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• Energy Sector Commentary for Wednesday
  The energy sector is set for a higher start supported by strength in the...

  The energy sector is set for a higher start supported by strength in the underlying commodities despite weakness in U.S equities. The major market futures are down as tech-driven optimism eased and as a rise in oil prices has increased existing concerns of a further rise in global inflation.

  
  

  WTI and Brent crude oil are up in early trading on the easing of China’s COVID-19 restrictions and a possible strike by Norwegian oil workers. Oil futures are extending their upward trend despite economic data showing builds for crude and oil products as traders expect oil demand to pick up following China’s decision to end its COVID-19 related lockdowns. The API report showed U.S crude, gasoline and distillate inventories rose for the week ending June 3^rd, which was largely ignored by the markets. Additionally, Norwegian oil workers plan to strike from June 12 if state-brokered wage meditation fails, potentially putting crude output at risk of shutdown. However, the Chief of the Lederne labor union says gas may not be affected as they will try to avoid hurting gas production, pointing out supply issues created by the war in Eastern Europe.

  
  

  Natural gas futures have edged up this morning on a decline in output and forecasts for warmer weather and higher demand than previously expected.

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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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