WS #11323
The dominant oil glut narrative from the previous window continues without material change. No new data points or counter-signals have emerged in the last 30 minutes. The ceasefire-driven oil supply surge, weak jobs data, and geopolitical tensions remain the same. No new developments warrant updating the market view.
Topics
Key developments
- OPEC+ June output surges 2.34 million bpd to 18.75 million bpd as Gulf states restore Hormuz shipments
- Citigroup forecasts Brent falling to $60/barrel by year-end; Brent briefly dips below $70
- Weak US jobs report (57,000 vs 110,000 expected) eases Fed rate hike fears, Bitcoin rallies above $61,600
- Iran reportedly preparing preemptive ballistic missile strike on Israel
- Tesla Q2 deliveries surge 25% to over 480,000, European sales up 77%
- Acting DNI Bill Pulte fires over 30 intelligence officials