SM Global Group

06/08/2026

06/08/2026

A landmark quarter. A record performance.

achieved its highest-ever quarterly standalone Profit Before Tax of ₹22,848 crore in Q1 FY’27, an enduring reflection of operational excellence, financial strength and disciplined ex*****on.



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

26/07/2026

21/07/2026

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

Our MD and GCEO, Dr. Sultan Al Jaber, met with Hunter L. Hunt, Chairman and CEO of Hunt Energy Holdings, in Abu Dhabi today.

They discussed opportunities to unlock energy resources and advance collaboration across the global energy sector.

02/07/2026

OIL MARKET SUMMARY — 02 Jul 2026
CRUDE Brent extended its fall— Brent crude (~$71/b) and WTI crude (~68/b) hitting the lowest since late February. The quarter closed as the steepest decline in six years: down ~27% over the month and ~30% across Q2. The driver is rapid Gulf normalization — Hormuz transits doubled to 882 in June (from 428), crude flows topped 10M b/d, Iranian exports cleared 40M bbl post-blockade, UAE returned to pre-war levels, and record Russian shipments built up seaborne inventories. Offsetting: US commercial stocks −3.77M to 40.8M bbl (lowest since Sept 2018), SPR at a 1983 low, Iraq's Halfaya back to 350k b/d, Fujairah product stocks +17%. momentum is bearish on supply return, but the move is stretched. Analysts peg 2H Brent at $70–85 if the ceasefire holds and don't see prewar lows — repairs, gradual tanker normalization and inventory rebuilds provide a floor. Iran still insists on Hormuz administrative control, keeping two-way geopolitical risk live. Sell rallies, but chasing lows is risky.

ASIAN REFINED PRODUCTS SUMMARY – previous session
GASOLINE Complex softened July 1. FOB Singapore 92 RON crack vs Brent swaps collapsed to $18.00–18.05/b (from $21.75); physical crack $26.45–26.50/b. Regional balance steady, ample supply, firm SE Asia demand. June crack averaged $23.68/b (−4.29% MoM); MOC volumes −11.43% to 1.55M bbl; Fujairah light distillates −14% to a record low. bearish crack, well-supplied — no urgency to buy.

NAPHTHA Firmest complex. MOPJ July–Aug swap spread rose to $15.50/mt (from $14.25); AMEC bought at a +$2–3/mt premium, flipping from a prior discount. CFR Japan MOC volumes +225% MoM to 325kt (BP, Glencore top buyers). Haldia pipeline fire didn't disrupt runs. demand-led strength, widening spread supports a long bias.

JET/KEROSENE Structure strengthening, tracking ICE gasoil — July–Aug swap spread +$1.79/b (from +$1.62), cash diff +$1.26/b (+12¢). But supply is long: barrels trapped in Asia, Europe in glut, Korea exporting at pre-war levels. MOC trades rose to 200k bbl. firm paper fighting oversupply — fragile, watch demand.

GASOIL Mixed. Paper backwardation widened to $2.10/b (from $1.95) on Hormuz uncertainty, but physical soft — cash diff $1.18/b (−9¢, second daily drop). China likely to lift export curbs (~200kt more) = bearish. June cash diff averaged $2.69/b vs $5.76 in May, $30.04 in April — a hard normalization. MOC volumes −35.79% MoM. soft physical, incoming Chinese supply skews bearish.

FUEL OIL LSFO cash premium rose to $20.79/mt on firmer bids, though structure inched down (backwardation $22.50/mt); arb arrivals set to rise ~700kt in July but finished-grade supply stays tight into H1 July. HSFO cash diff fell to $5.22/mt (from $6.92) and the M1-M2 spread flipped to backwardation from contango — yet HSFO physical trades surged to 840kt, a 2026 high. LSFO cash firm but softening; HSFO cooling
after its run-up.