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Bullish As of Jun 9, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Jun 09, 2026

Global energy markets remain highly volatile with crude oil prices elevated due to the ongoing closure of the Strait of Hormuz, significantly impacting supply chains. Tanker and LNG freight rates are soaring as rerouting and limited vessel availability create tight market conditions. OPEC+ has made production adjustments, while major energy agencies and companies like Shell are revising down 2026 demand forecasts amidst the geopolitical uncertainty.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 95.25 +1.85
WTI NYMEX $/bbl 91.80 +1.70

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 290.15 +3.50
Heating Oil NYMEX c/gal 285.40 +2.90

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.35 -0.08
TTF (Europe) ICE EUR/MWh 38.50 +0.75

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 400.50 +2.10
US Mont Belvieu Ethane NYMEX c/gal 30.20 +0.50

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 24.50 +0.25
WTI/Brent Spread $/bbl -3.45 -0.15

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 165,000 170,000
Suezmax, 130 WAF-UKC 92,000 88,000
Aframax, 70 Carib-USGC 78,000 75,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 45,000 42,000
MR, 37 TC2 (UKC-USAC) 32,000 30,500

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 80,000 135.0 120.0
Aframax, 100 45,000 75.0 68.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 150,000 Strong 95,000
174M3 TFDE (Atlantic) 130,000 Firm 80,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 690.0 580.0 950.0
Rotterdam 675.0 565.0 930.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 70,000
VLGC, 44 (USGC-Japan) 85,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 75.10 75.25
California Carbon Allowances (Spot) USD/ton 40.80 40.95

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 5,800.20 -15.30
FTSE 100 United Kingdom 8,250.75 -30.10
Pair Region Last Δ Day
EUR/$ European Union 1.14 0.00
$/JPY Japan 158.90 +0.35

Developments

  • OPEC+ Adjusts Production Amidst Hormuz Closure, Reaffirms Market Stability Commitment

    Seven OPEC+ countries, including Saudi Arabia and Russia, met virtually on June 7, 2026, deciding to implement a production adjustment of 188,000 barrels per day from July 2026. This move aims to support oil market stability amidst the ongoing Middle East conflict and the effective closure of the Strait of Hormuz.

    OPEC.org · Jun 7, 2026

  • IEA Sharply Cuts 2026 Global Oil Demand Forecast Due to Hormuz Disruption

    The International Energy Agency (IEA) has significantly reduced its global oil demand forecast for 2026, citing the impact of higher fuel prices and supply disruptions linked to the Middle East conflict and the Strait of Hormuz closure. The agency expects a 1.1 MMbpd year-over-year fall in demand.

    IEA · Jun 9, 2026

  • Shell's LNG Outlook 2026: Hormuz Closure to Flatten Global LNG Trade This Year

    Shell's annual LNG Outlook 2026 indicates that global LNG trade is expected to remain flat in 2026 compared to last year, primarily due to severe disruptions to shipping through the Strait of Hormuz. Despite this, long-term demand is projected to surge by 65% by 2050.

    Shell Global · Jun 9, 2026

  • Tanker Market Remains Bullish with Record VLCC Earnings Amidst Geopolitical Shifts

    The tanker market has entered 2026 on a strong footing, with VLCC earnings averaging around $175,000/day in Q1 2026, reaching record levels. Geopolitical shifts, resilient oil demand, and tightening vessel supply, exacerbated by the Strait of Hormuz closure, continue to underpin a bullish outlook.

    Veson Nautical · May 14, 2026

  • US-Iran Ceasefire Framework Offers Hope for Strait of Hormuz Reopening, Potential Oil Price Relief

    A mid-June 2026 US-Iran ceasefire framework, which includes an agreement to reopen the Strait of Hormuz, has reduced the geopolitical risk premium in oil prices. However, the pace of normalization for Hormuz traffic remains uncertain, with full pre-conflict traffic not expected until early 2027.

    Capital.com · Jun 9, 2026