RUSSIAN CENBANK will consider fuel-market developments and their second-round effects at its next rate-setting meeting.

Energy: 1. ECB Chief Economist Lane: Oil futures curves indicate that oil prices will remain high for the next few years, meaning economic costs will rise. 2. U.S. Energy Information Administration (EIA): U.S. crude oil production climbed to a record high of 13.93 million barrels per day in April. 3. Market news: The Brazilian government will gradually reduce emergency fuel subsidies. 4. Petrobras: Will lower diesel prices by 0.35 reais per liter starting July 1st. After this adjustment, diesel prices for distributors will remain unchanged, averaging 3.30 reais per liter. 5. Australia's largest green hydrogen energy project has been approved for progress. 6. CATL's 100,000-ton lithium carbonate production capacity officially resumed production on the evening of the 29th. 7. U.S. fossil fuel power generation spending may surpass China's for the first time in decades. 8. Goldman Sachs: Restocking cannot stop the supply surge; daily crude oil surplus may exceed 3 million barrels. 9. South African Government: July retail petrol prices will be reduced by up to 2.01 rand per liter. July wholesale diesel prices will be reduced by up to 3.59 rand per liter. 10. Shell LNG Outlook: If shipping in the Strait of Hormuz returns to normal this summer, LNG trade in 2026 is likely to be similar to last year, with growth expected to resume in 2027. Forecasts show that by 2050, South Asia and Southeast Asia will account for approximately 40% of global LNG imports. Approximately 180 million tons of new supply are expected to enter the market annually by 2030. Global LNG demand is projected to grow by 65% to nearly 700 million tons by 2050. 11. Citigroup: It projects the average price of TTF natural gas in the second half of 2026 to be €36.5 per megawatt-hour (US$12.4 per million British thermal units), JKM LNG to US$13.5 per million British thermal units, and Henry Hub natural gas to US$3.2 per million British thermal units. The projected average price for TTF natural gas in 2027 is €27 per megawatt-hour (US$9.2 per million British thermal units), JKM LNG to US$9.5 per million British thermal units, and Henry Hub natural gas to US$2.8 per million British thermal units. Precious Metals and Mining: 1. South32 will sell most of its aluminum assets to Alcoa for up to US$5.6 billion. 2. CICC: Gold prices may have already over-priced in interest rate hike expectations. 3. A stronger US dollar is putting pressure on commodity prices, with aluminum prices falling to their lowest level since February. Iran Situation: 1. South Korea's Ministry of Oceans and Fisheries: Hyundai Merchant Marine's (HMM) cargo ship "Namu" is expected to depart from the Strait of Hormuz in mid-July. Other: 1. TSMC, Samsung, SK Hynix, and other giants are scrambling to buy electronic-grade hydrofluoric acid; some suppliers have already raised prices by 30% this year.

U.S. Treasury Secretary Bessant: We haven't seen the June jobs data yet. I wouldn't be surprised if the June jobs data is very strong.