OIL PRODUCTS: Oil Products Summary at European Close: Cracks Fall

• +50,000 TYQ6 114.5 calls, 1 ref 109-11, new position w/ open interest 6,365 coming into the session.

Possible driver of JPY here: "JNN has learned that Finance Minister Katayama and U.S. Treasury Secretary Bescent held an emergency meeting."

"In this context, sources say that Finance Minister Katayama held an emergency online meeting with U.S. Treasury Secretary Bescent tonight. They are believed to have discussed how to respond to the historic weak yen and also discussed the possibility of currency intervention."

https://newsdig.tbs.co.jp/articles/-/2748955?display=1

• Note Katayama already spoke overnight - stating that her ministry remain "ready to respond appropriately to currency moves at any time needed", so very much inline with previous communications - but an "emergency" meeting with Bessent could mark an escalation in action. Recall in January this year USDJPY fell sharply on speculation the US Treasury had conducted a 'rate check' on USDJPY - marking potential cooperation on the currency.
• We're not seeing this news repeated on any major wires just yet - but seems to be circulating in lesser-followed Japanese media.

Following on from earlier comments from a European Commission spox, saying the EU was "reassessing" the situation regarding the planned 22 July EU-UK summit (see 
EU-UK: EU 'Reassessing' 22 July Summit Following UK PM Resignation), European Council President Antonio Costa has confirmed the summit's postponement. 

• Speaking at the EU-Moldova summit, Costa says, "Now for sure we need to postpone it, but we are reassessing the opportunity to hold this new summit." This comes after the resignation of British PM Sir Keir Starmer earlier on 22 June. Costa adds, "My wish is that his successor could give continuity on this good path to reset our relationship".
• Senior German MEP Bernd Lange, who chairs the European Parliament's international trade committee, appears to support the summit going ahead in some form. Posting on X, Lange writes, "...After years of tactical manoeuvring, [Starmer] had injected new momentum and paved the way for a genuine restart. This positive momentum must not be lost now. That would be reckless. [...] The past years and new geopolitical situation have surely made it clear that we not only should, but must, draw closer together once again. EU-UK summit on 22 July must deliver. We don’t have all the time in the world!"
• With presumptive next PM Andy Burnham likely only to have had a few days in office by late July, the likelihood is of a rearranged summit in the autumn.