New York Fed Open Market Account manager Perli said reserve-management purchases have no predetermined path.

The IEA says UAE June crude production averaged 4.10 mln b/d, a record above the 4.00 mln b/d peak reached in 2020 during its brief price war with Saudi Arabia. The report frames Abu Dhabi’s response as bolder than any Persian Gulf peer in offsetting supply disruptions linked to hostilities involving Iran. Measures cited include deploying a large national tanker fleet and chartering additional vessels from South Korea’s Sinokor, which now operates the world’s largest VLCC fleet; many ships reportedly ran with AIS transponders off to move crude out of the Gulf. The UAE announced its exit from OPEC at end-April to remove output constraints and pursue expansion; most of the recent production ramp-up occurred before this week’s attacks on merchant vessels in the Strait of Hormuz.

U.S. EIA natural gas storage change for week to July 3: +61 bcf vs. +49 bcf expected; prior +87 bcf.