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Bullish As of Jun 4, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Jun 04, 2026

Global oil markets remained volatile on Thursday, June 4, 2026, with Brent crude falling to $95.03/bbl amid ongoing geopolitical tensions in the Middle East and concerns over the Strait of Hormuz. Despite OPEC+ plans to increase production, supply security remained a key driver for energy prices. Equity markets saw a mixed day, with the S&P 500 gaining while the Nasdaq slipped, as transpacific freight rates continued their upward trend.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 95.03 -2.74
WTI NYMEX $/bbl 93.04 -2.98

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 303.83 -9.33
Heating Oil NYMEX c/gal 295.50 -8.50

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.34 +0.12

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 423.85 -30.79

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 32.58 -1.18

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 45,000 40,000
Suezmax, 130 WAF-UKC 32,000 29,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 25,000 22,000
MR, 37 TC2 (UKC-USAC) 18,500 17,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 50,000 127.0 112.0
Aframax, 115 30,000 75.0 65.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 15,000 Flat 35,000
174M3 TFDE (Atlantic) 18,000 Firm 40,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 650.0 550.0 700.0
Rotterdam 630.0 530.0 680.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 38,000
VLGC, 44 (USGC-Japan) 42,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 72.50 72.55

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,584.31 +30.63
Dow Jones Industrial Average United States 51,561.93 +874.86
Nasdaq Composite United States 26,830.96 -23.02
Pair Region Last Δ Day
EUR/$ European Union 1.16 -0.01
USD/JPY Japan 155.20 +0.15

Developments

  • Brent Crude Falls to $95.03 Amid Middle East Tensions and Hormuz Concerns

    Oil prices eased on Thursday, with Brent crude dropping 2.8% to $95.03 per barrel, as ongoing geopolitical tensions between the U.S. and Iran, coupled with security concerns in the Strait of Hormuz, continued to dominate market sentiment.

    Pittsburgh Post-Gazette · Jun 4, 2026

  • OPEC+ Members Agree to Increase Oil Production Quotas for June

    Seven OPEC+ member states, including Saudi Arabia and Russia, decided to increase oil production quotas by 188,000 barrels per day (BPD) for June, aiming to support market stability amidst global supply concerns.

    Interfax / OPEC.org · May 4, 2026

  • Transpacific Freight Rates Surge as Capacity Tightens Ahead of Peak Season

    Spot rates on the Transpacific trade route climbed again in late May, with General Rate Increases (GRIs) holding and carriers actively pulling capacity, leading to tight space and rising rates for shipments from Asia to the U.S.

    Averitt / J.M. Rodgers Co. · Jun 4, 2026

  • US Crude Oil Inventories Plummet, Signaling Tight Supply

    US crude oil inventories fell by 8 million barrels last week, double the forecast, with inventories at the Cushing terminal declining to minimum operating levels, indicating a worsening shortage in case of supply disruptions.

    RoboForex · Jun 4, 2026

  • S&P 500 Rallies, Nasdaq Slips as AI Stocks Show Weakness

    Wall Street saw a mixed performance, with the S&P 500 rising 0.4% and the Dow soaring 1.7% to a record, while the Nasdaq composite slipped 0.1% due to weakness in some influential AI stocks despite a strong profit report from Broadcom.

    AP News / Trefis · Jun 4, 2026

  • Norway Intensifies Lobbying Efforts to Reopen Arctic for Oil and Gas Drilling

    Norway has increased its lobbying in Brussels to soften or scrap the EU moratorium on Arctic oil and gas drilling, arguing that Europe needs dependable volumes from outside conflict zones, especially given the Iran war and Hormuz disruption.

    COMCAM · Jun 3, 2026