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Bullish As of Jul 21, 2026 15:00 ET Download PDF

Daily Energy & Shipping Briefing — Jul 21, 2026

Global energy markets are experiencing significant upward pressure on crude oil and refined product prices due to escalating geopolitical tensions in the Middle East, including continued US-Iran hostilities and Houthi threats to shipping. Supply disruptions in key chokepoints like the Strait of Hormuz and the Red Sea are driving a bullish sentiment, while natural gas markets show mixed signals with robust supply but some LNG interruptions. Equities are generally higher despit...

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 91.34 +2.12
WTI NYMEX $/bbl 85.03 +1.80

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 342.12 +3.22
ULSD Heating Oil NYMEX c/gal 412.75 +0.85

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.88 +0.03
TTF ICE EUR/MWh 35.50 +0.75

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 385.00 +2.50

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 52.35 -0.77

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 48,000 41,000
Suezmax, 130 WAF-UKC 32,000 29,500

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 28,000 27,500
MR, 37 TC2 (UKC-USAC) 22,000 21,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 55,000 132.0 118.0
Aframax, 100 35,000 75.0 68.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 15,000 Neutral 31,000
174M3 TFDE (Atlantic) 18,000 Neutral 35,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 555.0 465.0 630.0
Rotterdam 560.0 470.0 635.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 40,000
LGC, 22 (USGC-NWE) 28,000

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 3,873.67 +30.74
Dow Jones Industrial Average United States 33,231.00 +231.00
Pair Region Last Δ Day
EUR/$ European Union 1.14 0.00
USD/JPY Japan 163.00 +0.51

Developments

  • Oil Prices Rise on Growing Supply Risks Amid Fresh Attacks and Middle East Tensions

    Crude oil and product futures climbed on Tuesday due to mounting supply disruptions and escalating geopolitical risks, including fresh attacks on tankers in the Strait of Hormuz and the Black Sea. Oil exports from the Persian Gulf have significantly slowed.

    DTN Progressive Farmer · Jul 21, 2026

  • Brent Crude Tops $90 as Tanker Hit in Strait of Hormuz Amid Escalating US-Iran Tensions

    Brent crude futures surged past $90/bbl after a tanker was reportedly struck in the Strait of Hormuz, intensifying fears of supply disruptions as US-Iran hostilities continue for a tenth night.

    Energy News Beat · Jul 21, 2026

  • Houthi Threats Reroute Saudi Crude Tankers in Red Sea, Further Disrupting Shipping

    Two Saudi crude oil tankers reversed course in the Red Sea following threats from Yemen's Iran-aligned Houthis, highlighting a widening Middle East conflict impacting critical energy chokepoints.

    Oklahoma Energy Today · Jul 21, 2026

  • U.S. Emergency Oil Reserve Hits Lowest Levels Since 1983 Amid Strategic Drawdowns

    U.S. Strategic Petroleum Reserve crude oil stocks fell by approximately 5.1 million barrels last week to 311.4 million barrels, marking the lowest level since March 1983 as drawdowns continue.

    Morningstar (Dow Jones) · Jul 21, 2026

  • Natural Gas Futures Mixed as Robust Supply and LNG Interruptions Counter Cooling Demand

    Natural gas futures saw initial gains on Tuesday supported by strong cooling demand in the West and South, but prices leveled off due to bulging supply, ongoing LNG interruptions, and cooler weather in the Northeast.

    Natural Gas Intelligence · Jul 21, 2026

  • AI Stocks Propel Wall Street Higher Despite Rising Oil Prices and Inflation Concerns

    Wall Street saw gains, particularly in AI-related stocks, despite rising oil prices threatening a reacceleration of inflation. The S&P 500 and Dow Jones Industrial Average climbed during Tuesday's trading.

    Pittsburgh Post-Gazette · Jul 21, 2026