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Bullish As of Apr 13, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Apr 13, 2026

Global energy markets are in turmoil as the US initiated a naval blockade of Iranian ports on April 13, 2026, intensifying the Strait of Hormuz crisis. Crude oil prices surged past $100/bbl, while tanker freight rates experienced extreme volatility and significant increases due to severe supply disruptions and rerouting. US natural gas prices remained relatively stable, but global LNG supply chains faced major shocks.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 101.81 +6.61
WTI NYMEX $/bbl 104.44 +7.87

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 395.00 +5.00
Heating Oil NYMEX c/gal 370.00 +4.50

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.60 -0.20
JKM (Northeast Asia) Platts $/MMBtu 16.80 -0.50

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 404.75 +39.37
US Mont Belvieu Ethane NYMEX c/gal 35.00 +1.50

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 64.09 +3.89
Gasoil/Brent Crack Spread $/bbl 55.00 +3.00

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 120,000 70,000
Suezmax, 130 WAF-UKC 75,000 45,000
Aframax, 80 Caribs-USG 60,000 38,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 50,000 35,000
MR, 37 TC2 (UKC-USAC) 35,000 28,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 105,000 124.8 115.0
Suezmax, 130 70,000 85.0 70.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 100,000 Bullish 50,000
174M3 MEGI (Atlantic) 95,000 Bullish 48,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 650.0 550.0 700.0
Rotterdam 630.0 530.0 680.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 60,000
VLGC, 44 (USG-Japan) 75,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 72.60 72.65
UK Allowances (Spot) GBP/ton 65.00 65.10

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 6,816.89 -7.70
Dow Jones Industrial Average United States 47,916.47 -269.23
Pair Region Last Δ Day
EUR/$ European Union 1.17 -0.01
GBP/$ United Kingdom 1.25 0.00

Developments

  • US Sets April 13 Start for Naval Blockade of Shipping to and from Iranian Ports

    The United States announced a naval blockade of all maritime traffic entering and exiting Iranian ports, effective April 13, 2026, escalating military pressure on Tehran and raising immediate risks for Gulf maritime security and energy flows through the Strait of Hormuz.

    Defence Matters · Apr 13, 2026

  • Iran War Upends Global Oil Outlook, Supply Plummets by 10.1 mb/d in March

    The IEA reported that global oil demand is expected to contract by 80 kb/d this year due to the Iran war, with global oil supply plummeting by 10.1 mb/d in March amid attacks on energy infrastructure and restrictions in the Strait of Hormuz.

    IEA · Apr 14, 2026

  • Strait of Hormuz Remains Far From Normalized Despite Ceasefire Reports

    Despite earlier ceasefire reports, the Strait of Hormuz remains largely closed to normal VLCC transit, with limited and unstable activity contingent on approvals and safety verifications, leading to increased insurance costs and cautious operational judgments.

    Shippio Trade News · Apr 13, 2026

  • US-Sanctioned Tanker Tests Trump's Hormuz Blockade Amid Oil Price Surge

    A US-sanctioned tanker linked to China attempted to transit the Strait of Hormuz, challenging President Donald Trump's naval blockade, as global stocks rallied and oil prices declined on hopes of more US-Iran talks.

    Bloomberg Daybreak Europe · Apr 14, 2026

  • LNG Shock Hits Supply Chains as War Disrupts Global Flow

    The ongoing conflict in the Middle East has severely impacted the global LNG industry, creating a supply chain crisis and promoting extended disruption in the supply of natural gas, despite relatively stable US Henry Hub prices.

    Mansfield Energy · Apr 13, 2026

  • VLCC Time Charter Rates Soar to $105,000/day Amid Geopolitical Tensions

    One-year time charter rates for VLCCs reached $105,000 per day, representing a 121% year-on-year increase, reflecting strong forward earnings expectations and heightened geopolitical risk premiums in the tanker market.

    Horizon Offshore Services / gCaptain · Apr 2026