Energy
West Texas Intermediate crude held gains after U.S. inventories drew down across products, with crude stocks falling 2.313 million barrels, gasoline 2.504 million, and distillates 1.294 million. The Strategic Petroleum Reserve saw significant draws to offset global supply losses. U.S. fuel exports reached record weekly levels, including at least 1.5 million barrels of diesel daily since early April, while crude production trended lower. Prices dipped on hopes of a U.S.-Iran memorandum to reopen Hormuz but recovered after statements indicating potential escalation absent agreement. Markets showed skepticism, with oil prices climbing above $100 amid Iranian threats.
Meanwhile, Goldman Sachs analysts forecast extreme physical tightness in European jet fuel and diesel markets through summer and early autumn due to disruptions in Middle East supply chains via the Strait of Hormuz. Europe faces a net loss of around 250,000 barrels per day of jet fuel after partial offsets from U.S. and West African sources. The United Kingdom, Europe’s largest net jet fuel importer at 195,000 barrels daily with limited reserves, risks commercial stocks falling below 10 days of cover by mid-summer, potentially triggering rationing measures. Airlines have reduced summer capacity, with European short-haul and transatlantic flights cut by low single digits and Middle East schedules by high double digits. Oil market author Morgan Downey countered that a global glut persists with ample supply available for the UK.
Lastly, Japan secured an additional 20 million barrels of crude from the United Arab Emirates, to be loaded at the Gulf of Oman port of Fujairah, bypassing the Strait of Hormuz. This deal follows Japan’s daily oil needs of 2.36 million barrels, with 40 percent typically from the UAE, which recently exited OPEC to expand production independently. Abu Dhabi National Oil Company plans to award $55 billion in upstream and downstream contracts from 2026 to 2028, focusing on capacity expansion, in-country value, and supply chain resilience as part of a larger $150 billion capital program through 2030.
Geopolitics
Saudi Arabia reportedly denied U.S. access to Prince Sultan Airbase and its airspace for Project Freedom, prompting President Trump to suspend the operation. Trump announced the initiative on social media without prior coordination with Gulf allies, prompting Saudi refusal confirmed in a call with Crown Prince Mohammed bin Salman. The Pentagon had prepared additional ships when the halt occurred to preserve military access. However, some sources indicated the kingdom was not upset by the announcement and supports U.S.-Iran diplomacy efforts.
Epstein Files
A federal judge unsealed a purported suicide note attributed to Jeffrey Epstein, found by his former cellmate Nicholas Tartaglione inside a graphic novel before Epstein’s July 2019 incident. The undated, unsigned document states that investigators found nothing after months of scrutiny and expresses the intent to choose the time to say goodbye. Epstein died on August 10, 2019, in Manhattan’s Metropolitan Correctional Center, officially ruled a suicide by hanging. Reported irregularities include his brief removal from suicide watch, lack of a cellmate against orders, an unmonitored phone call, excess linens in the cell, guards falsifying logs and sleeping, an unidentified orange shape on footage near his tier, missing ligature, autopsy fractures more consistent with strangulation according to pathologist Michael Baden, post-death document shredding, and discrepancies in medical records. The document has not been authenticated, according to reports.
Meanwhile, Commerce Secretary Howard Lutnick is scheduled for closed-door testimony before a U.S. House committee investigating Epstein’s case. Documents reveal 2012 emails where Lutnick, a former Epstein neighbor, arranged a visit to Epstein’s Caribbean island with family despite later claiming severed ties around 2005 after a disturbing mansion tour. Epstein’s assistant confirmed the lunch, followed by Epstein’s message noting it was nice seeing Lutnick. Lutnick previously described a minimal association with Epstein. Lutnick has testified in the past that he had no personal or professional relationship with Epstein beyond three meetings.
US Politics
Trump-endorsed challengers defeated six out of seven incumbent Indiana Republican state senators in primaries who had blocked a congressional redistricting map favored by Trump to bolster Republican seats. Incumbents in districts 1, 6, 11, 19, 21, 39, and 41 lost, including Senate Majority Leader Travis Holdman. The new map had stalled in the Senate despite Republicans holding supermajorities in Indiana’s legislature. Some analysts attributed the challengers’ victories to strong local campaigns in addition to Trump endorsements.
In other news, White House and Treasury officials have discussed allowing stock donations to Trump Accounts, investment vehicles for U.S. children providing a $1,000 federal seed for births from 2025 to 2028, plus up to $5,000 annual post-tax contributions. Donors could claim charitable deductions on the full market value without capital gains tax, though funds are locked until ages 18, 25, or 30. Billionaires Michael Dell and his wife pledged $6.25 billion for 25 million children under 10 in lower-income ZIP codes, and Ray Dalio committed to 300,000 Connecticut children. Changes would require legislation. Critics contend the policy offers significant tax advantages primarily to wealthy donors.
Lastly, the National Oceanic and Atmospheric Administration approved The Metals Company’s application for the first U.S. deep-sea critical minerals exploration license in the Pacific’s Clarion-Clipperton Zone. The North Carolina-based firm, a subsidiary of a Canadian company, targets nickel, copper, cobalt, and manganese nodules estimated at 17 million tons of nickel, 14 million tons of copper, 2.2 million tons of cobalt, and 380 million tons of manganese across 77,220 square miles for exploration and 26,000 square miles for recovery. The Trump administration expedited review under the Deep Seabed Hard Mineral Resources Act amid China’s supply restrictions. The process advances to environmental review and public comment, with licensing expected by early 2027. The application drew mixed public feedback during review, including concerns over ocean ecosystem risks.
Privacy & Surveillance
The Federal Communications Commission unanimously approved a proposal requiring telecom providers to verify customer identities with government-issued ID, physical address, legal name, and existing phone numbers before activating voice services, including prepaid and VoIP. The rules aim to curb illegal robocalls by targeting negligent carriers and mirror banking anti-money-laundering standards. Carriers may need to retain records for four years post-service and check against law enforcement watchlists, with per-call fines up to $15,000. Prepaid anonymity, used by journalists, survivors, and activists, faces elimination.
European Politics
Copenhagen’s Green-led council implemented a policy limiting beef consumption for elderly care residents to 80 grams per week, equivalent to about 11.4 grams daily, citing climate concerns. A Green Party representative stated that the elderly have contributed significantly to climate change over their lifetimes. Opposition parties and elderly advocates argue that the restriction could lead to undernutrition among a vulnerable group. The council maintains that the policy allows flexibility. The representative later apologized for her remark on the elderly’s climate contributions.
Sources
Copenhagen Greens Cap Elderly Beef at 80g/Week: Climate Sins or Starvation Risk?
Copenhagen’s Green-led council is limiting elderly care residents to 80 grams of beef per week for climate reasons.
Source | Submitted by Patriot83
UK Jet Fuel Rationing Looms as Goldman Sachs Flags Extreme Supply Crunch
UK Jet Fuel Rationing Risks Emerge As Goldman Warns Of “Extreme Physical Tightness”
Epstein’s “They Found NOTHING” Suicide Note Emerges—Doubts Persist
This whole thing has been a joke from the beginning…
NOAA Approves First U.S. Deep-Sea Critical Minerals Exploration in Pacific
The Trump administration approved on May 1 its first deep-sea critical minerals exploration application, submitted by North Carolina-based deep-sea mining explorer The Metals Company USA (TMC).
Japan Bypasses Hormuz with UAE Oil Deal as ADNOC Plans $55B Pipeline Surge
Iran’s mistake is that once Hormuz becomes structurally unreliable, the world builds around it.
Lutnick Faces Epstein Grilling: Testimony Today After Emails Expose Island Lie
He’s full of sh*t.
WTI Rebounds on Record US Fuel Exports, Inventory Draws, and SPR Drain Amid Iran Peace Hopes
WTI Holds Rebound Gains As US Fuel Exports Hit Record High, Production Dips, Huge SPR Drain
The FCC Wants Your ID Before You Get a Phone Number
The era of the anonymous phone number could be ending.
Indiana Primary Bloodbath: Redistricting Rebels Routed by Trump-Endorsed Challengers
If Republicans campaign on urgency, win majorities, gain power … and then refuse to use it, what exactly are voters keeping them there for?
Billionaires Poised to Donate Stock to Trump Accounts—Unlocking Massive Tax Breaks
If equity donations were added, donors could unload stock worth potentially billions of dollars and receive a charitable deduction for the equity’s full market value, without ever paying capital gains on its appreciation.
Source | Submitted by Chris Martenson
Saudi Arabia Bars US from Bases and Airspace, Forcing Trump to Suspend Project Freedom
Saudi Arabia refused U.S. access to its bases and airspace for Project Freedom, forcing Trump’s suspension of the operation
In addition to sources submitted by community members, the following were also used in the creation of this report: BT (Berlingske Tidende), ZeroHedge, The New York Independent, New York Times, WSJ (Wall Street Journal), NOAA, MINING.COM, Epoch Times, IndyStar, New York Times DealBook, and NBC News.
by permiegirl 
