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• The EU's 3 biggest shipping countries have doubled Russian oil shipments since the invasion of Ukraine, and it's undermining attempts to hurt Putin
  Shipping companies in the European Union's three largest maritime nations of Greece, Cyprus, and Malta...
  Shipping companies in the European Union's three largest maritime nations of Greece, Cyprus, and Malta have doubled the quantity of Russian oil they transport since the invasion of Ukraine on February 24, The Independent reported on Monday.
  
  Shipping companies and vessels linked to the three countries moved an average of 58 million barrels of Russian oil in the month of May. That's almost double the 31 million barrels they collectively transported in February. The three countries have the largest shipping fleet in the EU, according to Reuters.
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• What Else is Brewing Wednesday Morning
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  • A bipartisan duo of senators released a comprehensive bill that would regulate the crypto industry.
  
  
  • The energy giant Shell began selling electricity generated by renewable sources to Texans yesterday.
  
  
  • Novavax’s two-dose Covid-19 vaccine for adults was recommended by an FDA advisory committee, setting the stage for FDA authorization next week.
  
  
  • Google is light on details after promising to double its AI ethics team one year ago (special report from Emerging Tech Brew).
  
  
  • Disney apologized after a Disneyland Paris employee broke up an engagement proposal in front of Sleeping Beauty’s castle.
  
  

  
  
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• API reported a build for crude oil inventories
  The American Petroleum Institute (API) reported a build this week for crude oil of 1.845 million...
  The American Petroleum Institute (API) reported a build this week for crude oil of 1.845 million barrels, while analysts predicted a draw of 1.8 million barrels. The draw comes even as the Department of Energy released 7.3 million barrels from the Strategic Petroleum Reserves in Week Ending June 3.
  
  U.S. crude inventories have shed some 74 million barrels since the start of 2021 and about 17 million barrels since the start of 2020, according to API data.
  
  Distillate stocks saw a rise in inventory, of 3.376 million barrels for the week, compared to last week's 858,000-million-barrel increase.
  
  Cushing saw a decrease of 1.839 million barrels this week. Cushing inventories rose to 25.034 million barrels in the week prior, as of May 27, 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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• Closing Oil & Gas Prices for Tuesday
  Benchmark U.S. crude oil for July delivery rose 91 cents to $119.41 a barrel Tuesday. Brent crude for...
  Benchmark U.S. crude oil for July delivery rose 91 cents to $119.41 a barrel Tuesday. Brent crude for August delivery rose $1.06 to $120.57 a barrel.
  
  Wholesale gasoline for July delivery fell 3 cents to $4.16 a gallon. July heating oil fell 4 cents to $4.32 a gallon. July natural gas fell 3 cents to $9.29 per 1,000 cubic feet.
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• MarketWatch: Dow finishes up over 250 points as stocks book back-to-back gains
  Major U.S. stock indexes booked back-to-back gains on Tuesday, erasing earlier weakness after big-box...
  Major U.S. stock indexes booked back-to-back gains on Tuesday, erasing earlier weakness after big-box retailer Target Corp. lowered its operating-margin guidance. The Dow Jones Industrial Average DJIA, +0.80% rose about 264 points, or 0.8%, ending near 33,179. The S&P 500 SPX, +0.95% closed up 1%, while the Nasdaq Composite Index COMP, 0.94% rose 0.9%, adding to modest gains for all three benchmarks on Monday. Stocks wobbled earlier in the session after Target TGT, -2.31% outlined plans for price hikes, markdowns and more to help offset inventory woes tied to supply-chain bottlenecks and higher energy costs. Investors have been closely monitoring big retailers for signs of a potential pullback by consumers juggling higher costs at the gas pump, grocery store and elsewhere as inflation runs hot.
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