Commodities
Energy, metals, agricultural commodities, and other raw material markets. Oil, natural gas, gold, copper, and broader commodity dynamics.
UAE crude output exceeds 3.8 million bpd after OPEC+ exit
UAE crude production rose above 3.8 million barrels per day in June 2026 following its departure from OPEC+, with Bloomberg data showing exports at 3.94 million barrels per day — the highest since April 2020.
Saudi Arabia cuts August crude OSP to Asia by largest margin in 26 years
Saudi Arabia reduced its official selling price for crude to Asian customers for August loadings by the largest margin in at least 26 years, with other Gulf producers issuing competing discounts of up to $11 per barrel; Brent crude and WTI both declined as the pricing data emerged.
Ukraine strikes 50+ Russian refineries; Brent crude declines sharply
Brent crude declined sharply after reports of Ukraine striking more than 50 Russian refining sites, causing fuel shortages across Russia. Russia's refiner subsidy payments surged sixfold year-over-year in June; Russia moved to import 200,000 barrels of jet fuel via South Korea.
Japan LNG imports fell 7%; gas-fired generation dropped 16% year-on-year June
Japan's LNG imports fell 7% and gas-fired power generation declined 16% year-on-year in June 2026, dropping to 17.3 TWh, while coal-fired generation rose 4.6% over the same period as utilities substituted fuels amid elevated LNG prices.
Abu Dhabi promotes Murban crude as rival benchmark to Platts Dubai
Oilprice reported on 3 July 2026 that Abu Dhabi is pursuing structural changes to position Murban crude as a global pricing benchmark via ICE Futures Abu Dhabi, targeting Asian buyers and competing directly with the Platts Dubai assessment.
India's Russian crude imports hit 2.6 mb/d in June, 54% of total intake
Indian crude imports reached a record 5 million barrels per day in June 2026, with Russian crude accounting for 2.6 million barrels per day — 54% of total intake — more than double the volume recorded in February 2026.
Gold hits lowest since November; gold-oil correlation breaks down
Gold fell to $3,983.07 per troy ounce on Wednesday, its lowest since November, posting a 14% quarterly decline — worst since 2013. WTI crude also declined as US-Iran talks progressed, ending a five-month tandem rally in both commodities.
Pakistan state LNG buyer issues emergency tender amid Strait of Hormuz disruption
Pakistan's state-owned LNG importer issued an emergency tender for cargo delivery between 30 June and 4 July 2026, with Bloomberg Markets reporting that attacks in the Strait of Hormuz were actively disrupting LNG supply flows to the country.
Gold rebounded to $4,080 after softer US inflation data shifted rate expectations
Gold spot prices fell to a low near $3,984 mid-week before rebounding 1.35% to approximately $4,080.67 by 26 June 2026, leaving the metal down $141.75 on the week; exchange-traded products GLD and IAU, which track spot gold, were also affected.
Qatar force majeure expected to lapse mid-July; eight tankers queue at Ras Laffan
Asian LNG buyers anticipated Qatar's force majeure declaration would lapse in mid-July 2026 as Persian Gulf tensions eased; eight empty LNG tankers had congregated at Qatar's Ras Laffan terminal as of 26 June 2026, with additional vessels approaching.
Iraq issued OPEC ultimatum demanding higher production quotas on 25 June
Iraq formally demanded significantly higher production allowances from OPEC on 25 June 2026, threatening withdrawal if rejected. CNBC TOP subsequently reported Iraq had decided to remain within OPEC and pursue quota negotiations rather than execute an immediate exit.
China crude imports hit 2018 low; Shandong refinery rates at 2017 low
China's crude oil imports fell to their lowest level since 2018 as of 24 June 2026, while independent refinery operating rates in Shandong province dropped to 50.5%, the lowest since August 2017. US-Iran talks in Switzerland concluded with both parties committing to a final agreement within 60 days.
Rystad flags structural drop in China crude imports amid EV shift
Rystad Energy characterised a reduction in China's crude oil import demand as structural rather than cyclical, citing accelerating EV adoption; Bloomberg Markets reported Iran-related conflict had compounded pressure on Chinese import volumes.
Goldman Sachs cuts 2026 year-end gold forecast by $500 to $4,900/oz
Goldman Sachs lowered its year-end gold price forecast by $500 per ounce to $4,900/oz on 19 June 2026, citing expectations of no Federal Reserve rate cuts in 2026; gold futures and the SPDR Gold Shares ETF (GLD) were named in coverage of the revision.
US blockades Iranian vessels, imposes 20% Hormuz fee; Brent rises 8%
Brent crude climbed above $82 per barrel and WTI rose past $77 per barrel, each gaining more than 8% on the session, after President Trump reinstated a blockade on Iranian vessels and announced a 20% transit fee on cargo passing through the Strait of Hormuz on 14 July 2026. Gold fell $95 following the announcement.
US-Iran MOU signed; WTI crude fell 8.73%, Brent dropped below $77
August WTI crude futures settled at $75.22, down $7.22 or 8.73%, and Brent crude fell below $77 per barrel following a reported US-Iran memorandum of understanding and Strait of Hormuz reopening; US-listed oil, gas, and shipping names featured in coverage.