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Bullish As of Jul 31, 2026 09:30 ET Download PDF

Daily Energy & Shipping Briefing — Jul 31, 2026

Global energy markets are experiencing a bullish surge, primarily driven by escalating geopolitical tensions in the Middle East, which have led to significant disruptions in key shipping routes. Crude oil prices remain elevated, and tanker freight rates across dirty and clean segments are seeing renewed firming as rerouting and supply concerns persist.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 89.00 +1.50
WTI NYMEX $/bbl 85.00 +1.40

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 215.00 +2.50
ULSD Heating Oil NYMEX c/gal 220.00 +2.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.70 -0.10
EU TTF ICE EUR/MWh 35.00 +0.50

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 380.00 +1.00
US Mont Belvieu Ethane NYMEX $/mt 300.00 +0.50

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 23.50 -0.10
ULSD/Brent Crack Spread $/bbl 28.00 +0.05

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 75,000 65,000
Suezmax, 130 WAF-UKC 103,500 95,000
Aframax, 70 Carib-USGC 135,700 110,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 55,000 48,000
MR, 37 ARA-USAC 2,600 15,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 105,000 130.0 115.0
Suezmax, 160 70,000 85.0 75.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 15,000 Flat 30,000
174M3 MEGI (West) 18,000 Flat 35,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 587.5 505.0 1,217.0
Rotterdam 539.0 676.5 1,282.5

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 38,000
VLGC, 44 (USGC-Japan) 45,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 70.00 70.05

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 3,850.00 -5.00
FTSE 100 United Kingdom 7,500.00 -10.00
Pair Region Last Δ Day
EUR/$ European Union 1.10 -0.01
USD/JPY Japan 163.91 +0.27

Developments

  • Tanker Markets Remain Elevated Amid Middle East Disruption and Red Sea Attacks

    Tanker markets are experiencing renewed firming in late July, with average weighted tanker earnings reaching $75,000/day, the highest since early May. This surge is attributed to ongoing disruption in the Middle East, which has spread to the Red Sea, and attacks in the Black Sea impacting Suezmax and Aframax markets.

    Clarksons Research · Jul 31, 2026

  • Houthi Attacks in Red Sea Cause VLCC Rerouting and Shipping Disruptions

    Following a period of limited transit levels at Hormuz, new Houthi attacks on ships in the Red Sea have caused further disruption. Initial data indicates a drop in VLCCs crossing the Bab El Mandeb, leading to some rerouting of vessels.

    Clarksons Research · Jul 31, 2026

  • DHT Holdings Completes VLCC Fleet Renewal as Oil Trades Near $89 Amid Geopolitical Tensions

    DHT Holdings has delivered its final 2026 VLCC newbuilding, completing a multi-year fleet renewal program. This comes as crude oil prices remain elevated near $89 per barrel due to ongoing geopolitical tensions between the U.S. and Iran, creating a supportive environment for tanker operators.

    Streetwise Reports · Jul 29, 2026

  • Scorpio Tankers Invests in Eight VLCC Newbuilds and Adds LR2 Product Tankers

    Scorpio Tankers has taken a stake in a joint venture for eight VLCC newbuilds and separately agreed to acquire two scrubber-fitted LR2 product tankers. These strategic investments aim to capitalize on the strong market for compliant shipping capacity.

    GlobeNewswire / Splash247 · Jul 30, 2026

  • Fuel Switch Snapshot: B100 and LBM Pooling Party Cools Amid Falling FuelEU Pooling Price Index

    The FuelEU pooling market has seen a cooling trend, with OceanScore's FuelEU pooling price index falling by €40/mtCO2e ($46/mtCO2e) since late June. This decline has impacted the affordability of B100 and liquefied biomethane (LBM), with Rotterdam B100 now at a premium over VLSFO.

    ENGINE · Jul 31, 2026