Topic
supply
Commodities Middle East crude slips into discounts as US-Iran deal lifts global supply outlook
Middle East crude benchmarks flipped into contango this week after the US and Iran agreed a framework deal to reopen the Strait of Hormuz, boosting supply expectations. Dubai's premium turned to a 46-cent discount, the first since January, while Oman and Murban also flipped to discounts amid weak Asian refining demand and emerging arbitrage flows to Europe and the US.
Commodities US Strategic Petroleum Reserve Falls to Lowest Level Since 1983 Amid Iran Conflict
The US Strategic Petroleum Reserve (SPR) has fallen to 340.3 million barrels as of June 12, 2026, the lowest since July 1983. The Trump administration released 8.9 million barrels over the past week, part of 75 million barrels drawn since the war with Iran began in late February. Industry officials warn the reserve could face operational constraints if the drawdown continues, with replenishment not expected before hurricane season.
Commodities India Soyabean Acreage Seen Rising Up to 10% on High Prices, Weak Monsoon Outlook
India's soyabean acreage is expected to rise by up to 10% in 2026, from 12 million hectares in 2025, driven by four-year-high prices and a forecast of below-normal monsoon rainfall due to El Nino. Farmers are shifting from water-intensive crops like sugarcane and corn. Higher output could help curb edible oil imports and ease domestic soyabean and soyameal prices.
Commodities Brent crude slips as markets await clarity on US-Iran peace deal details
Brent crude futures edged lower on Tuesday as traders remained cautious after the US-Iran peace deal announcement lacked specific terms. August Brent slipped 0.30% to $82.92, while WTI eased 0.12% to $80.65. President Trump claimed ships carrying oil are moving out of the Strait of Hormuz, but Iran's President Pezeshkian said a final agreement has not yet been reached, keeping markets on edge.
Commodities Oil Prices Still Above Pre-War Levels Despite US-Iran Truce Hopes
Oil prices remained above pre-war levels on Tuesday, trading around $80 per barrel, after the US and Iran signed a memorandum of understanding to end the conflict. WTI crude stood at $81.12 per barrel and Brent at $83.43 per barrel, as of Tuesday morning. The deal could reopen the Strait of Hormuz, which had shut in about 14 million barrels per day of output, but full details and a lasting truce have yet to be established.
Commodities FM Sitharaman Assures No Foodgrain Shortage Despite El Nino Impact on Monsoon
Union Finance Minister Nirmala Sitharaman assured that India has adequate buffer stock of foodgrains and there will be no shortage despite the impact of El Nino conditions. Speaking at the Mindmine Summit in New Delhi, she stated that the Southwest Monsoon rainfall is expected to be below normal, but sufficient fertilizer is available for the Kharif season, with Rabi supply commencing from November.
Commodities India caps diesel sales after bulk users divert 3.5 lakh tonnes to retail outlets
The Indian government capped diesel sales at retail outlets after bulk industrial and commercial users diverted 3.50 lakh tonnes to retail stations in May 2026, driven by a ₹40-42 per litre price gap. The Oil Ministry limited sales to 200 litres per person per day and reported 1,330 FIRs filed since March in LPG cases. The diversion affected 80 districts with over 30% sales shift.
Commodities No fertiliser shortage for kharif, rabi crops; govt prepared for El Nino, says Shivraj Singh Chouhan
India's agriculture minister Shivraj Singh Chouhan has stated that there will be no fertiliser shortage for the upcoming kharif and rabi crop seasons. The government has also prepared for potential El Nino conditions. The announcement provides reassurance to the agricultural sector and related trade stakeholders.
Commodities India Has Over 60 Days of Crude and Gas Stocks, Hardeep Puri Rules Out Energy Crunch
India holds over 60 days of crude and natural gas stocks and 75-80 days of LPG, according to Union Minister Hardeep Singh Puri. Domestic LPG production has risen sharply, and fuel prices have fallen 3.1% since May 2022, contrasting with steep increases in other nations. The minister also outlined a push for E85 fuel pumps and piped natural gas.
Commodities Oil Supply Recovery May Take Months Despite Strait of Hormuz Reopening, Experts Say
Despite the agreement to reopen the Strait of Hormuz, oil supply recovery is expected to take months due to stranded tankers, shut-in production, and security concerns. Experts from S&P Global, Wood Mackenzie, and Columbia University highlight slow logistics, insurance hurdles, and the need for a durable ceasefire before producers restart operations.
Commodities Oil prices ease as Iran and Israel pause attacks; Brent, WTI retreat from recent highs
Oil prices retreated on Tuesday after Iran and Israel paused attacks, with WTI falling 0.57% to $90.78 and Brent declining 0.51% to $93.77. The pullback followed a volatile session and a sharp rise on Monday. OPEC+ agreed to raise output targets for the fourth time, but analysts doubt impact due to production struggles and Strait of Hormuz risks.
Commodities India's Fertilizer Prices Drop Amid Easing Supply Strain
India's latest fertilizer tender saw prices drop significantly, indicating an easing of global supply strains. National Fertilizers Ltd. received offers between $444.90 and $617 per tonne, a stark contrast to April's prices of $935 to $959 per tonne.
Commodities LPG Market Stable Amid OMC Losses on Cylinder Sales
Despite stable LPG supplies, Indian Oil Marketing Companies (OMCs) are incurring losses of nearly Rs 700 per cylinder. The government has increased domestic production and secured imports to maintain supply levels.
Trade Oman Boosts Petchem, Fertiliser Exports as FTA Begins
Oman and India have initiated a free trade agreement, enhancing trade in petrochemicals and fertilisers. The agreement, effective June 1, 2026, reduces tariffs on 99% of Indian exports and 78% of Omani imports.
Commodities Fertilizer Subsidy Strain Amid Geopolitical Tensions
India's fertilizer subsidy is under pressure as 20% is exhausted within two months due to geopolitical tensions and a below-normal monsoon forecast. The government is taking steps to manage demand and ensure supply.
Commodities India's Wheat Procurement Surpasses Revised Target Amid Record Production
India's wheat procurement for buffer stocks has surpassed the revised target of 34.5 million tonnes, reaching 34.99 million tonnes as of May 31. This increase is attributed to record production estimates and relaxed quality norms due to weather impacts.
Trade India Issues Second Tender for 70 Lakh Tonne Urea Amid Price Surge
India has floated a second global tender to import 70 lakh tonne of urea for the kharif season, despite a significant price increase. The move aims to ensure sufficient fertilizer supply amid Middle East disruptions.
Trade India Seeks 1.7 Million Tons of Urea Amid Supply Disruptions
India has issued a tender to import 1.7 million tons of urea due to disrupted gas supplies from the Middle East. The tender, managed by National Fertilizers Ltd., aims to secure fertilizer ahead of the monsoon sowing season.
Commodities Oil Prices Surge Amid Israel-Lebanon Tensions
Oil prices increased by over 2% due to escalating tensions between Israel and Lebanon, impacting supply routes. U.S. crude futures reached $89.53 a barrel, while Brent hit $93.05.
Commodities India's Fertilizer Supply Challenges for Rabi Season
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Commodities India's LPG Output Reaches Record 52,000 TPD Amid Supply Challenges
India's LPG production has reached a record 52,000 tonnes per day, driven by the resumption of operations at key refineries. Despite this increase, geopolitical tensions in West Asia and the closure of the Strait of Hormuz have significantly impacted supply routes.
Commodities Coal India Boosts Supplies Amid Record Power Demand
Coal India has increased coal supplies to power plants as India's power demand hits a record high due to an intense heatwave. The company is using all transport modes to maximize dispatches.