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Bullish As of Apr 3, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Apr 03, 2026

Global energy markets on April 3, 2026, were heavily influenced by ongoing geopolitical tensions, particularly the "Iran War" and Strait of Hormuz disruptions, which continued to drive crude oil prices and tanker freight rates to elevated levels. While US natural gas prices remained soft, the broader energy complex showed strength, and US equity markets, though closed for Good Friday, ended the week with solid gains.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 111.71 +0.50

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 331.23 -3.92

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.82 -0.03

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 385.28 +9.97

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 27.41 -2.15

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 180,000 120,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 80,000 60,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 105,000 129.0 138.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 75,000 Strong 60,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 700.0 600.0 800.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 60,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 69.80 70.00

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 5,250.00 +26.12
Pair Region Last Δ Day
EUR/$ European Union 1.15 +0.00

Developments

  • Geopolitical Shock Drives Historic Tanker Rate Extremes in March 2026

    The tanker freight market experienced exceptional dislocation in March, with benchmark MEG–China VLCC rates surging to unprecedented levels due to heightened geopolitical risks surrounding the Strait of Hormuz, though rates moderated by month-end.

    Horizon Offshore Services · Mar 31, 2026

  • Iran War and Tariffs Drive Diesel Surge, Reshaping Freight Market

    The freight market is grappling with the one-year anniversary of Trump's tariffs and a sustained energy shock from the Iran War, pushing diesel prices past $5.38 per gallon nationally and altering carrier behavior.

    Kesco Logistics Inc · Apr 2, 2026

  • VLCC Secondhand Prices Soar, Exceeding Newbuild Costs Amid Middle East Tensions

    Geopolitical risks have led to a significant surge in VLCC secondhand prices, with five-year-old vessels now commanding a premium of $9 million over newbuilding contract prices, reflecting a distorted market and demand for prompt availability.

    Signal Ocean / Seatrade Maritime News · Mar 2, 2026

  • Henry Hub Natural Gas Hits Six-Month Low Amid Mild Weather and Strong Production

    U.S. natural gas prices exited the winter heating season on stable footing, with Henry Hub prompt-month futures falling to a six-month low of $2.82 per MMBtu on April 2, driven by mild late-season temperatures and robust production.

    American Gas Association · Apr 2, 2026

  • U.S. Container Imports Decline in April as Trade Uncertainty Persists

    U.S. containerized imports in April 2026 declined from March and year-over-year, influenced by ongoing Middle East tensions disrupting maritime corridors and persistent uncertainty in U.S. trade policy.

    Descartes · Apr 3, 2026

  • Brent Crude Prices Soar Over 40% in March 2026

    Brent oil futures for June 2026 delivery surged by over 40% in March, reaching $103.97 per barrel by month-end, driven by market dynamics and geopolitical factors.

    Qazinform · Apr 1, 2026