SM Global Impex

21/07/2026

Advancing partnerships. Enabling Maharashtra’s growth.

Chief Secretary, Government of Maharashtra, Shri Rajesh Aggarwal, IAS, met Shri on 20 July 2026. Discussions were held on strengthening collaboration between ONGC and the Government of Maharashtra, including strategic investments in infrastructure and development projects aimed at accelerating economic growth and creating long-term value.

The meeting reaffirmed ONGC’s commitment to contributing meaningfully to Maharashtra’s development through responsible investment, resilient infrastructure and sustained partnership.

13/07/2026

08/07/2026

OIL MARKET SUMMARY — 08 July 2026
CRUDE OIL — Brent surged above $76/b, up ~6% on the week, after the US carried out fresh strikes on Iran and OFAC revoked the waiver allowing Iranian crude exports, giving Iran until July 17 to wind down transactions. The strikes followed drone attacks on three tankers near Oman within 24 hours — a Qatari LNG carrier (Al Rekayyat) and Saudi supertanker Wedyan — that Qatar blamed on Iran. The policy reversal could remove up to 1.8 million b/d from a waterway handling 21 million b/d of crude flows. Explosions were reported on Kharg Island (source of 90% of Iran's crude exports), Qeshm, Sirik, and Bandar Abbas. The escalation reverses the prior supply-glut narrative built on OPEC+ quota hikes and Gulf producers ramping output, with Iran's foreign ministry vowing "any measure necessary" and Washington-Tehran talks now at risk.

ASIAN REFINED PRODUCTS SUMMARY – previous session
GASOLINE — Rangebound to softer on mixed supply signals: Southeast Asian tightness (Pertamina's Dumai turnaround status unclear) offset by North Asian/Chinese sellers "probably exporting soon." Pertamina sought 2.6 million barrels of 90 RON for July-August. The Singapore 92 RON crack against Brent eased to $19.65–19.70/b and the physical crack to $24.15–24.20/b, even as the US RBOB-Brent crack jumped to $54.14/b.

NAPHTHA — Expected to strengthen on rising demand as a low-octane blendstock, linked to strong Indonesian gasoline demand (Pertamina's 2.6 million barrel tender). India's HPCL offered 33,000 mt for July 24–26 loading. The MOP Japan swap time spread widened to $15.75/mt.

JET FUEL/KEROSENE — Rangebound, buoyed by European strength but weighed by heavy regional supply. The Dubai crack held above $50/b for a fourth session ($50.62/b). Formosa offered 300,000 barrels of jet A-1 for Aug 11–15. India's ATF demand fell 6.69% MOM to 730,566 mt, though H1 2026 demand rose 1.84% YoY.

GASOIL — Well supplied, with backwardation narrowing ($2.68/b) as Far East cargoes sold at discounts. The FOB Singapore 10ppm differential held near $1.31/b. India's June middle distillate demand dipped 1.81% MOM to 9.37 million mt but rose 5.54% YoY.

FUEL OIL — HSFO weakened further, with the 380 CST differential falling to a discount of $2.58/mt — its widest since December 2025 — on aggressive selling. The Hi-5 spread (LSFO-HSFO) narrowed 12.5% over the week to $141.39/mt. The LSFO cash premium fell for a fourth straight session to $11.50/mt, its lowest since March.

02/07/2026

17/06/2026

Oil Market Summary — June 17, 2026
CRUDE OIL futures traded near three-month lows below $80/b Wednesday after four straight down sessions, pressured by expected supply from the anticipated US-Iran deal due to be signed Friday in Switzerland, which grants Tehran incentives including the immediate resumption of oil exports. June 16 settlements hit fresh three-month lows — NYMEX July WTI down $4.70 at $76.05/b and ICE August Brent down $4.21 at $78.96/b — with Brent touching $78.5/b intraday, within $8/b of pre-war levels. Dated Brent fell $7 to $81/b. Backwardation collapsed to Feb. 27 levels, M1/M2 narrowing to 48 cents/b and the Brent/Dubai spread to a postwar-low $6.70/b. Sixteen ships transited Hormuz June 15, the most since June 8. Analysts caution full normalization could take months given mines, about 600 tankers stuck in the Gulf and insurance costs; Morgan Stanley and Goldman cut Q4 Brent forecasts by $10-plus/b, and BNP's Spanjer sees $70/b possible. US crude inventories fell 8.3 million barrels last week.

ASIAN REFINED PRODUCTS SUMMARY – previous session

GASOLINE: The Asian complex was rangebound June 16 as participants cautiously watched Middle East developments after a virtual US-Iran MOU was signed June 15. Paper softened, mainly on margin-locking sales. The 92 RON swaps crack versus Brent firmed slightly to $18.55/b and the physical crack to $22.55/b.

NAPHTHA market weakened June 16 after the virtual MOU, the H1-H2 August physical time spread flipping to a 50 cents/mt discount, down $2.75 day on day. The July-August MOPJ swaps spread held at $3.50/mt. China likely issued a second naphtha import-quota batch of about 9.9 million mt, 17.5% below last year.

JET FUEL/KEROSENE Sentiment softened June 16 on the virtual peace deal. The balance-month regrade spread sank to minus $1.25/b from plus 91 cents/b, and the July-August swaps spread narrowed to plus $1.41/b. The cash differential slipped 75 cents to plus $1.24/b. Indonesia's Pertamina sought four 200,000-b cargoes. MRPL's latest jet sale at a sub-$1/b discount, versus a $12-$13/b premium in April.

GASOIL Sentiment weakened June 16, with participants expecting premiums to fall to prewar levels. The July-August swaps spread eased to $1.77/b, the lowest since the war began, and the FOB Singapore 10 ppm cash differential fell 24 cents to $2.31/b. GS Caltex sold 300,000 b for July loading, while Malaysia's April gasoil output fell 58.86% on the month.

FUEL OIL HSFO structure weakened June 16 as the 380 CST M1-M2 spread narrowed 54% to $3.50/mt, the tightest backwardation since Feb. 27. The 380 CST cash differential dropped sharply to plus $12.75/mt from $27.26/mt, a March-low premium. LSFO also weakened, the marine-fuel premium easing to $25.75/mt in a sixth straight decline.

09/06/2026

🛢️ Oil Market Update — 09 June 2026
Oil prices eased slightly after Israel and Iran signaled a halt to direct attacks, reducing immediate fears of a broader regional war. However, the continued disruption of the Strait of Hormuz, tightening middle distillate supplies, and persistent geopolitical uncertainty continue to provide strong underlying support to the market.

🔹 Market Snapshot
📌 Brent (Aug): ~$93.6/bbl (-0.7%)
📌 WTI (Jul): ~$90.6/bbl (-0.8%)
📌 Trend: Mild correction within bullish structure
📌 Structure: Supply-risk supported
📌 Sentiment: Ceasefire relief vs ongoing disruption

🔹 Key Market Drivers
1️⃣ Israel–Iran Ceasefire Reduces Immediate War Premium
Israel and Iran have signaled a temporary halt to attacks following recent escalation.
Market read:
⚠️ Short-term geopolitical premium eased, but ceasefire remains fragile

2️⃣ Strait of Hormuz Remains Effectively Closed
Despite reduced hostilities, shipping restrictions and military controls continue disrupting crude, diesel, jet fuel, and LNG flows.
Market read:
🔥 Structural supply risks remain firmly in place

3️⃣ European Diesel & Jet Fuel Imports Remain Severely Tight
European imports of diesel and jet fuel remain more than 35% below year-ago levels as Middle East export flows remain constrained.
Market read:
📈 Tight distillate balances continue supporting refining margins and product prices

4️⃣ Investors Abandon Bearish Oil Positions
A record $220 million exited inverse oil ETFs last week while bullish oil funds attracted fresh inflows.
Market read:
📊 Market positioning increasingly reflects expectations of continued supply tightness

5️⃣ Tanker Market Remains Exceptionally Strong
Tanker rates remain well above pre-conflict levels, while global owners have ordered a record 262 VLCCs.
Market read:
🚢 Freight markets continue reflecting ongoing disruption in global crude flows

🔹 Bottom Line
👉 Israel-Iran ceasefire has reduced immediate escalation fears
👉 Strait of Hormuz disruptions continue restricting global oil flows
👉 European diesel and jet fuel markets remain exceptionally tight
👉 Investor positioning has turned increasingly bullish
👉 Market remains volatile but supply risks continue to underpin prices

🎯 Trading & Risk View — 09 June 2026
Flat Price:
– Ceasefire headlines may pressure prices short term
– Ongoing Hormuz disruption continues supporting the broader market
– Crude remains highly sensitive to geopolitical developments

Spreads:
– Front-end structure remains supported by supply concerns
– Distillate cracks likely to stay firm amid European shortages

Options:
– Elevated volatility continues to justify flexible hedge structures
– Geopolitical risk premium remains difficult to fully price

08/06/2026

Oil Market Summary — June 8, 2026
CRUDE OIL futures climbed significantly on Monday. ICE front-month Brent jumped above $96.50/b. Similarly, NYMEX WTI trading around $93.90/b. This price surge reversed two consecutive sessions of losses and was triggered by news that Iran launched multiple rounds of missile strikes toward Israel. The strikes, though fully intercepted by Israel's military without casualties, threatened a fragile June 4 ceasefire between Israel and Lebanon and amplified geopolitical anxieties.
The escalation occurred amidst ongoing U.S.-Iran negotiations aimed at restoring petroleum transit through the critical Strait of Hormuz chokepoint. Daily ship transits through the Strait plummeted to just six vessels on June 4—down from 15 the previous day—marking the lowest operational level since May 9 and severely cutting off Persian Gulf energy supplies. OPEC+ approved a July production quota increase of 188,000 b/d, while some analysts noted that physical markets remain relatively well-supplied despite the geopolitical volatility.

ASIAN REFINED PRODUCTS SUMMARY – previous session

GASOLINE market complex was rangebound to softer on June 5, tracking a narrowing U.S. RBOB-Brent crack pegged at $33.01/b. Singapore's weekly gasoline imports rose 11.85% to 203,748 mt—driven by a tripling of Saudi Arabian inflows—while its exports fell 25.82%, causing net exports to plunge 55.87%. Regionally, India's Nayara successfully completed a turnaround at its 400,000 b/d Vadinar refinery.

NAPHTHA cracked to a two-year low of $48.75/mt on June 4 due to weak downstream petrochemical demand, forcing producers to cap June cracker operating rates. To bypass the Hormuz closure, a Middle Eastern producer established a ship-to-ship "shuttle" system using chartered LR tankers via Sohar. India's BPCL sold 36,000 mt of naphtha, and Singapore swung to a net importer as weekly inflows rose 38.59%.

JET FUEL / KEROSENE backwardation eased slightly, with the June–July swaps time spread narrowing to plus $5.87/b as South Korean spot July-loading cargo offers emerged. However, the physical cargo cash differential rose for a sixth session to plus $2.91/b. Onshore commercial stocks of Singapore middle distillates plunged 18.6% week-over-week to a near two-month low of 7.3 million barrels.

GASOIL backwardation narrowed for a third session, with the June–July Singapore swap spread shrinking to $4.70/b as initial July-loading barrels emerged, including a 1.05-million-barrel tender from Taiwan's Formosa. Singapore's weekly gasoil imports jumped to a four-week high of 240,513 mt.

FUEL OIL Both LSFO and HSFO market structures held steady as Singapore's commercial fuel oil stocks dropped 6.5% to an over 14-month low of 19.35 million barrels, starved by zero Middle Eastern imports for three weeks. The Singapore LSFO-to-HSFO Hi-5 spread widened to $130.23/mt. In derivatives, front-month Singapore HSFO open interest on ICE rebounded in May, rising 12.52% to 9.526 MMT.