Daily Energy & Shipping Briefing — Jul 26, 2026
Global energy markets remain highly volatile, with crude oil prices retreating slightly on Friday after surging past $100/bbl earlier in the week due to escalating geopolitical tensions in key maritime chokepoints. Shipping costs are rising sharply as rerouting and increased war-risk insurance premiums impact tanker and LNG freight. Natural gas prices saw a modest decline, while carbon markets held firm.
Energy Prices
Crude
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| Brent ICE | $/bbl | 96.78 | -3.88 |
| WTI NYMEX | $/bbl | 89.31 | -3.12 |
Products
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| RBOB Gasoline NYMEX | c/gal | 339.33 | -9.71 |
| ULSD Heating Oil NYMEX | c/gal | 422.80 | -11.36 |
Natural Gas
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| US Henry Hub NYMEX | $/MMBtu | 2.87 | -0.05 |
| Europe TTF ICE | EUR/MWh | 35.50 | +1.20 |
Natural Gas Liquids
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| US Mont Belvieu Propane NYMEX | $/mt | 378.14 | +1.25 |
| US Mont Belvieu Ethane NYMEX | c/gal | 28.50 | +0.15 |
Price Spreads
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| RBOB Gasoline/Brent Crack Spread | $/bbl | 25.00 | -0.15 |
| ULSD/Brent Crack Spread | $/bbl | 30.00 | -0.20 |
Shipping Rates & Bunkers
Dirty Tanker (Spot TCE, $/day)
| Vessel | Route | Spot TCE | Avg YTD |
|---|---|---|---|
| VLCC, 270 | AG-FE | 40,300 | 39,700 |
| Suezmax, 130 | WAF-UKC | 32,000 | 30,500 |
| Aframax, 80 | Cross-Med | 28,000 | 26,800 |
Clean Tanker (Spot TCE, $/day)
| Vessel | Route | Spot TCE | Avg YTD |
|---|---|---|---|
| LR2, 75 | AG-FE | 20,500 | 26,400 |
| LR1, 55 | AG-Japan | 18,000 | 21,000 |
| MR, 37 | TC2 | 16,000 | 19,500 |
Time Charter & Asset Values
| Vessel | 1yr ($/day) | Newbuild ($M) | 5yr ($M) |
|---|---|---|---|
| VLCC, 200+ | 49,000 | 132.0 | 112.0 |
LNG Vessels ($/day)
| Type | Spot | Sentiment | 52wk Avg |
|---|---|---|---|
| 160M3 Tri-fuel diesel electric (East) | 15,000 | Rising | 30,231 |
Bunkers ($/mt)
| Port | VLSFO | HSFO | MGO |
|---|---|---|---|
| Singapore | 883.0 | 651.0 | 1,304.0 |
LPG (Spot TCE, $/day)
| VLGC, 44 (AG-Japan) | 34,643 |
Carbon Markets
| Instrument | Unit | Bid | Offer |
|---|---|---|---|
| European Union Allowances (Spot) | EUR/ton | 83.50 | 83.52 |
Equities & Currencies
| Index | Region | Last | Δ Day |
|---|---|---|---|
| S&P 500 | United States | 7,411.98 | +3.68 |
| Dow Jones Industrial Average | United States | 51,947.25 | +235.60 |
| Nasdaq Composite | United States | 24,975.82 | -161.87 |
| Pair | Region | Last | Δ Day |
|---|---|---|---|
| EUR/$ | European Union | 1.14 | 0.00 |
Developments
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Oil Breaks $100 as Coordinated Strikes Hit Three Maritime Chokepoints
Oil prices surged 30% in July, breaching $100 per barrel for the first time since May, as coordinated attacks on commercial ships struck the Strait of Hormuz, Red Sea, and Black Sea. Analysts warn crude could top $128 or even $148 if the conflict escalates.
Briefs Finance · Jul 25, 2026
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Oil Set for Weekly Rise Even as New US Tariffs Weigh, Brent Falls on Friday
Oil futures retreated Friday due to profit-taking and new US tariffs, but remained on track for significant weekly gains. Brent crude fell to $96.78/bbl, down 3.9%, after surging past $100 earlier in the week, with geopolitical risk premium still evident.
DTN / Buttondown · Jul 25, 2026
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Tanker Insurance Costs Triple, Rerouting Around Africa Adds Days and Millions
War-risk insurance for Red Sea tankers tripled, forcing some carriers to reroute around Africa, adding 10 days and $1 million per voyage. This reflects the persistent geopolitical risk in key maritime chokepoints.
Buttondown · Jul 25, 2026
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US Emerges as LNG Superpower Amid Global Supply Disruptions
The US has solidified its position as the world's leading LNG exporter, benefiting from disruptions to LNG flows transiting the Strait of Hormuz. Buyers are increasingly seeking non-Hormuz-exposed volumes, creating a strategic premium for American cargoes.
Discovery Alert · Jul 25, 2026
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EU Carbon Prices Dip Slightly After ETS Reform Proposal
EU Carbon Permits fell to €83.51/tonne on July 24, down 0.43%, after a week where prices surged following the European Commission's ETS reform proposal. The proposal aims to balance climate ambition with industrial competitiveness.
Trading Economics / ClearBlue Markets · Jul 24, 2026
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Singapore Bunker Prices Surge Across All Grades for Third Consecutive Day
Singapore bunker prices saw increases across VLSFO, B30-VLSFO, LSMGO, and HSFO on July 24, marking the third consecutive day of rises. VLSFO climbed $43/mt to $883/mt, with all grades lingering around multi-month highs.
engine.online · Jul 24, 2026
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VLCC Newbuilding Orders Surge Tenfold Towards Record-Breaking Year
VLCC newbuilding orders are on course for a record year, with shipowners placing 183 orders in the first half of 2026, a tenfold increase from the previous year. Newbuild prices are around $132 million, reflecting strong investor confidence and tightening vessel supply.
Riviera Maritime Media / Ocean Economist · Jul 08, 2026
