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• OPEC+ announced a big boost to oil output Thursday - but it may not be enough
  Even though it was larger than expected, the 648,000 barrel-per-day increase ...
  Even though it was larger than expected, the 648,000 barrel-per-day increase may not be enough to offset missing Russian barrels in the global market, according to the CEO of Hess.
  
  The release comes as US crude inventories have slipped, with EIA data showing that current stockpiles are some 15% below the five-year average for this time of year.
  
  Still, the OPEC+ announcement clears the way for Saudi Arabia to ramp up oil production to try and fill in for Russia's absence from the market. As concerns mount over a dire supply squeeze, sources told the Financial Times that the Kingdom is prepared to pump more crude.
  
  Saudi Arabia is aware of the risks in oil markets, and "that it is not in their interests to lose control of oil prices," a source told the FT.  With China potentially easing COVID lockdowns, questionable Russian output, and soaring gas prices in the US, the White House faces a complex task.  And, closer to home, consumers are still wondering why gas prices keep rising even in times when crude oil falls from record highs.
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• Permian Output to Continue Growing Despite Supply Chain Constraints
  As demand for oil continues to surge on historically tight supply, Norwegian research firm Rystad Energy...
  As demand for oil continues to surge on historically tight supply, Norwegian research firm Rystad Energy expects oil production in the Permian Basin to grow by almost 1 million bbl/d this year despite inflation worries, labor shortages and supply chain constraints.
  
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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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