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Bullish As of Jul 20, 2026 17:00 GMT Download PDF

Daily Energy & Shipping Briefing — Jul 21, 2026

Global energy markets are showing a bullish tone, primarily driven by escalating Middle East tensions which are pushing crude oil prices higher and significantly boosting tanker freight rates across VLCC and LPG sectors. Bunker sales in Singapore remain strong, reflecting robust shipping activity despite geopolitical disruptions.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 73.50 +0.80
WTI NYMEX $/bbl 69.80 +0.75

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 215.00 +2.50
ULSD Heating Oil NYMEX c/gal 220.00 +3.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.70 +0.05
TTF Gas ICE EUR/MWh 32.50 +0.80

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 380.00 +1.50
US Mont Belvieu Ethane NYMEX c/gal 28.00 +0.20

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 23.50 +0.20
ULSD/Brent Crack Spread $/bbl 28.00 +0.30

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 368,900 150,000
VLCC, 270 Oman-China 139,700 120,000
Aframax, 80 North Sea-Cont 127,800 95,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 Med-East 16,300 35,000
MR, 37 ARA-USAC 9,000 15,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 107,750 130.5 138.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 13,000 Flat 30,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 789.0 587.0 1,166.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 243,593
VLGC, 44 (USG-Japan) 141,213

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 70.00 70.10

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 3,850.00 +5.00
Dow Jones Industrial Average United States 31,000.00 +80.00
Pair Region Last Δ Day
EUR/$ European Union 1.14 0.00
USD/JPY Japan 162.39 +0.17

Developments

  • Oil Climbs as Middle East Conflict Escalates

    Crude oil prices saw an uptick as geopolitical tensions in the Middle East continued to escalate, impacting global supply concerns.

    Bloomberg · Jul 20, 2026

  • Singapore Bunker Sales Rise for Second Consecutive Month

    Singapore, the world's largest bunkering port, reported a second consecutive month of increased conventional bunker sales in June, driven by higher HSFO demand.

    ENGINE · Jul 20, 2026

  • VLCC and LPG Tanker Rates Surge Amid Tight Tonnage and Geopolitical Risks

    VLCC spot rates for the Middle East Gulf to China route continued their upward climb, while the LPG market also saw strong momentum and increased TCE earnings, both supported by ongoing Middle East tensions and limited vessel availability.

    Baltic Exchange / The Business Times · Jul 19, 2026

  • Strait of Hormuz Transits Remain Limited Amid Middle East Conflict

    Transits through the Strait of Hormuz are reported to be significantly below pre-conflict levels, with an average of only 12 crossings per day, indicating continued disruption to key shipping routes.

    Clarksons Research · Jul 20, 2026

  • Crude Oil Tanker Market Sees Increasing Rates

    The crude oil tanker market experienced good activity, leading to slight increases in freight rates across most areas and directions, according to a daily freight market report.

    IC Shipbrokers / Shipping Telegraph · Jul 20, 2026

  • Performance Shipping Secures Stronger Charter Rates for MR Tanker

    Performance Shipping extended a two-year time charter for its M/T Blue Moon at an average gross rate of $40,500 per day, significantly higher than its previous rate, boosting the company's contracted revenue backlog.

    Stock Titan · Jul 14, 2026