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Bullish As of Jul 10, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Jul 11, 2026

Geopolitical tensions in the Middle East and Black Sea continue to underpin energy markets, keeping crude oil prices elevated and driving strong demand for tanker tonnage. Equities saw mixed performance, with European markets gaining on corporate news while currencies showed slight depreciation against the dollar.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 76.00 +0.20
WTI NYMEX $/bbl 71.51 -0.56
Dubai Crude Platts $/bbl 77.50 +0.25

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 235.00 +2.50
Gasoil ICE $/mt 680.00 +5.00
Jet Fuel Platts Singapore $/bbl 95.00 +1.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.94 -0.07
TTF ICE EUR/MWh 32.00 +0.50

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 380.00 +1.50
US Mont Belvieu Ethane NYMEX c/gal 28.00 +0.10

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 22.70 -0.10

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 45,000 42,000
VLCC, 270 USG-China 50,000 48,000
Suezmax, 130 WAF-UKC 32,000 30,000
Aframax, 80 Cross-Med 28,000 26,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 22,000 25,000
MR, 37 TC2 (UKC-USAC) 18,000 19,500
MR, 37 TC14 (USG-UKC) 20,000 21,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 55,000 131.5 172.0
Suezmax, 130 38,000 88.0 107.5

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 15,000 Flat 35,000
174M3 TFDE (West) 18,000 Firm 40,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 672.0 476.0 972.0
Rotterdam 588.0 457.0 969.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 38,000
VLGC, 84 (USG-Japan) 42,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 70.50 70.55

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 3,845.00 +2.00
FTSE 100 United Kingdom 10,497.30 +24.84
Pair Region Last Δ Day
EUR/$ European Union 1.14 0.00
USD/JPY Japan 161.70 -0.68

Developments

  • US-Iran Conflict Continues to Disrupt Strait of Hormuz Shipping, Keeping Oil Prices Elevated

    Ongoing geopolitical tensions between the US and Iran are maintaining a significant risk premium in global energy markets, with disruptions to shipping through the critical Strait of Hormuz supporting crude oil prices.

    Reuters · Jul 10, 2026

  • Escalating Shipping Risks in Black Sea Region Drive Commodity Market Volatility

    New reports of escalating commodity shipping risks in the Kerch Strait and Sea of Azov, linked to the Ukraine war, have introduced fresh volatility and upward pressure on energy and grain prices.

    StoneX · Jul 10, 2026

  • VLCC Newbuilding Orders Surge to Record Highs Amid Strong Demand and Geopolitical Factors

    Shipowners placed 183 VLCC orders in the first half of 2026, a tenfold increase year-on-year, driven by strong market confidence, rising asset values, and a tightening supply of available tonnage.

    Veson Nautical · Jul 08, 2026

  • Occidental Petroleum Reports Jump in Realized Oil Prices Due to Middle East Conflict

    Shale producer Occidental Petroleum announced a 38.4% rise in its worldwide average realized oil prices in Q2, attributing the increase to higher benchmark crude rates amidst the ongoing Middle East conflict.

    Reuters · Jul 10, 2026

  • London's FTSE 100 Rises on Vodafone and easyJet Deals, Despite Weekly Loss

    The FTSE 100 closed higher on Friday, boosted by Vodafone's stake sale to Xavier Niel and easyJet's agreed takeover by Apollo Global, though the index still recorded a weekly decline.

    Reuters · Jul 10, 2026

  • Natural Gas Demand Rises with Summer Heatwave Across Central and Eastern US

    Henry Hub futures prices remained relatively steady despite rising natural gas demand for electric power generation, driven by the first summer heatwave across the central and eastern United States.

    Rystad Energy · Jul 09, 2026