The U.S. Senate Confirmed Jerome Powell, The Nominee For Federal Reserve Chair, As A Member Of The Board Of Governors Of The Federal Reserve System

EIA Short-Term Energy Outlook: If The Strait Of Hormuz Remains Closed Until The End Of June, Crude Oil Prices Will Be $20 Per Barrel Higher Than The Current Forecast Assuming It Reopens At The End Of May

The EIA Short-Term Energy Outlook Report Projects That A Total Of 10.5 Million Barrels Per Day Of Crude Oil Production Will Be Suspended In April From Iraq, Saudi Arabia, Kuwait, The UAE, Qatar, And Bahrain

The EIA's Short-Term Energy Outlook Report Projects Natural Gas Prices At $3.30 Per Barrel In 2027, Down From A Previous Forecast Of $3.73 Per Barrel

The EIA's Short-Term Energy Outlook Report Projects U.S. Crude Oil Production To Increase By 60,000 Barrels Per Day In 2026, Up From A Previous Forecast Of -80,000 Barrels Per Day. It Also Projects U.S. Crude Oil Production To Increase By 450,000 Barrels Per Day In 2027, Up From A Previous Forecast Of 440,000 Barrels Per Day

In May, The U.S. EIA Revised Its Short-term Outlook For The Year, Projecting U.S. Crude Oil Production At 13.65 Million Barrels Per Day, Up From The Previous Estimate Of 13.51 Million Barrels Per Day

The EIA's Annual Energy Outlook Report Projects Global Oil Production At 101.6 Million Barrels Per Day In 2026, Up From The Previous Forecast Of 104.3 Million Barrels Per Day; And Projects Production At 109.5 Million Barrels Per Day In 2027, Also Unchanged From The Previous Forecast

In May, The U.S. EIA Projected An Average WTI Crude Oil Price Of $85.68 Per Barrel For The Year, Compared With The Previous Estimate Of $87.41 Per Barrel

Market News: The EU Has Banned Imports Of Animal And Meat Products From Brazil

Ahead Of The USDA Monthly Report Release, US Wheat Futures Rose More Than 3%, US Soybean, Corn, And Soybean Meal Futures Rose Nearly 1%, And US Soybean Oil Futures Rose More Than 1%

Venture Global Has Signed New LNG Supply Agreements With TotalEnergies And Vitol Group