1. Biden announces large-scale oil release
President Joe Biden said his plan to release a million barrels of oil a day from U.S. reserves for six months would lay a foundation for the country to achieve independence from foreign energy suppliers.

Biden blamed a spike in gasoline prices this year on Russian President Vladimir Putin and Russia’s invasion of Ukraine, calling it “Putin’s price hike.” But he also criticized U.S. oil companies that have been reluctant to increase production and called for Congress to charge fees to firms that have unused drilling leases on federal lands.

“He said that he expects U.S. allies will agree to release 30 million to 50 million more barrels of oil from their own reserves,” Bloomberg reports. “As much 180 million barrels may be released from the stockpile over the next several months, an amount the White House and oil market analysts called unprecedented.”

2. Russian troops exposed to radiation at Chernobyl
Russian forces were exposed to radiation digging trenches around the Chernobyl nuclear facility, Ukrainian officials said. That prompted the Kremlin to return, in writing, control of the facility back to Ukraine, the International Atomic Energy Agency said, citing Ukrainian officials. But the IAEA said it was unable to confirm the reports of radiation exposure and is “seeking further information.” 

3. Xi Jinping keeps card close to his chest after infamously secret meeting
Investors seeking clarity over how China will tackle ongoing Covid-19 issues, its economic slowdown or the war in Ukraine, will be kept in the dark following the release of a historically brief statement from the Communist Party’s Politburo following its latest meeting. The 114-character readout from Monday’s meeting was by far the shortest of President Xi Jinping’s decade-long tenure and the first to not disclose specific discussion topics, according to a Bloomberg analysis of some 111 statements. 

“The Politburo’s intense secrecy -- the body meets behind closed doors and publishes no schedules or agendas -- means the public may never know why the official account of Monday’s meeting was so short. It’s still possible for state media to release further statements on the body’s activities. Sometimes the party releases transcripts of Xi’s remarks months, or even years, later,” Bloomberg reports.

4. Carmakers will ‘pay through the nose’ for lithium: Brinsden
The AFR notes that outgoing Pilbara Minerals chief Ken Brinsden has tipped lithium miners to keep “winning” the margin battle in the electric vehicle supply chain as prices surge, arguing supply is simply too far behind demand - and carmakers will have to keep “paying through the nose” for the key battery material. Brinsden also commented on the federal government’s planned $1.5bn roads and infrastructure investment in WA’s Pilbara region as part of this week’s budget.

“I absolutely love it, the idea that finally they are paying attention to the engine room of Australia,” Mr Brinsden said at the Resources Rising Stars event, adding the region’s solar intensity and high winds made it ideal for renewables.

“It’s not lost on West Australians the significance of the Pilbara region, but I can assure you it’s lost on the east coast -- they don’t understand how important that region is to the lifestyle of every Australian.

“Good on the federal, and to a certain extent the state, government as to putting their hands in their pocket.”

5. ASX, Wall St to end tough quarter on a modest low
ASX futures were down 42 points or 0.6% to 7437 near 7am AEDT, with the AUD -0.3% to 74.89 US cents. On Wall St: Dow -1.6% S&P 500 -1.6% Nasdaq -1.5%. Brent crude -5.4% to $US107.29 a barrel. 2-year yield: US +0.02% (2.32%) Australia -0.01% (1.77%). 10-year yield: US -0.01% (2.33%) Australia +0.04% (2.83%).