IIR's June 10 Market Scorecard Brings You Breaking Geopolitical News

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Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
Gantz to leave emergency government in rebuke of Netanyahu		Israeli opposition leader Benny Gantz announced his departure from the emergency government Sunday, destabilizing Prime Minister Benjamin Netanyahu's hold on power. The move by Gantz, a former general, fractures the emergency coalition formed after Oct. 7 and increases the political pressure on Netanyahu to accept a Gaza cease-fire proposal that would bring home the hostages still held by Hamas.	Washington Post	Electing the Future: India's Modi Continues as PM, but Faces Energy Challenges
Ukraine war latest: Zelensky says Russia's Kharkiv offensive failed; Ukraine hits Russian Su-57 aircraft for first time		Russian troops failed their Kharkiv Oblast offensive, President Volodymyr Zelensky said in his evening address on June 8 after meeting with Commander-in-Chief Oleksandr Syrskyi. The most difficult battlefield situation is reportedly in Donetsk Oblast. Russia is continuing to push on multiple directions, Ukraine's General Staff said in its latest update. Ukraine's military intelligence agency (HUR) reported on June 9 that a Su-57 fighter jet stationed in Russia has been hit for the first time.	The Kyiv Independent	Join Industrial Info In Person for Our Mid-Year North American Market Outlook
Oil prices up 3% to one-week high on hopes of higher summer fuel demand		Oil prices climbed about 3% to a one-week high on Monday, buoyed by hopes of rising fuel demand this summer despite a stronger U.S. dollar and expectations the U.S. Federal Reserve will leave interest rates higher for longer. Goldman Sachs analysts expect Brent to rise to $86 a barrel in the third quarter, saying in a report that solid summer transport demand will push the oil market into a third-quarter deficit of 1.3 million barrels per day. The U.S. dollar, meanwhile, rose to a four-week high against a basket of other currencies as the euro fell sharply due to political uncertainty in Europe after gains by far-right parties in voting for the European Parliament prompted a bruised French President Emmanuel Macron to call a snap national election.	Reuters	Norway Sees Oil, Gas Promise in Barents Sea Mud Volcanos
Gold rebounds as market's focus turns to U.S. inflation data		Gold prices rebounded on Monday after the precious metal's biggest daily drop in three and a half years in the last session, as investors awaited U.S. inflation data and the Federal Reserve's decision on interest rates later this week. Bullion lost about $83 an ounce on Friday, declining 3.5% in its biggest one-day drop since November 2020 after a stronger-than-expected U.S. jobs report dented hopes for a September interest rate cut and reports that China's central bank was holding off gold purchases put off investors betting on Chinese demand.	CNBC	Dallas Fed Sees Links Between Jobs, Rig Counts and Oil Prices Breaking
Natural Gas Price Forecast - Natural Gas Rallies on Heat Wave		Natural Gas Technical Analysis: Natural gas continues to take off to the upside as we are looking at a hotter than anticipated end of June in the United States, and that could really send this market much higher. That being said, it looks like we are going to attack the $3 level and breaking above there opens up the possibility of much higher pricing. This is typically not a very strong time of year for natural gas, but we also have to worry about supply issues in Europe.	FX Empire	EPRI Report Sees Dramatic U.S Electric Demand Growth from Data Centers
Markets see 'emotional reaction' to European election results and Macron's surprise move		European assets face a risk-off session post-weekend's parliamentary elections. The euro saw the worst two-day performance against the dollar since February 2023. All European indices were in negative territory. While the EPP secured the most seats, bolstering Ursula von der Leyen's bid for a second term as Commission President, the rise of far-right parties in opposition poses a challenge for passing key legislation needed to address security issues, energy policies, and military alliances.	EuroNews	South Africa Voters Push Back on ANC's 30-Year Rule
The Future of Water Management in a Changing World		'Day Zero' never arrived in Cape Town, South Africa. Day Zero was the name given by Cape Town officials to the day in 2018 they would have to shut down water flows to most of the city taps because of inadequate water supplies--supplies that had run desperately short in the wake of an extreme three-year drought. Day Zero never came for two reasons: First, those officials cajoled Cape Town residents into cutting water consumption in half. Second, the rains finally resumed a few months later. Now Mexico City and Bogotá are both facing their own possible Day Zero. Droughts, aging infrastructure, poor water management and climate change have resulted in dangerously low water supplies. But, as this piece in Grist points out, it may not be so easy to convince residents of the two cities that the problem is real and that they should trust the pronouncements of their city officials.	OilPrice	More Than 60% of Global Spend Targets Clean Tech, IEA Finds
Week 06/03/24 - 06/10/24		Now what is the refrain as the world awaits what it means for the war in the Middle East as Gantz leaves Israel's emergency government; what the outcomes will be for Europe and their allies after these EuroZone elections shift the balance of power; what might unfold in the Russia-Ukraine war as Ukraine is able to attack deep inside Russia; what might happen in global economic markets as data surprises once again in the U.S. Just seems from one week to the next there'll be something happening that gives pundits pause while wondering now how do we interpret this latest piece of news. And, how it will impact the global commodity market place as well as the world's economy - with the latter seeking to recover from inflationary pressures and the former hoping for this recovery to drive demand.
*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.

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