Good morning. Here’s your Daily Situational Awareness for Friday, 10 June 2022. You can receive this daily briefing by signing up at https://forwardobserver.com/daily-sa
EXPLOSION WORSENS GLOBAL LIQUID NATURAL GAS SHORTAGES: Freeport LNG’s processing plant on the Texas Coast was shut down following an explosion. The plant, which is expected to close for at least three weeks for repairs, provides 20% of LNG processing in the United States. The shutdown will likely result in a significant reduction in US LNG exports and a further rise in LNG prices. – R.P.
RUSSIA: ‘DIRECT MILITARY CLASH’ OVER CYBER: Russia’s Foreign Ministry warned of a ‘direct military clash’ caused by ongoing cyber disruptions to government infrastructure. “Rest assured, Russia will not leave aggressive actions unanswered,” it said. He added that the U.S. is “deliberately lowering the threshold for the combat use” of cyberattacks. – D.M.
INFLATION CLIMBS TO NEW LOCAL HIGH: The Bureau of Labor Statistics (BLS) released its May Consumer Price Index (CPI) and found that year-over-year (YoY) price increases climbed to 8.6%, a high for over 40 years. Most of the rise follows surging energy prices in the United States, particularly gasoline. Compared to last year, energy prices were up 34.6% for May, and food prices climbed 10.1% YoY. – T.W.
ASIA’S SHANGRI-LA SECURITY SUMMIT RESUMES IN SINGAPORE: Asia’s top security summit is set to resume this weekend after a two year break due to COVID restrictions. The summit, where U.S. Secretary of Defense Lloyd Austin is scheduled to meet with Chinese Minister of National Defense Wei Fenghe, will include over 500 delegates from 42 countries – including more than 60 ministers and senior defense officials. – M.M.
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