Oil Market - Qatar Energy has instructed vessels to remain outside the Gulf before loading dates or wait outside the Strait of Hormuz [1] - As of May, Indonesia's average crude oil production was 567,900 barrels per day, and natural gas production was 987,500 barrels of oil equivalent per day [1] - Qatar set the premium for the Al-Shaheen crude oil contract for June at $2.48 per barrel, the highest level in a year [1] - The EU has proposed that member states develop national plans by March 1, 2026, to comply with the requirement to end Russian oil imports by the end of 2027 [1] - ADNOC plans to increase U.S. energy investments sixfold to $44 billion over the next decade [1] - Frontline, one of the largest tanker operators, reported a collision involving the Front Eagle tanker near the Strait of Hormuz, unrelated to regional conflicts [1] - The IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day from 740,000 barrels per day, and for 2026 to 740,000 barrels per day from 760,000 barrels per day, indicating ample supply expected until 2030 unless major disruptions occur [1] Natural Gas Market - The EU proposed to ban long-term services to Russian customers at EU LNG terminals starting January 1, 2026, applicable to contracts signed after June 17, 2025 [2] - Qatar condemned Israel's reckless attacks on nuclear and oil facilities, raising concerns about gas supply, although the situation remains secure for now [2] - Mitsui O.S.K. Lines' CEO stated that shipping operations in the Arabian Sea are normal, closely monitoring the situation between Israel and Iran, and discussing the lifting of sanctions on some LNG vessels with the EU [2] Trade Relations - Italian Prime Minister Meloni expressed pessimism regarding ongoing trade negotiations [3] - India's Foreign Secretary noted that Prime Minister Modi informed Trump that there were no trade agreement discussions between India and the U.S. during the India-Pakistan conflict [4] - Thailand's Commerce Ministry officials indicated that a trade proposal would be submitted to the U.S. on Friday, with potential extensions for negotiations if not completed before tariff suspensions end [4] Other Developments - Israel's Energy Ministry does not anticipate fuel shortages [6] - Reports from Iranian media indicated an Israeli attack on a refinery south of Tehran [6] - The EU's High Representative for Foreign Affairs and Security Policy, Borrell, stated that the EU should advance measures to lower the price cap on Russian oil [6] - South Korea and the U.S. are set to hold the third round of trade negotiations next week [7] - EU Commission President von der Leyen noted progress in trade negotiations between the EU and the U.S. [7] - Japan's Prime Minister Shigeru Ishiba mentioned ongoing efforts to seek breakthroughs in trade agreements with the U.S. [7] - Thailand's rice exports in May decreased by 0.2% year-on-year [7] - Qatar's Foreign Ministry confirmed that maritime traffic in the Strait of Hormuz remains normal [7] - Reports indicated that Canadian officials are considering a "Buy Canadian" policy for steel and aluminum [7] - Following Iranian attacks, war risk shipping insurance rates for routes to Israel have tripled compared to a week ago [7]