SM Global Impex

05/06/2026

Oil Market Summary — June 5, 2026
🛢️ Crude Oil markets were shaped by conflicting de-escalation signals. An Israel-Lebanon ceasefire raised hopes of broader Middle East resolution, while Trump said a US-Iran deal could come "over the weekend." However, Iranian officials indicated negotiations had not yet produced measurable results and Iran's Revolutionary Guards reported an attack on the US Fifth Fleet. Hormuz transits remained at a trickle. Dated Brent last assessed at $100.3/b on June 1, down from the $144.4/b April 7 peak. US crude inventories drew for a potential sixth consecutive week at 6.8 million barrels. Kuwait confirmed it needs 6 weeks to restore 70% of crude output once Hormuz reopens, with near-full restoration requiring up to two months more. Demand destruction is accelerating — CERA projects a 2.4 million b/d annual contraction in 2026. First signs include falling jet fuel demand, declining petrochemical use and price-sensitive LPG consumption in India.

ASIAN REFINED PRODUCTS SUMMARY – previous session
⛽ Gasoline
Market softened. FOB Singapore 92 RON swap crack vs Brent eased to $16.38/b from $18.04/b; physical crack at $19.13/b from $20.88/b. US RBOB-Brent crack narrowed to $33.21/b from $35.62/b. US gasoline stocks rose to 214.955 million barrels from 211.591 million barrels WOW while implied demand fell to 8.594 million b/d from 9.256 million b/d.

🧪 Naphtha
Market remained weak on supply overhang. MOPJ June–July time spread flat at $13/mt. LG Chem bought 25,000 mt for July 10–20 delivery at only ~$6/mt premium to MOPJ — sharply below recent transaction levels — with the company canceling its H2 July tender expecting prices to ease further. Arab Gulf naphtha continues trickling out via shuttle tankers through Hormuz, adding to oversupply.

✈️ Jet Fuel
Backwardation eased on ceasefire optimism. June–July FOB Singapore swap spread narrowed to +$4.56/b from +$5.52/b. FOB Singapore cash differential recovered to +$2.35/b. Inside Hormuz, jet fuel trading at a $31/b discount to MOPAG; outside Hormuz at a $7.50/b premium. India committed $1.04 billion in financial support to OMCs to keep jet fuel prices affordable.

04/06/2026

Oil Market Summary - June 04, 2026
CRUDE OIL Brent eased toward $97/b on Thursday after three straight sessions of gains, as investors weighed escalating US-Iran tensions clouding peace prospects. Brent futures fell after both benchmarks rose ~2% Wednesday on renewed hostilities — Iranian attacks on US bases in Bahrain and Kuwait, and US strikes near Hormuz. Prices softened as an Israel-Lebanon ceasefire raised hopes for a broader deal and the US House passed a resolution to curb Trump's war powers (still needing Senate approval and veto-proof majorities). On June 3, July WTI had settled +$2.26 at $96.02/b and August Brent +$1.81 at $97.81/b amid the largest tit-for-tat Gulf exchange in weeks (US strikes on Qeshm Island; Iranian strikes on Kuwait). US crude stocks fell 7.97 million barrels to 433.71 million — a sixth consecutive draw, below year-ago levels for the first time since mid-February — while Cushing dropped to a five-month low of 22.44 million barrels. Shipping through Hormuz (≈one-fifth of global oil/LNG) remains subdued but has picked up slightly over two weeks.

ASIAN REFINED PRODUCTS SUMMARY – previous session
GASOLINE The Asian market traded rangebound to stronger on June 3 amid Mideast tensions and expectations Chinese exports stay low in June (≈50,000 mt in May) on energy-security concerns. The FOB Singapore 92 RON crack vs. Brent swaps firmed to $17.05–$17.10/b (from $16.59/b). Singapore gasoline swaps MOC volume fell 23.28% MoM to 3.63 million barrels.

NAPHTHA Cash differentials declined June 3 as more H2-July cargoes concluded. Japan's AMEC and Mitsui Chemicals each bought 25,000 mt for H2 July at low-teens/mt premiums (down from $30s/mt prior cycle); India's HPCL sold 33,000 mt at a $53–$55/mt premium (lower on high sulfur). Cargo overhang pressured levels. The June–July MOPJ swap spread fell $3 to $15.50/mt. Singapore's PCS will keep its No. 2 cracker at ~85% in June.

JET FUEL / KEROSENE Spot activity stayed limited as participants await the July cycle; backwardation strengthened, tracking gasoil. The June–July swap spread widened to plus $4.31/b. May MOC swaps volume rose 26.92% to 1.65 million barrels. ADNOC is derisking supply chains and weighing a Fujairah product pipeline to bypass Hormuz.

GASOIL The ULSD market was rangebound June 3 on thin pre-July activity. The July–August swap spread held near $7.50/b; the 10 ppm cash differential rose $1.35 to $6.59/b. Taiwan's gasoil demand fell 13.7% MoM to 90,000 b/d. Saudi Arabia was Europe's sole Middle Eastern diesel supplier in April–May. Japan had 435,000 b/d (14%) of CDU capacity offline.

FUEL OIL HSFO structure weakened June 3 even as the benchmark 380 CST cash premium hit a three-week high of $25.83/mt (up ~30% DoD). The 380 CST crack vs. Brent fell to minus 9 cents/b. Singapore fuel oil swaps MOC volume surged 21.2% MoM to 20.48 million barrels — a 30-month high — with HSFO swaps up 34% to 17.53 million.

04/06/2026

Joined UK Foreign Secretary Yvette Cooper and Minister of Education Dharmendra Pradhan to witness :

➡️ Handing over of Letter of Approval to the University of Liverpool for establishing its campus in Bengaluru.

➡️ Memorandum of Understanding between King’s College London and the National Maritime Foundation to establish the Regional Maritime Security Centre for Excellence.

🇮🇳 🇬🇧

03/06/2026

Oil Market Summary - June 03, 2026
Crude Oil prices extended gains for a third straight session, with Brent rising toward $98/b and ICE August Brent settling +$1.02 at $96.00/b; NYMEX July WTI settled +$1.60 at $93.76/b. The rally is driven by a fading US-Iran peace deal, with Iranian media casting doubt on talks even as Trump insisted negotiations continue and Iran's Revolutionary Guards claimed an attack on the US Fifth Fleet. Hormuz transits fell to 11 ships on June 1 (nine Iran-linked), down from 15. US crude inventories drew 6.8 million barrels last week — a potential sixth consecutive weekly draw. TD Securities warned global inventories could plunge another 800 million barrels even if a deal is reached, with Mideast output unlikely to normalize before Oct–Nov. Dated Brent was assessed at $100.3/b on June 1, off the April 7 record of $144.4/b. Demand destruction is emerging: the IEA cut its 2026 forecast to a 420,000 b/d contraction (with further downgrades likely), while CERA sees a far larger 2.4 million b/d contraction. China cut crude imports ~6 million b/d, and the US SPR is near record lows.

Gasoline market was rangebound on mixed peace-talk sentiment and firm Indonesian demand (a buyer took 1–1.3 million barrels of 90-92 RON in late May). The FOB Singapore 92 RON crack vs. Brent swaps eased to $15.55–$15.60/b (from $18.38/b on May 29). Singapore MOC gasoline trades fell to 1.75 million barrels in May from a nine-month high of 3.2 million in April; 92 RON volumes dropped 47.62% MoM.

Naphtha had flurry of tenders emerged June 2 — Japan's AMEC and Mitsui Chemical, South Korea's LG Chem, and Malaysia's Lotte Chemical Titan each sought ~25,000–33,000 mt; HPCL offered 33,000 mt. The market remains oversupplied, with cargoes shuttling out of Hormuz and transferred at Sohar/Duqm/West Coast India, pushing cash differentials lower. CFR Japan MOC naphtha trades fell to 100,000 mt in May.

Jet Fuel Backwardation eased as Trump signaled resumed talks. No jet/kerosene cargoes traded during the Singapore MOC in May (vs. 1.18 million barrels in April). The cash differential slipped to minus 23 cents/b; May's average fell to plus $1.67/b from $25.77/b in April. ARA jet stocks dropped 4.6% to 536,000 mt, near 2020 lows. Russia banned jet exports through end-November.

Gasoil ULSD backwardation firmed, though July supply stays long; the July-August time spread widened to $7.20/b. Singapore MOC gasoil trades fell 3% MoM to 950,000 barrels (–56% YoY). The gasoil EFS averaged minus $54.66/mt. ARA diesel/gasoil stocks dipped 0.98% to 1.826 million mt.

Fuel Oil The LSFO market structure strengthened on tight supply; the 0.5%S crack hit a two-month high of $20.01/b. The benchmark HSFO cash differential gained 31.3% on the week to a $19.92/mt premium. Singapore MOC fuel oil trades slipped 1.8% to 1.1 million mt, with LSFO trades rising to 600,000 mt.

25/05/2026

22/05/2026

20/05/2026

Our LPG operations remain smooth and uninterrupted. Please avoid rumours and rely only on official sources for information.
Book your LPG refill digitally.



Hardeep Singh Puri Ministry of Petroleum and Natural Gas, Government of India

20/05/2026

20 May. 26 - Oil Market Daily Briefing
🛢️BRENT CRUDE FUTURES eased toward $109/b after President Donald Trump delayed a planned Iran strike following requests from Saudi Arabia, Qatar and the UAE, reviving hopes for renewed negotiations. However, the Strait of Hormuz remains effectively closed, keeping supply risks elevated. Brent still settled at $112.10/b on May 18, while WTI closed at $108.66/b after gaining more than 10% last week. Market sentiment remains structurally bullish as supply buffers tighten. The IEA estimates around 12.8 million b/d of supply disruption linked to the conflict, while tanker traffic through Hormuz dropped sharply to 11 vessels on May 17 from 21 a day earlier.

Saudi and UAE pipeline rerouting, SPR reliance and floating inventories are temporarily cushioning the market, but traders warn that exhaustion of these buffers could trigger another sharp upside move. API reported a fifth consecutive weekly drop in US crude stocks. A fresh US sanctions 30-day waiver allowing already-loaded Russian crude cargoes provided limited relief.

GASOLINE cracks weakened midafternoon May 19 in line with a narrower US RBOB-Brent crack, despite healthy regional demand. The FOB Singapore 92 RON swaps crack eased to $27.90/b from $28.17/b at the prior close. Australia's gasoline stocks rose 13.71% month over month to 8.63 million barrels in March, supported by an 18.77% surge in imports.

NAPHTHA market stayed rangebound with July supplies expected to tighten as the West-East arbitrage remains shut due to economic constraints and US naphtha being absorbed into summer gasoline blending. The June–July MOPJ swaps time spread was pegged at $52/mt. Japan's Maruzen Petrochemical has been offline since mid-May on weak downstream demand. Singapore's Aster Chemicals announced an $80 million investment to double ethylene.

JET KERO market continued to firm, tracking gasoil gains, with the June/July FOB Singapore swaps time spread widening to plus $8.45/b. The cash differential jumped $1.00/b to plus $1.65/b. Australia's jet imports rose 20.32% year over year in March, with China supplying 2.66 million barrels. China's April jet exports fell 34.9% month over month to 990,000 mt amid export controls.

GASOIL backwardation narrowed after Trump delayed Iran strikes, with the June–July swaps spread easing to $8.50/b from $9.19/b. The 10 ppm–500 ppm differential narrowed to $8.78/b on rising demand for higher-sulfur barrels from Vietnam. Sri Lanka's Ceypetco sought 1.12 million barrels of 500 ppm gasoil.

FUEL OIL LSFO differentials strengthened for a third straight session on limited on-spec cargo availability due to blending constraints. The Singapore 0.5%S marine fuel cash differential spiked $8.25/mt to a premium of $45.83/mt. The Hi-5 spread widened to $131.61/mt, its widest since April 1. Singapore bunker demand remained weak as activity shifted to competing regional ports.

08/05/2026

🛢️ 08 May. 26 - Oil Market Daily Briefing
CRUDE OIL markets were volatile, whipsawing between peace optimism and renewed hostilities. Brent topped $102/b on May 8 after US and Iranian forces exchanged fire in the Strait of Hormuz with US Central Command confirming "defensive strikes" following Iranian targeting of Navy destroyers. Iran's state media attributed the attack to a prior US strike on an Iranian tanker. Trump warned bombing would resume "at a much higher level" if Iran rejected the US peace proposal, which was transmitted via Pakistan on May 6 and sought a phased reopening of the Strait of Hormuz. Meanwhile, the French carrier Charles de Gaulle transited Suez toward the Red Sea to support navigation efforts. IFAD Murban futures hit a 3-year volume low in April, falling 58.7% MOM, reflecting suppressed physical activity. US crude stocks fell 2.31 million barrels to a six-week low, while exports averaged a record 5.3 million b/d on a four-week basis.

GASOLINE cracks strengthened on declining prompt supply from South Korea and India. The FOB Singapore 92 RON crack against Brent reached $27.60–$27.70/b physically. However, the 95/92 RON spread hit a near four-month low of $1.06/b, with traders flagging excess octane, particularly MTBE. India's gasoline demand fell 2.54% MOM but rose 6.81% YOY to 3.684 million mt in April.

NAPHTHA Ample supply weighed heavily on Asian naphtha. Many cargoes remain unsold, and the market would face severe weakness if Hormuz reopened. The May-June MOPJ swaps time spread fell $8/mt to $47/mt. India's naphtha consumption dropped 19.51% MOM to 759,000 mt in April, driven by substitution with cheaper Russian-origin cargoes. CFR Japan crack fell $23.98/mt DoD to $171/mt.

JET KERO market firmed on Hormuz uncertainty, with the May/June FOB Singapore swaps time spread widening to $6.46/b. However, the cargo cash differential softened to $3.83/b, and the East-West arb remained only marginally viable. India's ATF demand was flat YOY at 771,146 mt in April. Australia announced a government-owned 1-billion-litre fuel reserve, with A$10 billion in budget support.

GASOIL backwardation held rangebound, with the June-July Singapore swaps spread at $6.78/b. The FOB Singapore 10 ppm cash differential eased to $3.23/b. India's gasoil demand slipped 4.52% MOM to 8.33 million mt but rose 0.85% YOY. Europe's April diesel imports fell sharply to 2 million mt from 4.2 million mt in March. The gasoil EFS widened to minus $94.36/mt, improving East-West arb economics.

FUEL OIL LSFO structure slipped but the 0.5%S cargo cash premium rose to $30/mt— on firm H2 May bids. The East-West spread held at $72/mt though it has narrowed 45% over the past month. HSFO differentials strengthened on tight supply, with 380 CST premiums hitting post-March highs. Fujairah heavy distillate stocks fell to a record low of 6.5 million barrels, down 69% since the US-Iran war began.