We're hosting two exclusive AI Briefings next week in Houston and New York City Join Kpler CTO @Scott Sherwood Ph.D. and Principal Product Manager @Baptiste Colmagro for a private session exploring how AI is transforming commodity trading, plus an exclusive preview of upcoming Kpler AI capabilities. Walk away with sharper trade intelligence and a front-row view of what Kpler is building next. Spots are limited. Register below 📍Houston | Tuesday, June 16 | 2:30pm - 5:30pm | Register here: okt.to/WYXslQ 📍New York City | Wednesday, June 17 | 3:00pm - 6:00pm | Register here: okt.to/2VLXD4

Hormuz passage remains fragile Transit activity through the Strait of Hormuz showed a modest day on day increase on 11 June, with six crossings recorded across the monitored zone. Traffic remained concentrated in non commercial movements, with commercial activity limited to a ballast oil tanker. Most vessels continued to follow the Iranian route, suggesting passage remains under tightly controlled conditions. At the same time, the security picture deteriorated further following an IMO verified attack on Jalveer and the addition of two earlier incidents to the record. The result is an operating environment that remains highly fragile. Diplomatic signals are equally mixed, with Washington and Tehran offering conflicting assessments of negotiations, leaving uncertainty over both the Strait’s security outlook and the prospects for a lasting agreement. Stay ahead of the market with #Kpler Insight: okt.to/tB4bPX

Markets in Motion | June 2026 What are the latest trade flows telling us about global commodity markets? In our latest cross-commodity review sneak peak, @Matt Stanley, Head of Market Engagement, EMEA & APAC, and @Homayoun Falakshahi, Head of Crude Oil Analysis at Kpler discuss the key market developments, emerging trends, and signals shaping the weeks ahead. 🎥 Watch the teaser below and catch the full on-demand webinar here: Markets in Motion: okt.to/Vd4yU9

Jones act waiver reshapes trade The extension of the Jones Act waiver is accelerating the shift of clean #petroleum product flows within the United States. Increased participation from the global merchant fleet has boosted cargo movements from the US Gulf Coast, particularly to the East and West Coasts. However, these gains are being offset by the displacement of longer haul import routes, reducing tonne mile demand and easing market inefficiencies that previously supported freight rates. With tanker fundamentals still under pressure, greater competition is likely to keep freight markets challenged despite higher domestic cargo activity.  Stay ahead of the market with #Kpler Insight: okt.to/efomRZ

Iran’s oil sector is increasingly reliant on production restraint as export restrictions continue to disrupt crude flows Onshore inventories have risen by roughly 13 million barrels since mid April, with practical storage availability is far lower than nominal capacity figures indicate. After accounting for condensate infrastructure and operational limitations, only about 13.5 million barrels of usable crude storage space remain. #Crude loadings averaged just 260,000 barrels per day in May, compared with 1.85 million barrels per day before the restrictions. Although limited overland export options exist for refined products, they offer little relief for crude #oil. The result is a growing dependence on production cuts to prevent storage facilities from reaching capacity. Stay ahead of the market with #Kpler Insight: okt.to/GEstgW

China sets oil market tone The crude market is moving from supply shock to demand anxiety. Middle East barrels are reappearing through less visible routes, pressuring Dubai spreads and regional premiums, while China remains a passive buyer. With refinery runs near 13 mbd, imports close to recent lows and stockpiles large enough to support prolonged drawdowns, Beijing has little urgency to procure seaborne #crude. Unless refined product demand improves or prices fall sharply, the prompt market faces a growing risk of slight oversupply in Q3. Stay ahead of the market with #Kpler Insight: okt.to/fRrXUk

Markets in Motion: A cross-commodity review 🌍 Geopolitics, shifting trade flows, and compliance risks are keeping commodity markets on edge. Join Kpler analysts live on 11 June as they break down what moved markets last week and what to watch in the days ahead. Key topics include: ◾ #Crude: Conflict, OPEC and demand destruction? ◾ Products: Refining margins, outages and summer driving season ◾ Gas/#LNG: Storage levels, Asian demand and supply security ◾ #Power: Heatwaves, renewables and grid pressures ◾ Dry Cargo: China, commodities and global trade flows ◾ #Freight: Shipping disruption, insurance costs and changing routes Register here: okt.to/6BXKOE

Hormuz traffic remains constrained Strait of Hormuz transit activity remained constrained over 5 to 7 June, with only eight monitored crossings across commercial and non-commercial traffic. The total was one below the single-day count on 4 June and 14 below the previous weekend, underscoring a break from stronger weekend permissive passage. All crossings used the Iranian Route, while only two sanctioned Iranian-flagged vessels transited, pointing to weak broader commercial participation.  A recent attack on an MSC containership has reinforced the fragile operating picture in the area. Against a more volatile diplomatic backdrop, the Strait is likely to remain open only under narrow, tightly managed conditions, and moving further away from stabilising or increasing flows.  Stay ahead of the market with #Kpler Insight: okt.to/9lXL4a

In the following market update, Matt Stanley, Head of Market Engagement at Kpler, breaks down the latest developments across the Middle East and their impact on global #oil markets. While supply remains available, concerns are growing over whether energy can continue moving efficiently through key trade routes as geopolitical tensions escalate. Stay ahead of the market with #Kpler Insight: okt.to/RbTqvs

🌾 Kpler is proud to be sponsoring the IGC Grains Conference in London. Join us on 9–10 June at IET London, where our grains and dry bulk experts will be on hand to discuss real-time cargo flows, S&D intelligence, and what the data is telling us about global grains markets right now. Catch Ishan Bhanu, Lead Agricultural Commodities Analyst at Kpler, speaking on the "North Africa & Middle East: what's next for trade opportunities" panel on 10 June. From Red Sea shipping disruptions to Strait of Hormuz closures, Ishan will explore how conflict and geopolitical upheaval are reshaping grains and oilseeds supply chains across the region's most critical trade corridors. 🗓️ 9–10 June 2026  📍 IET London, Savoy Place Want to meet the team? Book a session here: okt.to/L0RS3H

French demand curve shifts Last week's heatwave across Western Europe gave the French load curve an evening makeover. Air conditioning added an estimated 3 to 4 GW of afternoon demand, shifting peak load from 10 am to 5pm (UTC). #Solar generation covered much of the midday increase, but as output declined, demand remained elevated. The result was a sharp evening price response, with quarter-hourly prices exceeding €170/MWh and flexible generation stepping in to meet demand. Stay ahead of the market with #Kpler Insight: okt.to/2GInmQ

Hormuz traffic remains constrained Confirmed Strait of Hormuz crossings held at 10 over the weekend, remaining lower than the previous weekend and reflecting a more restricted operating environment. Most activity involved low risk, non commercial vessels, with only limited commercial participation and a small presence of shadow or sanctioned fleet movements. All observed crossings used the Iranian Route, extending the streak to seven consecutive days without a return to IMO designated routing.While no new #vessel attacks have been recorded since 26 May, transit conditions remain fragile and signal interference lingers. Ongoing negotiations covering sanctions, nuclear commitments, ceasefire arrangements and navigation rights continue to influence market sentiment. For shipping markets, constrained routing patterns indicate that operational risk remains elevated despite the recent pause in physical incidents. Stay ahead of the market with #Kpler Insight: okt.to/HkdB2a

Japan LNG demand softens Japan’s March gas demand data point to softer LNG consumption in 2026, driven by weaker residential and commercial demand despite resilient industrial activity. With total #LNG inventories projected to reach about 5.1 mt by end June, buyers face little urgency to secure spot cargoes. The outlook reduces support for prompt Asian LNG prices, although hotter weather or supply disruptions could tighten balances later in Q3. Stay ahead of the market with #Kpler Insight: okt.to/VXHopT

Korea LNG demand cools South Korea enters summer with tighter LNG balances, lower inventories and weather forecasts pointing to above-normal temperatures. That would typically support stronger procurement. Recent cargo diversions into South Korea suggest continued supply management through June–July. However, firmer #nuclear utilisation and sustained coal-fired generation are expected to curb gas-for-power demand through Q3, offsetting warmer weather and resilient non-power consumption. Kpler Insight has revised its 2026 #LNG demand forecast down by 0.1 mt to 46.0 mt. While tighter balances may lend some support to procurement activity and regional prices, spot Asian LNG price direction remains primarily driven by geopolitical risks around the Strait of Hormuz. Stay ahead of the market with #Kpler Insight: okt.to/Fp06zu

Kpler Energy Intelligence Day Korea 2026 wraps up Kpler Energy Intelligence Day Korea 2026 has officially wrapped up, marking another successful edition and continued growth in engagement across the Korean market. The event brought together industry leaders, market participants, and Kpler experts for discussions across #energy, #shipping, commodities intelligence, and AI-driven market analysis. A key highlight was the signing of an MOU between Kpler and KOBC, further strengthening collaboration across the maritime and commodities ecosystem. Thank you to our speakers, clients, partners, and the wider Kpler team for making it a success.

Hormuz LNG flows resume Another Adnoc-linked LNG tanker has crossed the Strait of Hormuz, with Umm Al Ashtan now signalling arrival in India on 31 May after loading at Das Island. Its voyage adds to a growing number of confirmed LNG transits through the route, following recent QatarEnergy-linked crossings toward Pakistan and China. For #LNG markets, the data point suggests Gulf exports are still moving, although exposure remains material given Hormuz handles about 20% of Gulf LNG flows. Stay ahead of the market with #Kpler Insight: okt.to/iz8NUd

Strait of Hormuz | Vessel Crossings Update Confirmed SOH crossings across the monitored zone fell to just two on 25 May, extending a pattern of higher weekend passages followed by weaker weekday activity. Both vessels used the Iranian Route, while no new physical attacks have been recorded since 10 May and signal interference continues. The low count suggests traffic remains narrow, route-dependent, and shaped by Iranian clearance practices. Negotiations between the US and Iran remain the key variable, with access likely to stay selective until a clearer framework for navigation is agreed. Stay ahead of the market with #Kpler Insight: okt.to/QHgxSB

China’s crude pullback China’s sharp decline in #crude imports has unintentionally eased feedstock tightness across Asia. With May imports tracking near 6.6 mbd, the lowest since 2016, more Middle Eastern, Russian, African and Atlantic Basin barrels have become available to refiners elsewhere. Asia ex-China runs are now expected near 14.8 mbd, up roughly 900 kbd month on month, though still well below last year’s levels. A rebound in Chinese buying could quickly tighten balances again. Stay ahead of the market with #Kpler Insight: okt.to/UHKuaP

Limited LNG shipments continue in the Strait of Hormuz Three laden #LNG vessels transited the Strait of Hormuz over the weekend, reinforcing continued Gulf energy export flows despite elevated geopolitical risk. Al Hamra carried an ADNOC cargo from Das Island towards India, while Fuwairit and Al Rayyan transited the strait with QatarEnergy cargoes bound for Pakistan and China respectively. This brings total laden transits to 7 since the start of the conflict. Stay ahead of the market with #Kpler Insight: okt.to/2mZXTG

Why the real oil shock may begin when China returns Global #oil markets have avoided a sustained price spike despite the loss of significant Middle Eastern supply. A major reason is China’s absence from the crude market. Chinese refiners have sharply reduced imports amid weak margins, slowing domestic demand and elevated prices, helping ease pressure on global balances. But inventories are now drawing lower, independent refiners are cutting runs, and state owned refiners may soon need to return to the market. If Chinese buying resumes alongside peak summer demand in Europe and the US, today’s uneasy equilibrium could quickly give way to a much tighter oil market. Stay ahead of the market with #Kpler Insight: okt.to/HAyMVv