- Oil is trading lower, around $78, amid a stronger dollar
- The US dollar is stronger this morning, while equities are weaker following commentary by the Federal Reserve implying rates may stay higher for longer
- The June WTI contract expired yesterday, with July now the prompt month
- Russia’s exports have moved higher as the country looks to replace an export cap with a production cut in line with other OPEC+ producers
- US to close Northeast gasoline reserve (Reuters)
- The Biden administration has decided to shut down the Northeast gasoline reserve and sell nearly 1 MMBbls of gasoline
- The reserve was created after Superstorm Sandy in 2014, but storing fuel has been costly
- The sale is planned to allow gasoline to flow to retailers in advance of the Fourth of July holiday
- US gasoline prices have fallen for four consecutive weeks now to $3.58/gallon and are now about 30% cheaper than the peak at a record of more than $5/gallon in June 2022
