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Bullish As of Jun 3, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Jun 03, 2026

Global crude oil prices rallied on Wednesday, June 3, 2026, driven by escalating geopolitical tensions in the Middle East and concerns over supply disruptions, pushing Brent and WTI benchmarks higher. This surge in oil prices, coupled with renewed geopolitical jitters, weighed on major equity markets, with the S&P 500 snapping a nine-day winning streak. Shipping markets continued to face disruptions and rising rates, particularly in the Transpacific trade, as an early peak se...

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 97.81 +1.81
WTI NYMEX $/bbl 96.02 +2.26

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 313.16 -1.27
Heating Oil NYMEX c/gal 305.50 +0.85

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.21 +0.05

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 456.67 +5.25

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 33.72 -0.15

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 40,500 39,800
Suezmax, 130 WAF-UKC 32,100 31,500

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 20,700 26,500
MR, 37 TC2 (UKC-USAC) 18,200 19,100

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 49,200 127.5 112.5
Aframax, 115 28,500 72.0 65.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 13,000 Flat 30,231
174M3 TFDE (Atlantic) 15,500 Soft 35,120

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 509.5 426.0 586.5
Rotterdam 495.0 410.0 570.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 34,800
VLGC, 44 (USGC-Japan) 62,100

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 69.34 69.36

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,553.68 -56.10
Pair Region Last Δ Day
EUR/$ European Union 1.16 -0.01

Developments

  • Oil Prices Rally as Geopolitical Tensions Escalate in Middle East

    Brent and WTI crude benchmarks saw significant gains on Wednesday, driven by renewed threats to the U.S.-Iran ceasefire and concerns over regional supply security.

    Reuters · Jun 3, 2026

  • S&P 500 Snaps Nine-Day Winning Streak Amid Oil Surge and Geopolitical Jitters

    Major U.S. stock indexes, including the S&P 500, retreated from recent highs as rising oil prices and ongoing Middle East instability weighed on investor sentiment.

    AP News · Jun 3, 2026

  • Transpacific Freight Rates Climb as Early Peak Season and Capacity Constraints Hit

    The Transpacific Eastbound ocean freight market is experiencing an unusually early and aggressive peak season, leading to tight space, rising rates, and increased congestion across major trade lanes.

    TradeWinds · Jun 3, 2026

  • IEA Forecasts Global Oil Demand Decline in 2026, Rebound Expected in 2027

    The International Energy Agency projects a 1.1 million b/d drop in global oil demand for 2026, primarily due to higher fuel prices and supply disruptions, with a recovery anticipated in 2027.

    S&P Global · Jun 17, 2026

  • Panama Canal Reintroduces Weight Restrictions Amid Drought Concerns

    Carriers are facing reinstated cargo weight limits for shipments routing to the US East Coast and Gulf via the Panama Canal due to draft limitations caused by potential drought conditions.

    Lloyd's List · Jun 10, 2026

  • U.S. Crude Inventories Fall Sharply, Reinforcing Supply Tightness Concerns

    U.S. crude inventories fell by 8.0 million barrels during the week ending May 29, a larger-than-expected decline that supported higher oil prices.

    EIA · Jun 3, 2026