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Bullish As of Apr 9, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Apr 09, 2026

Global energy markets on April 9, 2026, were marked by elevated crude oil prices, nearing $97/bbl, driven by persistent geopolitical tensions in the Middle East and concerns over the Strait of Hormuz. Despite these oil price surges, US equity markets showed resilience, with major indices closing higher amid optimism surrounding a potential ceasefire in the region. Tanker freight rates remained exceptionally high due to the ongoing disruptions.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 96.96 +2.55
WTI NYMEX $/bbl 96.82 +1.99

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 290.00 +5.00
ULSD Heating Oil NYMEX c/gal 280.00 +4.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.70 -0.08
TTF (Europe) ICE EUR/MWh 45.00 -1.20

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 30.00 +0.50

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 25.50 +0.20
ULSD/Brent Crack Spread $/bbl 28.00 +0.10

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 90,000 70,000
Suezmax, 160 WAF-UKC 65,000 55,000
Aframax, 100 Carib-USGC 48,000 42,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 21,000 25,000
MR, 37 TC2 (UKC-USAC) 28,000 31,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 105,000 124.8 112.0
Suezmax, 150+ 70,000 90.0 85.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 13,000 Flat 30,231
174M3 TFDE (West) 15,000 Stable 35,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 520.0 435.0 600.0
Rotterdam 510.0 425.0 590.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 35,000
VLGC, 44 (USGC-Japan) 42,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 69.34 69.36
California Carbon Allowances (Spot) $/ton 35.50 35.60

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 6,824.66 +41.85
Dow Jones Industrial Average United States 48,185.80 +275.88
Nasdaq Composite United States 22,822.42 +187.42
Pair Region Last Δ Day
EUR/$ European Union 1.17 -0.01
USD/JPY Japan 158.90 +0.10
GBP/$ United Kingdom 1.34 0.00

Developments

  • Crude prices climb back towards $97 as Strait of Hormuz remains under pressure

    Oil prices rebounded towards $97 a barrel on April 9, 2026, with Brent crude up 2.7%, as geopolitical tensions in the Middle East continued to keep markets on edge regarding the Strait of Hormuz. This rise followed a significant drop the previous day, reflecting ongoing volatility and supply concerns.

    The Times of India · Apr 9, 2026

  • How major US stock indexes fared Thursday 4/9/2026

    US stocks rose on April 9, 2026, with the S&P 500 gaining 0.6% to 6,824.66, as financial markets showed modest gains after a day of surging optimism about a ceasefire in the war with Iran. This upward movement occurred despite rising oil prices, indicating a market willingness to shrug off some energy cost concerns.

    AP News · Apr 9, 2026

  • Historic shockwaves through the VLCC market

    The VLCC market experienced historic volatility in early 2026, with freight rates surging to unprecedented levels due to the effective closure of the Strait of Hormuz. While rates moderated from March highs, the disruption continued to reshape global shipping logistics and risk premiums.

    Pioneers of Large Tanker Pooling · Apr 9, 2026

  • Natural gas prices weekly update – JKM, TTF and Henry Hub (13 April 2026)

    Natural gas prices for JKM, TTF, and Henry Hub generally fell during the week of April 6-10, 2026, amid easing supply-demand pressure and warmer weather, despite a brief spike earlier in the week due to Middle East tensions. Henry Hub prices were noted to be around $2.6-$2.8/MMBtu during this period.

    NGI · Apr 13, 2026

  • Tanker Markets – Key Highlights | April 2026

    The tanker freight market in April 2026 continued to experience extreme volatility driven by geopolitical risks, with 1-year VLCC time charter rates reaching $105,000/day, a 121% year-on-year increase. Newbuild VLCC prices were also reported at $124.75 million per vessel, reflecting strong forward earnings expectations and asset value resilience.

    Horizon Offshore Services · Apr 2026

  • New Golden Pass Cargo Marks Next Phase of U.S. LNG Growth

    LNG feedgas demand remained near record levels in April 2026, supported by strong global demand and expanding U.S. export capacity, with preliminary data suggesting an average of 18.9 Bcf per day month-to-date. This highlights the continued growth in the U.S. LNG sector despite global market volatility.

    American Gas Association · Apr 30, 2026