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Bearish As of Jul 3, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Jul 04, 2026

Global energy markets closed the week on a bearish note for crude, as a near-term supply glut emerged following increased shipments through the Strait of Hormuz and easing geopolitical tensions. Equity markets saw mixed performance, with the S&P 500 largely unchanged, while the dollar strengthened against the Euro on weaker-than-expected US labor data.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 71.94 -0.32
WTI NYMEX $/bbl 68.78 -0.24

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 294.00 +2.32
Heating Oil NYMEX c/gal 326.00 +7.59

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.25 +0.05

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 378.14 +1.25

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 23.19 -0.15
WTI-Brent Spread $/bbl -3.16 +0.08

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 35,000 39,700
Suezmax, 130 WAF-UKC 28,000 31,500

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 20,500 26,400
MR, 37 USG-UKC 18,000 21,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 102,000 130.5 138.0
Suezmax, 130 65,000 88.0 88.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 13,000 Flat 30,231
174M3 TFDE (Atlantic) 15,000 Weak 35,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 508.0 425.0 585.0
Rotterdam 515.0 430.0 590.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 34,643
VLGC, 44 (USG-Japan) 40,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 80.21 80.23

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,483.24 +0.01
Dow Jones Industrial Average United States 52,900.07 +594.83
Pair Region Last Δ Day
EUR/$ European Union 1.14 +0.00
$/JPY Japan 157.80 -0.15

Developments

  • Brent Crude Curve Weakens as Strait of Hormuz Flows Increase, Creating Near-Term Glut

    Brent crude for prompt delivery traded below future contracts, signaling a near-term supply glut due to increased shipments through the Strait of Hormuz following a pause in US-Iran hostilities.

    Reuters · Jul 3, 2026

  • Citi Forecasts Brent Crude to Fall to $60 by Year-End 2026 Amid Easing Geopolitical Risks

    Citigroup analysts predict Brent crude oil will drop to $60 per barrel by the end of 2026, driven by the fading impact of Strait of Hormuz disruptions and restored normal shipping.

    Briefs Finance (citing Citi) · Jul 4, 2026

  • WTI Crude Oil Faces Continuous Selling Pressure as Institutional Traders Re-weight Positions

    West Texas Intermediate crude oil experienced significant selling pressure on Friday, trading just under $68.71/bbl, as institutional traders adjusted positions due to new Iranian cargo liftings.

    FX Leaders · Jul 3, 2026

  • US Stock Markets Closed Friday for Independence Day Holiday, S&P 500 Ends Week Mixed

    US stock markets, including the NYSE and Nasdaq, were closed on Friday, July 3, in observance of Independence Day. The S&P 500 ended the holiday-shortened week with a mixed performance.

    Mint / SmallCap Informer · Jul 3, 2026

  • Euro Strengthens Against Dollar as Weaker US Labor Data Revises Fed Rate Hike Expectations

    The EUR/USD exchange rate rose on Friday as weaker-than-expected US labor market data pressured the dollar and led investors to revise expectations for Federal Reserve policy tightening.

    FXDailyReport.com · Jul 3, 2026