Operation ‘Save Germany’ is scheduled for 24 June It’ll involve representatives from France, Germany, Italy, Austria, and others as they are to which has been the bane for German chancellor Angela Merkel’s party over the last few weeks.
Commerce Secretary Ross
Iran proposing a solution to the OPEC+ agreement In May, OPEC members’ compliance was at 146% with only Iraq and Equatorial Guinea failing to cut supplies as promised. Meanwhile, non-OPEC members’ compliance was only at 54% with only 3/10 producers in the OPEC+ agreement abiding with the pledges.
Crude oil inventory -4143K last week Crude oil had a much higher draw in the current week: The price of crude oil is currently trading at $65.95, up $0.88 or 1.35%. The price spike to $66.29 on the higher draw but has moved back down.
Private data showed a drawdown of inventory The DOE will release the weekly inventory data at the bottom of the hour. Last night the private data showed the following:
Some highlights so far Wilbur Ross – US Commerce Secretary – is testifying on Capitol Hill today on trade tariffs. To watch live, you can go to the CSPAN website (can’t find an embed code). .
May US existing home sales It’s been slow going in housing for awhile now.
Oman oil minister WTI crude is up 98-cents to $66.05 today. I’m skeptical that there is any excess capacity among OPEC members, aside from Saudi Arabia.
Xinhua report China to hit back, as expected. How ‘strong’ will be the question.
S&P futures pointed higher The S&P 500 is set to reverse yesterday’s 11 point decline. Futures point to a 9 point climb at the open. The Dow is in focus with one of the few ‘industrial’ companies — General Electric — set to be removed from the index after 110 years. The change will take place…