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Bullish As of Apr 23, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Apr 23, 2026

Energy markets were dominated by escalating geopolitical tensions in the Strait of Hormuz, with Iran seizing commercial vessels, pushing crude oil prices higher. Natural gas, however, saw a significant drop following a larger-than-expected EIA storage build. Shipping rates, particularly for VLGCs, remained elevated due to Panama Canal congestion and Middle East disruptions.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 103.50 +1.80
WTI NYMEX $/bbl 94.80 +1.50

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 297.00 +3.50
Heating Oil NYMEX c/gal 300.00 +2.50

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.65 -0.07

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 435.67 +23.62

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 20.40 -0.70

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 180,000 150,000
Suezmax, 130 WAF-UKC 80,000 70,000
Aframax, 80 Cross-Med 60,000 55,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 35,000 30,000
MR, 50 TC2 (Cont-USAC) 70,000 60,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 105,000 125.0 115.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 14,000 Softening 30,231

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 650.0 550.0 750.0
Rotterdam 640.0 540.0 740.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 160,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 69.90 70.10

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 5,220.00 -30.00
Pair Region Last Δ Day
EUR/$ European Union 1.17 0.00

Developments

  • Iran Seizes Commercial Ships in Strait of Hormuz Amid US Blockade

    Iranian forces seized two commercial vessels in the Strait of Hormuz, accusing them of breaching its blockade, further escalating tensions in the critical shipping lane. This action follows the suspension of US-Iran peace talks.

    SBS News / ABC News · Apr 23, 2026

  • Crude Oil Prices Climb as Hormuz Tensions Mount, Iran Talks in Limbo

    Brent crude oil prices rose above $100 a barrel on April 23, 2026, as geopolitical risks in the Strait of Hormuz intensified and the White House awaited Iran's peace deal proposal.

    Bloomberg · Apr 23, 2026

  • Natural Gas Futures See Largest Drop in a Month Following EIA Storage Build

    May Natural Gas futures experienced their largest percentage drop since late March, driven by an EIA report revealing a larger-than-expected build of 103 billion cubic feet, surpassing market expectations.

    CME Group / YouTube · Apr 23, 2026

  • Tight VLGC Supply Drives Freight Rates to Multi-Year Highs

    VLGC freight rates climbed to their highest levels in approximately 2.5 years, primarily due to ongoing Panama Canal congestion and a sharp tightening in available vessel supply.

    European Maritime Finance · Apr 24, 2026

  • Atlantic Crude Tanker Rates Retreat from Highs, Pacific Product Rates Still Rising

    Atlantic basin crude tanker rates, including Suezmax and Aframax, saw a retreat to pre-Strait closure levels, while Pacific basin product tanker rates continued their upward trend.

    Lloyd's List · Apr 21, 2026

  • DHL CEO Warns Gulf Energy Shock Could Push Global Economy to Tipping Point

    DHL Group CEO Tobias Meyer cautioned on April 21st that a sustained disruption in Gulf crude flows could extend beyond oil markets to impact freight capacity, route stability, and shipping costs globally.

    Bloomberg TV · Apr 21, 2026