SPGI · Earnings call · 2026Q3T · Full report

Energy Market Demand Trends

S&P Global Inc. · 2026-10-27 · Importance 30 · Surprise 40

Energy revenue growth accelerated as customers adapted to volatile markets, and global trading services stabilized in the third quarter. Management said renewals returned to pre-Iran-conflict levels as improved Strait of Hormuz flows—nearly two-thirds of pre-war levels—helped customers transact with more confidence. Market participants were returning to derivatives based on S&P benchmark prices amid greater volatility. LNG, refined products, and chemicals remained more constrained, prompting customers to use S&P data to identify alternative sources and partnerships.

Key facts

• S&P Global expected oil to stay around $100 per barrel through the fourth quarter of 2026.
• Flows through the Strait of Hormuz reached almost two-thirds of pre-war levels, improving customers’ ability to transact with confidence and drive subscription growth.