U.S. commercial crude oil inventories increased by 1.4 million barrels from the previous week to 540.7 million barrels

Weekly US crude oil exports averaged 3.16 million b/d for the week ended on June 19

South Korean refiners imported 7.407 million barrels of US crude in May, compared with 11.516 million barrels a year earlier,

A mild winter and COVID-19 mitigation efforts have led to declining global natural gas demand and high natural gas storage inventories in Europe and Asia, reducing the need for LNG imports.

With many office buildings left empty through the summer months, demand for electricity to power offices, as well as restaurants, hotels and music venues is expected to drop significantly.

Plummeting wind, solar, and storage prices have fallen so fast that the United States can reach 90% clean electricity by 2035 – without raising customer costs at all from today’s levels, and actually decreasing wholesale power costs 10%.

U.S. Rig Count is down 13 rigs from last week to 266, Canada Rig Count is down 4 rigs from last week to 17

The dollar traded near a two-week high against a basket of currencies

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.2 million barrels from the previous week. At 539.3 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year.

The Multi-Mission Radioisotope Thermoelectric Generator (MMRTG) was fuelled, built and tested by DOE’s national laboratories to power the mission’s Perseverance rover.