Monthly APAC Chart Pack
July 2026
Take a step back with our monthly chart pack, where analysts highlight the most important trends and visuals shaping the oil market.
Oil Narrative
Crude
Kero and Diesel
Light Ends
Fuel Oil
Freight
APAC Chart Pack: July
Introduction
The Strait of Hormuz reopening has flooded the market with prompt AG barrels, crushing crude premiums even as flows stay below pre-war levels. Saudi cut its August OSP by $11/bbl into Asia. Freight rates remain elevated, eating into refining margin. Products and refining stay tight. Watch China exports and Western refinery reliability into peak summer.
"Do not expect VLCC rates to return to pre-war levels, thus crude landed costs remain high even if crude premiums weaken."
June GohSenior Oil Market Analyst
June Goh is a seasoned oil professional, with roles spanning Refining, Trading & Supply and Strategy over her 18 years at Shell. She has done refinery scheduling, crude and feedstock optimisation and market analysis for both short term and long term price forecasting.
