures wiped out early gains of more than 35 cents Thursday after the latest government inventory data showed looser balances. July Nymex gas futures ultimately settled 21.1 cents lower on the day at $8.485/MMBtu. August futures tumbled 21.2 cents to $8.474.
  
  The Energy Information Administration (EIA) reported a 90 Bcf injection into natural gas storage for the week ending May 27, a larger build than expected.
  
  Total working gas in storage as of May 27 stood at 1,902 Bcf, which is 397 Bcf below year-ago levels and 337 Bcf below the five-year average, EIA said
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• EIA Confirms Large Crude Inventory Draw
  The Energy Information Administration ...
  The Energy Information Administration reported today an inventory draw of 5.1 million barrels for the week to May 27.
  
  This compared with a draw of 1 million barrels for the previous week. At 414.7 million barrels, U.S. crude oil inventories are some 15 percent below the five-year average for this time of the year.
  
  The American Petroleum Institute (API) reported a day earlier, a draw this week for crude oil of 1.181 million barrels, while analysts predicted a draw of 67,000 barrels.
  
  API reported that Cushing saw a minor 177,000-barrel build this week. Cushing inventories slipped again to 24.778 million barrels in the week prior, as of May 20, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
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• Light barrels become crude of choice for refiners
  Refiners around the world are processing increased volumes of lighter, less dense crude in their...
  Refiners around the world are processing increased volumes of lighter, less dense crude in their crude slates for gasoline production, contributing to widening price differentials between light and heavy crude grades. The price spread between light sweet WTI Midland crude and the heavy Western Canadian Select rose from around $8 per barrel in early April to about $12 per barrel by the end of May, while the difference between Light Louisiana Sweet and medium sour Mars crude widened to $6.8 per barrel in the same period, according to data from RBN Energy and Refinitiv Eikon
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