US June ISM non-manufacturing employment index 51.2, prior 47.9.

Hardeep Singh Puri, India’s minister of petroleum and natural gas, said India is expanding domestic crude exploration and is tendering roughly 250,000 sq km of previously unexplored acreage to boost local supply and reduce import dependence, AFP reported on the 5th. Puri said recent transit constraints through the Strait of Hormuz tightened supplies. India produced 25.98 mln tonnes of crude in FY25 (about 522,000 bpd), down from a 2011 peak above 900,000 bpd, meeting roughly 10% of domestic crude demand. To ease supply pressure, India has broadened its supplier base from 27 to 41 countries, adding Iran and Venezuela and increasing purchases from Russia and several African suppliers.

Shengquan Group will raise prices on its PPO, PPE, OPE and MPPO oligomer product lines by 15–20% effective July 13, 2026, according to informed sources. The company attributes the move to ongoing international geopolitical tensions, heightened volatility in global raw-material markets and sharp increases in core feedstock procurement costs. Shengquan said it had previously maintained stable selling prices by pre-building strategic inventories and absorbing cost pressure; with inventories drawing down and costs remaining elevated, it is implementing a moderate price rise to safeguard supply stability.