Daily Energy & Shipping Briefing — Jul 01, 2026
Crude oil prices declined on Tuesday, returning to pre-war levels amidst rising supply and hopes for a US-Iran peace deal, though refined product margins remained elevated. Global equities closed the first half of 2026 higher, led by technology stocks, while the Euro weakened against a strong US Dollar. Shipping markets saw VLCC spot rates moderate from recent highs, but newbuild and secondhand values remained firm.
Energy Prices
Crude
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| Brent ICE | $/bbl | 70.46 | -1.60 |
| WTI NYMEX | $/bbl | 70.56 | -1.80 |
Products
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| RBOB Gasoline NYMEX | c/gal | 298.00 | -2.40 |
| NY Harbor ULSD NYMEX | c/gal | 285.50 | -1.50 |
Natural Gas
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| US Henry Hub NYMEX | $/MMBtu | 3.22 | -0.02 |
| TTF (Europe) ICE | EUR/MWh | 35.50 | +0.75 |
Natural Gas Liquids
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| US Mont Belvieu Propane NYMEX | $/mt | 369.06 | -6.30 |
| US Mont Belvieu Ethane NYMEX | $/gal | 0.28 | +0.01 |
Price Spreads
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| RBOB Gasoline/Brent Crack Spread | $/bbl | 54.70 | +0.59 |
| ULSD/Brent Crack Spread | $/bbl | 50.20 | +0.30 |
Shipping Rates & Bunkers
Dirty Tanker (Spot TCE, $/day)
| Vessel | Route | Spot TCE | Avg YTD |
|---|---|---|---|
| VLCC, 270 | AG-FE | 287,000 | 250,000 |
| Suezmax, 130 | WAF-UKC | 110,000 | 95,000 |
Clean Tanker (Spot TCE, $/day)
| Vessel | Route | Spot TCE | Avg YTD |
|---|---|---|---|
| LR2, 75 | AG-FE | 20,500 | 26,400 |
| MR, 37 | TC2 (UKC-USAC) | 28,000 | 29,500 |
Time Charter & Asset Values
| Vessel | 1yr ($/day) | Newbuild ($M) | 5yr ($M) |
|---|---|---|---|
| VLCC, 200+ | 105,000 | 130.5 | 138.0 |
| Suezmax, 130 | 65,000 | 88.0 | 107.5 |
LNG Vessels ($/day)
| Type | Spot | Sentiment | 52wk Avg |
|---|---|---|---|
| 160M3 Tri-fuel diesel electric (East) | 13,000 | Flat | 30,231 |
| 174M3 TFDE (Atlantic) | 15,000 | Firm | 35,000 |
Bunkers ($/mt)
| Port | VLSFO | HSFO | MGO |
|---|---|---|---|
| Singapore | 684.0 | 461.0 | 885.0 |
| Rotterdam | 670.0 | 450.0 | 870.0 |
LPG (Spot TCE, $/day)
| VLGC, 44 (AG-Japan) | 34,643 |
| VLGC, 44 (USGC-Japan) | 42,000 |
Carbon Markets
| Instrument | Unit | Bid | Offer |
|---|---|---|---|
| European Union Allowances (Spot) | EUR/ton | 70.00 | 70.05 |
| California Carbon Allowances (Spot) | $/ton | 38.50 | 38.60 |
Equities & Currencies
| Index | Region | Last | Δ Day |
|---|---|---|---|
| S&P 500 | United States | 7,499.36 | +58.93 |
| Dow Jones Industrial Average | United States | 52,319.20 | +136.46 |
| Pair | Region | Last | Δ Day |
|---|---|---|---|
| EUR/$ | European Union | 1.14 | 0.00 |
| USD/JPY | Japan | 158.20 | +0.35 |
Developments
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Crude Slides on Rising Supply Amid US-Iran Peace Deal Hopes
Oil prices declined as shipping traffic through the Strait of Hormuz picked up amid hopes for a permanent US-Iran peace deal and new warnings of a near-term glut. Brent's September contract settled near $73 a barrel, while WTI fell to around $70 a barrel.
Bloomberg/Rigzone · Jun 30, 2026
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Brent Crude Returns to Pre-War Price, Supporting Refining Margins
Brent crude settled at $73.15 a barrel, just above its pre-conflict close, returning crude prices to near pre-war levels. However, refined products like Singapore gasoil and gasoline remain significantly above their pre-war prices, extending margin advantages for refiners.
Crux Investor · Jun 30, 2026
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Euro Falls as Strong Dollar Pushes EUR/USD Below 1.1400
The EUR/USD pair came under renewed selling pressure, breaking below the 1.1400 handle, as heightened demand for the safe-haven US Dollar was driven by Iran-related risks and firm Federal Reserve rate expectations. Fading expectations for a European Central Bank rate hike in 2026 also weighed on the Euro.
TradingPedia · Jun 30, 2026
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S&P 500, Dow Jones and Nasdaq Close First Half of 2026 Higher as Chip Stocks Lead Wall Street
US stock markets concluded the first half of 2026 on a high note, with the S&P 500, Dow Jones, and Nasdaq all posting gains. Semiconductor stocks, led by Nvidia and AMD, fueled the rally, with the S&P 500 gaining 0.79% to close at 7,499.36.
The Economic Times · Jun 30, 2026
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Pan Ocean Accelerates VLCC Fleet Growth with $244.5 Million Order for Dual Ammonia-Ready Tankers
South Korean shipping company Pan Ocean announced an additional order for two VLCCs, valued at approximately $244.5 million, to be built with an 'ammonia-ready' design. This latest investment brings the owner's total spending on VLCCs this year to more than $1.5 billion.
iMarine/Riviera Maritime Media · Jun 30, 2026
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Hormuz Half-Open: Tanker Fleet Prices in Recovery Hope
VLCC earnings on key Middle East routes plunged to their lowest since before the conflict started, with daily rates for a VLCC from the Middle East to China quoted around $287,000. This is down from over $500,000 shortly before a peace accord was announced, as vessels accumulated in the Middle East.
BOE Report · Jun 30, 2026
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Singapore Fuel Oil Stocks Fall 18% in June 2026, VLSFO Lead Times Widen
Singapore's residual fuel oil stocks averaged 18% lower in June compared to May, driven by a sharp decline in net fuel oil imports. Very low sulfur fuel oil (VLSFO) supply in Singapore remains under pressure, with recommended lead times varying significantly among suppliers.
IndexBox · Jun 29, 2026
