Daily Global Commodity Market News Brief (June 18)

Crude oil:

1. Israeli Ministry of Energy: No fuel shortages are expected.

2. According to Iranian media: Israel attacked the Rey oil refinery in southern Tehran.

3. EU High Representative for Foreign Affairs and Security Policy Borrell: The EU should advance measures to reduce the price cap on Russian oil.

4. Sources: Qatar Energy has instructed vessels to remain outside the Gulf before the loading date or to wait outside the Strait of Hormuz.

5. Indonesian Finance Minister: As of May, Indonesia's average crude oil production was 567,900 barrels/day, and natural gas production was 987,500 barrels of oil equivalent/day.

6. Sources: Qatar has set the premium for the Al-Shaheen crude oil contract for June shipments at $2.48 per barrel, the highest level in a year.

7. The EU suggests that countries develop national plans by March 1, 2026, outlining how they will comply with the requirement to end Russian oil imports by the end of 2027.

8. UAE Abu Dhabi National Oil Company ADNOC: The UAE plans to increase energy investments in the US sixfold over the next decade, reaching $440 billion.

9. One of the world's largest tanker operators Frontline: The Front Eagle tanker had a collision near the Strait of Hormuz, which is unrelated to regional conflicts.

10. IEA Monthly Report: Downgraded the average oil demand growth forecast for 2025 to 720,000 barrels/day (previously estimated at 740,000 barrels/day) and for 2026 to 740,000 barrels/day (previously estimated at 760,000 barrels/day). Unless there are significant disruptions, the oil market is expected to remain well supplied by 2030.

Natural gas:

1. The EU proposed to prohibit EU liquefied natural gas terminals from providing long-term services to Russian customers starting January 1, 2026; the rule applies to contracts signed after June 17, 2025.

2. Qatar Foreign Ministry spokesperson: We condemn Israel's reckless attacks on nuclear and oil facilities. (Regarding the attack on the South Pars oil field) This thoughtless attack has raised concerns about gas supply for everyone. So far, the situation is safe for us, and gas supply is normal.

3. Mitsui O.S.K. Lines CEO: The company's shipping operations in the Arabian Sea are still proceeding normally, closely monitoring the situation between Israel and Iran. Due to the lack of alternative routes, reducing or stopping transport in the Arabian Gulf would be very difficult. Currently negotiating with the EU to lift sanctions on some LNG vessels.

Trade situation:

1. Italian Prime Minister Meloni: Expressed pessimism regarding ongoing trade negotiations.

2. According to the Korea Daily Economic News: South Korea and the United States will hold the third round of trade negotiations next week.

3. European Commission President Von der Leyen: The trade negotiations between the EU and the US are making progress.

4. Japanese Prime Minister Kishida: Japan and the United States have been striving for breakthroughs in trade agreements until the very last moment.

5. Indian Foreign Secretary: Indian Prime Minister Modi told Trump that there were no discussions on trade agreements between India and the US during the entire India-Pakistan conflict.

6. Officials from Thailand's Ministry of Commerce: Trade proposals will be submitted to the US on Friday. If trade negotiations are not completed before the end of the tariff suspension, the US will extend the negotiation period.

Others:

1. Thailand's Ministry of Commerce: Thailand's rice exports in May decreased by 0.2% year-on-year.

2. Qatar Foreign Ministry spokesperson: Maritime traffic in the Strait of Hormuz is normal.

3. According to the Wall Street Journal, Canada's Minister of Industry stated that Canada is considering implementing a 'Buy Canadian' policy for steel and aluminum.

4. Sources: After Iran's attack, the war risk shipping insurance rates for voyages to Israel have tripled compared to a week ago.

(From Jin Shi Data App)