Market Signals
India's June Crude Imports Hit Record High, Russia Remains Top Supplier
India imported a record 4.93 million barrels per day (bpd) of crude oil in June 2026, the highest volume ever for the month. Russian supplies accounted for over half of these imports, reaching 2.6 million bpd, demonstrating India's resilient procurement despite West Asia tensions.
Kpler / Economic Times · Jul 02, 2026
OPEC+ Increases July Output by 188,000 bpd Amid Hormuz Blockade
Seven OPEC+ nations will increase oil production by 188,000 barrels per day (bpd) in July 2026, marking the second consecutive monthly rise. This nominal increase is largely symbolic as the Strait of Hormuz blockade continues to strand supply, keeping total OPEC+ output significantly below pre-war levels.
OPEC / Transport Topics · Jul 02, 2026
Asian Spot LNG (JKM) Settles Above $16/MMBtu
The Japan-Korea Marker (JKM) for August 2026 delivery settled at $16.080/MMBtu on July 2, 2026, up 0.34% from the previous day. This comes despite a 14.54% decline over the past month.
Trading Economics / LNG Prime · Jul 02, 2026
European Gas Storage Levels Remain Critically Low Ahead of Winter
European gas storage facilities were only 48% full as of June 20, 2026, significantly below the five-year average and projecting to only 76% by November 1, well short of the 90% target. This deficit is exacerbated by competitive global LNG markets and prolonged Norwegian pipeline maintenance.
Global Energy Flow / Energy News Beat · Jul 01, 2026
Red Sea Shipping Crisis Persists, Forcing Continued Cape of Good Hope Diversions
The Red Sea shipping crisis continues to force major carriers to reroute vessels around the Cape of Good Hope, adding 10-14 days to Asia-Europe voyages. Despite a US-Iran ceasefire, the security environment remains volatile, solidifying systemic supply chain constraints and elevated freight costs.
World Shipping Council / Regional Insights · Jul 01, 2026
PetroChina Forecasts 4.9% Drop in China's 2026 Oil Consumption
PetroChina's Planning and Engineering Institute forecasts China's oil consumption to fall by 4.9% in 2026 to 753 million tons, down from 792 million tons in 2025. This decline is attributed to a pivot towards new energy sources and sustained high oil prices.
PetroChina Planning and Engineering Institute / Investing.com · Jun 18, 2026
