OIL: EIA Weekly US Petroleum Summary - Week to Jul 3
- w/w change week ending Jul 3
| Expected (BBG Survey) | w/w change | 03/07/2026 | |
| Crude stocks | -1,868 | 2,998 | 411,357 |
| Crude production | 50 | 13,860 | |
| SPR stocks | -6,166 | 319,489 | |
| Cushing stocks | -52 | 19,614 | |
| Gasoline stocks | -1,324 | -1,904 | 212,062 |
| Implied mogas demand | -286 | 8,845 | |
| Distillate stocks | 908 | -4,980 | 103,619 |
| Implied dist demand | 693 | 4,307 | |
| Tot product stocks | -6,982 | 786,229 | |
| Ref runs | -172 | 17,024 | |
| Ref Run rate | -0.10 | (0.8) | 95.8 |
| Total exports | 730 | 11,992 | |
| Total imports | 76 | 6,888 | |
| Adjustment (Unaccounted Oil) | -453 | -49 |
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EURIBOR OPTIONS: Mid Curve Put Spread
0RQ6 97.12/96.50ps 1x1.5, bought for 10.5 in 5k.
EURIBOR OPTIONS: Mid Curve Call Spread vs Put
0RU6 97.25/97.50cs vs 96.9375p, bought the cs for 1.25 in 7k.
ISRAEL: Full Security Cabinet Meeting @ 21:00 Local As Both Sides Halt Strikes
Prime Minister Benjamin Netanyahu is still set to convene an expanded meeting of the security cabinet later on 8 June, at 21:00 local time (14:00ET, 19:00BST, 20:00CET). Following a major exchange in missile fire and aerial bombardments between Iran and Israel, the first time since the April ceasefire came into effect, both sides have indicated that offensive actions have come to a halt. Tensions had ratcheted up in recent days amid the ongoing conflict between Israel and Hezbollah in Lebanon, and Iranian strikes on US military facilities and civilian infrastructure in the Gulf states.
- US President Donald Trump's call with Netanyahu earlier on 8 June appears to have pushed Netanyahu to halt the strikes on Iran (for now). However, there will likely be significant pressure within the cabinet from ultranationalists such as Finance Minister Bezalel Smotrich and Security Minister Itamar Ben-Gvir to renew strikes on Iran and maintain those against Hezbollah in the southern suburbs of Beirut.
- Indeed, Israel Hayom reports that in an earlier narrow security cabinet meeting, Ben-Gvir called for Netanyahu to "go over Trump's head" and even "tear the rope" [curtail ties] with the US president, whereas ultraorthodox Shas party leader MK Aryeh Deri, responded: “It doesn’t matter what we would have proposed, you would have said we need to tear the rope, because that’s what you want people to hear.”
- Israel has said that IDF strikes on southern Lebanon will continue no matter the circumstances, and that any Hezbollah attacks on northern Israel will see strikes on Beirut resume. This, in turn, could easily see a resumption in direct Iran-Israel conflict.
