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Bearish As of Jul 2, 2026 13:16 GMT Download PDF

Daily Energy & Shipping Briefing — Jul 02, 2026

Global crude oil prices experienced a notable decline on Thursday, July 2, 2026, reaching four-month lows as easing geopolitical tensions surrounding US-Iran negotiations and expectations of increased OPEC+ supply weighed on the market. While refined products and natural gas saw mixed movements, the overall sentiment for crude remained bearish amid a shifting supply-demand outlook.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 70.66 -0.91
WTI NYMEX $/bbl 67.54 -1.04

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 291.73 -2.79

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.20 -0.02

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 369.06 +7.35

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 23.10 -0.09

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 41,000 39,800
Suezmax, 140 WAF-UKC 28,000 27,500
Aframax, 80 Carib-USGC 22,000 21,500

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 21,000 26,500
MR, 37 TC2 (UKC-USAC) 18,000 19,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 49,500 127.5 112.5
Aframax, 100 28,000 70.0 60.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 13,500 Firm 30,300
174M3 MEGI (Atlantic) 15,000 Firm 35,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 505.0 422.0 582.0
Rotterdam 515.0 430.0 590.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 35,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 69.34 69.36

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 3,840.00 -2.93
Pair Region Last Δ Day
EUR/$ European Union 1.14 +0.00

Developments

  • Oil Falls to Four-Month Lows on U.S.-Iran Negotiations and OPEC+ Expectations

    Brent and WTI crude prices registered their lowest levels in approximately four months on July 1, 2026, pressured by reduced geopolitical risk premium following diplomatic talks between the United States and Iran, and expectations of a new production increase by OPEC+ for August.

    Inspenet / GV Wire · Jul 2, 2026

  • Wood Mackenzie: Cheap Henry Hub gas era is ending

    The long-running era of low-cost U.S. natural gas is drawing to a close, with Wood Mackenzie forecasting Henry Hub prices approaching $5/MMBtu by 2035 due to rising AI-driven power demand, LNG export growth, and maturing U.S. gas supply.

    World Oil / Natural Gas Intelligence · Jul 2, 2026

  • Global Energy Demand Surges, Driven by AI and Data Centers

    Demand for electricity rose 3% year-on-year, faster than total energy supply, as electric vehicles, data centers, and AI increased pressure on grids. For the first time, rising electricity demand in 2025 was met entirely by low-carbon sources.

    Energy Live News / Morningstar · Jul 2, 2026

  • U.S. Crude Oil Inventories Extend Decline

    Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3.8 million barrels to 408.4 million barrels in the week ended June 26, reaching their lowest level since September 2018.

    Morningstar / AAA Gas Prices · Jul 2, 2026

  • Germany Charges Ukrainian Over Nord Stream Pipeline Blasts

    Germany's top prosecutor has indicted a Ukrainian national over the 2022 explosions that crippled the Nord Stream gas pipelines under the Baltic Sea.

    Clean Energy Wire · Jul 2, 2026

  • National Grid to Invest $1.75 Billion in Joulent in U.S. Energy Push

    National Grid will acquire a 35% stake in Joulent, a company developing contracted power generation and high-voltage infrastructure for U.S. customers with substantial power requirements.

    Morningstar · Jul 2, 2026