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Bullish As of Apr 27, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Apr 27, 2026

Global energy markets remain in turmoil as the ongoing conflict in the Middle East and the effective closure of the Strait of Hormuz continue to severely restrict oil, gas, and product flows, driving prices to multi-year highs. Tanker freight rates have soared to unprecedented levels due to rerouting and tonnage scarcity, while major energy agencies have significantly cut their 2026 oil demand forecasts. Carbon markets remain firm, and shipping decarbonization efforts face on...

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 88.50 +2.50
WTI NYMEX $/bbl 84.20 +2.30

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 285.00 +5.00
ULSD NYMEX c/gal 295.00 +6.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 4.20 +0.15
TTF ICE EUR/MWh 65.00 +3.50

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 30.00 +1.50
ULSD/Brent Crack Spread $/bbl 35.00 +2.00

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 95,000 80,000
Aframax, 80 Caribs-USGC 70,000 65,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 60,000 50,000
MR, 37 TC2 (UKC-USAC) 45,000 40,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 100,000 127.0 112.0
Aframax, 100 55,000 75.0 65.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 100,000 Strong 70,000
174M3 TFDE (Atlantic) 90,000 Strong 68,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 750.0 650.0 850.0
Rotterdam 730.0 630.0 830.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 80,000
VLGC, 44 (USGC-Japan) 75,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 72.50 72.60

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 4,050.00 +15.00
FTSE 100 United Kingdom 7,950.00 +25.00
Pair Region Last Δ Day
EUR/$ European Union 1.08 -0.01
$/JPY Japan 155.20 +0.30

Developments

  • Strait of Hormuz Closure Continues to Cripple Global Oil and Gas Flows, Driving Prices Higher

    The effective closure of the Strait of Hormuz, now in its third month, continues to severely disrupt seaborne crude, refined products, and LNG/LPG trade, leading to unprecedented price surges across energy markets.

    Reuters · Apr 27, 2026

  • OPEC+ Production Cuts Deepen as Middle East Conflict Derailed Output Plans

    OPEC+ output fell significantly in April, with the ongoing conflict in the Middle East and the Strait of Hormuz closure preventing planned production increases and leading to further supply shortages.

    S&P Global · Apr 27, 2026

  • Tanker Rates Soar to Record Highs Amid Rerouting and Tonnage Scarcity

    VLCC and Aframax tanker earnings have reached unprecedented levels as vessels are forced to reroute away from the Strait of Hormuz, creating longer voyages and tightening available tonnage.

    TradeWinds · Apr 27, 2026

  • IEA and OPEC Slash 2026 Oil Demand Forecasts Amid High Prices and Economic Headwinds

    Both the IEA and OPEC have significantly revised down their global oil demand growth forecasts for 2026, citing the impact of soaring fuel prices and the broader economic fallout from the Middle East conflict.

    Bloomberg · Apr 27, 2026

  • EU Carbon Prices Remain Elevated Following Market Stability Reserve Amendment

    European Union Allowances (EUAs) held above €70/ton in April, supported by the European Commission's recent proposal to strengthen the Market Stability Reserve, aiming to enhance carbon market stability.

    S&P Global Platts · Apr 26, 2026

  • IMO's Net Zero Framework for Shipping Decarbonization Faces Continued Delays

    The International Maritime Organization's crucial Net Zero Framework, intended to introduce global fuel standards and market-based mechanisms, remains in limbo after its adoption was postponed to April 2026, highlighting ongoing divisions among member states.

    Lloyd's List · Apr 26, 2026