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Bearish As of Jun 25, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — Jun 25, 2026

Global energy markets saw crude oil prices continue their decline on June 25, 2026, falling to near pre-conflict levels as the Strait of Hormuz reopened and US-Iran negotiations progressed. Shipping rates, particularly for VLCCs, remained exceptionally strong, while natural gas prices held relatively stable amidst robust production. Equity markets were mixed, with tech stocks showing gains despite overall slight dips in major indices.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 72.62 -1.12

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 275.65 -0.65

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.25 +0.03

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 403.13 -0.63

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 43.15 +0.85

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 120,000 90,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 35,000 30,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 50,000 128.0 113.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 70,000 Strong 50,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 750.0 704.0 850.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 45,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 79.95 80.05

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,357.49 -0.73
Pair Region Last Δ Day
EUR/$ European Union 1.14 +0.00

Developments

  • Oil price falls to pre-Iran war levels as more tankers exit Strait of Hormuz

    Brent crude fell to a low of $72.24 a barrel on Thursday, as vessel traffic in the Strait of Hormuz doubled, easing supply disruption concerns following a US-Iran interim accord.

    The Guardian · Jun 25, 2026

  • VLCC rates near $470,000 a day for fixtures through Hormuz

    VLCC rates saw a significant surge on June 25, 2026, for fixtures transiting the Strait of Hormuz, indicating strong demand and market volatility amidst the reopening of the strait.

    Seatrade Maritime News · Jun 25, 2026

  • Rebound in Tech Shares Pushes World Markets Higher, While Oil Prices Fall

    World shares were mostly higher on Thursday, led by tech-driven gains from chipmakers, while oil prices slipped closer to pre-war levels as the U.S. and Iran negotiate.

    The Business Journal (AP) · Jun 25, 2026

  • Natural Gas Production Remains Near Record Levels Despite Softer Pricing

    Lower 48 dry gas production continued its steady growth, with year-to-date output nearly 4 percent higher than year-ago levels through June 25, supported by robust dry gas production and healthy storage levels.

    S&P Global Energy · Jun 25, 2026

  • European carbon prices rose to €80 per ton in June

    European carbon prices (EUA, December 2026 contract) increased to €80/ton in June, reacting to the breakthrough in US-Iran negotiations and expectations of an agreement on the merger of UK ETS and EU ETS.

    agronews.ua / GMK Center · Jun 22, 2026

  • S&P 500 drifts to a mixed finish after Micron soars and Apple drops

    The S&P 500 finished nearly unchanged on Thursday, with Micron Technology jumping on strong earnings, while Apple shares declined after hiking product prices.

    Pittsburgh Post-Gazette (AP) · Jun 25, 2026