🎯 Top Story

🛢️ UAE plans to build oil products pipeline bypassing Strait of Hormuz

What happened: The UAE is planning to build a pipeline for oil products that bypasses the Strait of Hormuz.

Why it matters: This is a major strategic move to reduce dependence on the world's most vulnerable chokepoint. If built, it would significantly reduce Gulf supply risks.

Market impact: 🟡 Long-term bearish for geopolitical risk premium. But construction will take years.

🔥 Quick Takes

⛽ Energy

• 🇮🇳 India's fuel exports fell to near four-year low in May → Slowing demand or supply constraints? Either way, a bearish signal for global refined products.
• 🇦🇪 UAE plans Strait-bypassing oil products pipeline → See Top Story.
• 🇨🇴 Colombia oil workers union announces 24-hour strike → Short-term supply disruption risk. Not a major volume threat.
• 🇷🇺 Russia's western port oil exports up 15% month-on-month in May → Russian exports are rebounding. Sanctions are not stopping the flow.
• 🇲🇾 Petronas sets May Malaysian crude official selling price at $126.80 per barrel premium → A very high premium. Asian buyers are
• paying up for secure supply.

🥇 Metals & Mining

• 📉 Commerzbank cuts year-end 2026 gold forecast to $4,800 from $5,000; maintains end-2027 at $5,200 → A downgrade, but still bullish long-term. Silver and platinum forecasts also cut.
• 🇮🇳 India denies report that RBI sold about $12 billion in gold → The central bank says gold holdings remain unchanged at 880.52 tons. A relief for the gold market.

🌾 Other

• 🇻🇳 Vietnam May rice exports up 19.3% to 925,000 tons → Strong demand. Global rice supply remains tight.
• 🇻🇳 Vietnam extends anti-dumping duties on Thai sugar imports to 2031 → Trade protection for local producers. Thai sugar faces headwinds.

📊 Key Data Snapshot

💡 Technical Analysis

🛢️ WTI Crude – $95.62

Resistance: $96.01 (R1) / $96.26 (R2) / $96.68 (R3) → Clear R1 for more upside

Support: $95.34 (S1) / $94.92 (S2) / $94.67 (S3) → Hold above S1 keeps bull case strong

Call: Strong Buy – MAs: 12 Buy / 0 Sell. Indicators: 8 Buy / 0 Sell. RSI at 70.7 is overbought. ADX at 74.3 is also overbought.

🥇 Gold – $4,485.40

Resistance: $4,499.00 (R1) / $4,506.74 (R2) / $4,514.38 (R3) → Need to reclaim R1 for any recovery

Support: $4,483.62 (S1) / $4,475.98 (S2) / $4,468.24 (S3) → Break below S1 opens more downside

Call: Strong Sell – MAs: 0 Buy / 12 Sell. Indicators: 0 Buy / 9 Sell. RSI at 35.3. STOCHRSI and Williams %R are oversold.

🥈 Silver – $74.41

Resistance: $74.98 (R1) / $75.31 (R2) / $75.67 (R3) → Need to clear R1 for upside

Support: $74.29 (S1) / $73.93 (S2) / $73.59 (S3) → Break below S1 opens S2

Call: Strong Sell – MAs: 0 Buy / 12 Sell. Indicators: 0 Buy / 8 Sell (1 neutral). RSI at 34.2. STOCHRSI is oversold at 0.

Source: Investing.com

🔮 Looking Ahead

• 🇷🇺 Russia western port exports – will the rebound continue?
• 🇨🇴 Colombia strike – any impact on output?
• 🇮🇳 India fuel exports – further decline?
• 🇦🇪 UAE bypass pipeline – project timeline details
• 🇻🇳 Vietnam rice exports – sustaining growth?