AGP Executive Report
Last update: 2 hours agoStrategic Petroleum Reserve: The U.S. Strategic Petroleum Reserve is nearing a historic low, with EIA data showing 365.1 million barrels as of May 22—down more than 50 million since the Iran conflict began—raising fears it could hit levels last seen in 1983. Inflation & energy costs: May CPI jumped to 4.2%, the highest since 2023, with energy up sharply and driving about 60% of the monthly increase, keeping pressure on household budgets. Middle East oil risk: Iran announced a full closure of the Strait of Hormuz in retaliation for U.S. strikes, a move that could roil global crude flows and push prices higher. U.S.-Iran deal talks: Reuters reports a draft U.S.-Iran memorandum that would include reopening Hormuz, waiving oil sanctions for a period, and releasing $25 billion in frozen Iranian assets—though timing remains uncertain. Cushing stocks: Cushing, Oklahoma is teetering near a critical threshold, with about 21.6 million barrels left, leaving markets sensitive to any supply shock. Critical minerals: The House passed the DOMINANCE Act to counter China’s rare-earth processing dominance, aiming to build allied supply chains for defense and tech.
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