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Bullish As of May 1, 2026 16:00 ET Download PDF

Daily Energy & Shipping Briefing — May 01, 2026

Global energy markets on May 1, 2026, were dominated by the ongoing Middle East conflict and its impact on oil supply, keeping crude prices elevated despite hopes for a peace deal. Shipping rates, particularly for tankers, remained strong with secondhand vessel values exceeding newbuilds due to demand for immediate delivery. Equities closed higher, with the S&P 500 and Nasdaq reaching new records on robust Q1 earnings.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 114.00 -1.50
WTI NYMEX $/bbl 106.00 -1.00

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 320.00 -5.00
Heating Oil NYMEX c/gal 380.00 -3.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.70 -0.05
Dutch TTF ICE EUR/MWh 45.77 -0.22

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 520.00 -5.00

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 20.40 +0.10

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 95,000 80,000
Suezmax, 130 WAF-UKC 92,250 85,000
Aframax, 80 Med-Med 145,000 120,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 60,000 50,000
LR1, 55 TC2 45,000 40,000
MR, 37 TC14 35,000 30,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 50,000 130.0 138.0

LNG Vessels ($/day)

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

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 680.0 580.0 750.0
Rotterdam 670.0 570.0 740.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 40,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 69.80 70.00

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,230.12 +21.12
Dow Jones Industrial Average United States 49,499.27 -152.87
Pair Region Last Δ Day
EUR/$ European Union 1.09 +0.00
$/JPY Japan 155.20 -0.15

Developments

  • Strait of Hormuz Remains Effectively Closed Amid US Naval Blockade, Driving Oil Prices Higher

    The Strait of Hormuz continued to be largely shut down due to a US naval blockade, leading to a significant drawdown in global oil inventories and keeping crude oil prices at elevated levels.

    FX Leaders / KRDO · May 1, 2026

  • Oil Prices Dip on Friday as Iran Submits Response to US Peace Deal Draft, Though Trump Expresses Dissatisfaction

    Crude oil prices gapped down on Friday after reports indicated Iran had submitted its response to the latest US amendments for a Middle East peace agreement, sparking hopes for a resolution. However, President Donald Trump later stated he was 'not satisfied' with the new offer.

    Seeking Alpha / TheStreet · May 1, 2026

  • VLCC Secondhand Prices Surge, Trading at a Premium Over Newbuilds Amid Middle East Tensions

    Secondhand VLCC prices experienced a significant surge, with 5-year-old vessels trading at a premium of $9 million over newbuilding costs. This inversion of traditional asset pricing was attributed to geopolitical risks in the Middle East and strong demand for immediate shipping capacity.

    iMarine / Seatrade Maritime News · May 7, 2026

  • S&P 500 and Nasdaq Reach New All-Time Highs, Fueled by Strong Q1 Earnings and Tech Sector Rally

    US stock markets closed higher, with the S&P 500 hitting an all-time high of 7,230.12 and the Nasdaq Composite surpassing 25,000. The rally was driven by robust Q1 2026 corporate earnings, with Apple's upbeat outlook particularly boosting the tech sector.

    Wealth Break / TheStreet · May 1, 2026

  • Tanker Market Shifts as Delivery Timing Becomes Key Pricing Factor, Resale Premiums Hit 35%

    The tanker market saw a fundamental shift where delivery timing, rather than vessel age, became the primary pricing determinant. Resale premiums for ships under construction reached up to 35% above newbuilding prices due to ongoing Strait of Hormuz restrictions and the urgent need for available crude carriers.

    IndexBox · May 25, 2026

  • Navios Maritime Partners Orders Nearly $1 Billion in New VLCCs, Contributing to Record Newbuild Year

    Navios Maritime Partners announced a substantial order for up to eight Very Large Crude Carriers (VLCCs) totaling nearly $1 billion. This order contributed to a record-breaking year for new VLCC orders in 2026, with Chinese shipyards securing the majority of contracts.

    iMarine / Ship2Shore · May 25, 2026