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Neutral As of Jul 24, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Jul 25, 2026

Crude oil prices saw a mixed day, with Brent falling slightly on hopes of US-Iran peace talks, while natural gas futures continued to decline due to robust storage levels and mixed demand outlooks. In the shipping sector, VLGC spot rates remained exceptionally high due to ongoing geopolitical disruptions in the Strait of Hormuz, while bunker prices in Singapore saw increases across all grades.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 98.38 -2.29
WTI NYMEX $/bbl 93.50 -2.50

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 342.14 -7.26
Heating Oil NYMEX c/gal 426.00 +5.60

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.88 -0.03

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 395.00 -15.00

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 26.00 -0.50

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 218,000 150,000
Suezmax, 140 WAF-UKC 75,000 68,000
Aframax, 80 Cross-Med 55,000 52,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 45,000 42,000
LR1, 55 TC5 38,000 36,000
MR, 37 TC2 30,000 31,500

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 105,000 135.0 120.0
Suezmax, 150+ 70,000 90.0 80.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 15,000 Flat 30,231
174M3 TFDE (West) 13,500 Soft 28,500

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 869.0 634.5 1,282.5
Rotterdam 850.0 620.0 1,250.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 175,512
VLGC, 44 (USGC-Japan) 189,338

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 83.29 83.35

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 5,550.25 -15.75
Dow Jones Industrial Average United States 39,300.50 -90.20
Pair Region Last Δ Day
EUR/$ European Union 1.08 0.00
$/JPY Japan 153.10 +0.05

Developments

  • Brent Crude Falls on Hopes of US-Iran Peace Talks

    Brent crude oil prices fell nearly 4% on Friday amid reports that Pakistan, with support from China, is seeking to revive negotiations between the US and Iran, raising hopes for a diplomatic path to ease tensions in the Middle East.

    Trading Economics · Jul 24, 2026

  • VLGC Spot Rates Shoot Higher Again as Hormuz Crisis Reintensifies

    Very large gas carrier (VLGC) spot rates have surged, with the US Gulf-Japan VLGC index at $175,512 per day, up 139% from its recent low on June 25, as renewed hostilities in the Strait of Hormuz cause oil prices to surge and boost tonne-miles for US LPG exports.

    Lloyd's List · Jul 23, 2026

  • European Gas Storage Levels Below 5-Year Norm, Raising Winter Supply Concerns

    European natural gas storage levels are currently running roughly 13.8 percentage points below the estimated 5-year seasonal norm, with the pace of injections modestly behind what is required to hit the relaxed 80% target by November 1.

    Global Energy Flow · Jul 20, 2026

  • Freeport LNG to Take More Natural Gas After Unit Shut on Thursday

    Freeport LNG's export plant in Texas was on track to take in more natural gas on Friday after one of its three liquefaction trains shut on Thursday due to a compressor system issue, with gas flows expected to rise to 1.3 billion cubic feet per day.

    Reuters · Jul 24, 2026

  • EU Carbon Permits Fall Slightly on Friday, Still Up Over the Month

    EU Carbon Permits fell to 83.29 EUR on July 24, 2026, down 0.70% from the previous day, but have risen 3.39% over the past month and are up 16.75% compared to the same time last year.

    Trading Economics · Jul 24, 2026

  • Singapore Bunker Prices Increase Across All Grades for Third Consecutive Day

    Bunker prices in Singapore saw increases across all grades on July 24, 2026, with VLSFO price up $43/mt to $883/mt, B30-VLSFO up $48/mt to $1,101/mt, LSMGO up $46/mt to $1,304/mt, and HSFO up $22/mt to $651/mt.

    engine.online · Jul 24, 2026