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Bullish As of Jul 29, 2026 16:00 UTC Download PDF

Daily Energy & Shipping Briefing — Jul 29, 2026

Energy markets saw significant upward movement today, primarily driven by escalating geopolitical tensions in the Middle East, which pushed crude oil prices sharply higher. EU carbon markets are undergoing reforms, while natural gas and refined products also posted gains. Shipping rates, particularly for VLCCs, surged amidst the heightened risk environment.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 90.05 +5.96

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 339.00 +5.44

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.73 +0.03

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 388.98 -17.67

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 52.33 -4.07

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 382,397 105,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 24,200 27,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 47,763 120.5 150.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 93,000 Strong 39,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 765.0 552.0 1,300.3

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 34,643

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 81.97 81.97

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,430.73 +18.03
Pair Region Last Δ Day
EUR/$ European Union 1.14 0.00

Developments

  • Crude oil jumps 5% as US intercepts Iranian 'surprise attack'

    Oil prices surged after the U.S. military reported intercepting an Iranian 'surprise attack' and responded with strikes, reigniting concerns over Middle East supply disruptions.

    The Economic Times · Jul 29, 2026

  • EU Carbon Markets Are Being Scaled Back Amid Economic Turmoil

    The European Commission has proposed a revamp of the EU Emissions Trading System, slowing the emissions cap decline and extending free allowances, which could lead to lower carbon allowance prices.

    Green Investing · Jul 29, 2026

  • Tankers: VLCC Market Keeps Grinding Higher

    VLCC spot rates, particularly for the Middle East Gulf to China route, have seen significant increases, reflecting a strong market amidst geopolitical tensions.

    Cyprus Shipping News · Jul 29, 2026

  • Airlines will need to offset extra 120 Mt under proposed ETS rules -analysts

    Analysts predict airlines will need to acquire an additional 120 million EU ETS allowances if the proposed extension of ETS coverage to flights departing from the EEA is implemented.

    Carbon Pulse · Jul 29, 2026

  • Navios Maritime Partners Q2 Preview: The VLCC Arbitrage Worked, But Capital Allocation Is Key

    Navios Maritime Partners' strategy of selling older VLCCs and ordering newbuilds with long-term charters has proven successful, with strong charter rates and asset value appreciation.

    Seeking Alpha · Jul 29, 2026

  • Up to a third of EU decarbonisation fund spent on natural gas, report finds

    A report reveals that a substantial portion of the EU's Modernisation Fund, intended for industrial decarbonisation, has been allocated to fossil gas and other less climate-friendly projects.

    Euractiv · Jul 29, 2026