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Tracy Shuchart, independent trader and strategist, highlights that India’s fuel exports plunged to the lowest level in nearly four years in May.
This decline comes as India prioritized domestic fuel needs amid the Iran war shock and ongoing refinery maintenance, sharply reducing overseas supply.
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Shuchart previously reported that Piper Sandler expects the Strait of Hormuz will likely stay closed for months, with oil prices set for new highs following the regional conflict. In equity markets, she noted that AI stocks drove the S&P 500 to 11 record closes in May as technology outperformed. The latest export data reflects ongoing adjustments by major economies amid global supply shifts.