New Zealand's earthquake monitoring agency measured a magnitude-6.3 quake in the southern South Island on July 16.

Baltic Dry Index fell 3.04% to 2,840.

Export Development Canada (EDC) says global oil inventories have continued to decline, leaving the energy market more fragile. EDC forecasts average international oil prices of about $96/bbl this year and $84/bbl in 2027. EDC chief economist Stuart Bergman said distributed storage now functions as the market’s marginal producer. Pre-crisis stocks and strategic reserve releases have helped offset supply losses but have drawn inventories below seasonal normals. A permanent peace agreement and restoration of Strait of Hormuz shipping to pre-crisis levels would ease tightness; however, Bergman said the market remains supply-tight and is highly vulnerable to further disruption and sharp price swings if geopolitical risk escalates.