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Bullish As of Apr 2, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Apr 02, 2026

Global energy markets experienced significant volatility on April 2, 2026, as crude oil prices surged dramatically following US President Trump's speech, which indicated an escalation of the conflict in the Middle East and continued disruption of the Strait of Hormuz. This geopolitical tension drove Brent and WTI crude to elevated levels, while US natural gas prices, particularly Henry Hub, softened to a six-month low. Equity markets initially fell but saw some recovery by th...

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 109.03 +8.50
WTI NYMEX $/bbl 111.54 +12.60

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 331.23 +10.00
Heating Oil NYMEX c/gal 320.00 +8.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.82 -0.05

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 450.00 +5.00

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 31.16 +1.50

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 300,000 150,000
Suezmax, 150 WAF-UKC 150,000 80,000
Aframax, 100 Cross-Med 100,000 60,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 80,000 40,000
MR, 50 TC2 60,000 30,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 105,000 128.0 110.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 150,000 Bullish 80,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 800.0 700.0 900.0
Rotterdam 780.0 680.0 880.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 100,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 71.77 71.80

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 6,582.69 +7.37
Dow Jones Industrial Average United States 46,504.67 -61.07
Pair Region Last Δ Day
EUR/$ European Union 1.15 0.00

Developments

  • Oil prices climb after Trump's speech, Brent crude reaches $109, WTI tops $111

    World oil prices per barrel showed volatile movements, with Brent Crude reaching $109.03 and WTI $111.54, after President Trump's address failed to ease concerns over the disruption of the Strait of Hormuz, leading to a sharp rebound in prices.

    The Times of India / Yahoo Finance · Apr 2, 2026

  • Henry Hub Prompt Month at Six-Month Low Amid Easing Winter Demand

    Henry Hub prompt-month futures fell to a six-month low of $2.82 per MMBtu on April 2, down 4.5 percent week-over-week, reflecting softening prices as the market transitions into the spring shoulder season.

    American Gas Association · Apr 2, 2026

  • Tanker Freight Market Experiences Exceptional Dislocation, Rates Reach Historic Extremes

    The tanker freight market saw exceptional dislocation, with VLCC rates surging to levels rarely observed, driven by heightened geopolitical risk surrounding the Strait of Hormuz. One-year VLCC time charter rates were reported at $105,000/day.

    Horizon Offshore Services / gCaptain · Apr 2026

  • S&P 500 Recovers from Early Losses, Closes with Slim Gains Despite Oil Surge

    US stock markets, including the S&P 500, overcame early losses to finish with slim gains, closing out their first winning week since the start of the Iran war, though volatility remained high.

    AP News / TheStreet · Apr 2, 2026

  • EU Carbon Prices Remain Above €70/t as Policy Jitters Ease

    European carbon prices for December 2026 contracts remained above €70/t, with EU Allowances trading around €71.77/tCO2e on April 2, as fears of aggressive intervention in the ETS market eased.

    S&P Global / GMK Center · Apr 2, 2026

  • Global LNG Supply Constrained as Strait of Hormuz Disruptions Halt Shipments

    Global LNG supply remained constrained as shipments through the Strait of Hormuz halted completely due to geopolitical tensions, reinforcing demand for cargoes from outside the region and driving up prices.

    American Gas Association / CNBC Africa · Apr 2, 2026