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

Daily Energy & Shipping Briefing — May 04, 2026

Global energy markets on May 4, 2026, were characterized by elevated crude oil prices, driven by escalating geopolitical tensions in the Middle East and disruptions in the Strait of Hormuz. US equities experienced a decline from recent highs amidst the geopolitical uncertainty, while natural gas prices showed a modest recovery.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 107.53 -0.64
WTI NYMEX $/bbl 101.10 -0.84

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 373.82 +14.30
Heating Oil NYMEX c/gal 390.00 +5.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.67 +0.04

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 450.00 +5.00

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 25.00 +0.50

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 45,000 42,000
Suezmax, 130 WAF-UKC 30,000 28,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 22,000 28,000
MR, 37 TC2 (UKC-USAC) 18,000 20,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 52,000 130.0 115.0
Aframax, 115 35,000 75.0 65.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 15,000 Firm 32,000
174M3 TFDE (Atlantic) 18,000 Firm 35,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 650.0 550.0 750.0
Rotterdam 630.0 530.0 730.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 38,000
VLGC, 44 (USGC-Japan) 45,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 72.90 73.10

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,200.75 -29.37
Dow Jones Industrial Average United States 48,954.79 -494.48
Pair Region Last Δ Day
EUR/$ European Union 1.17 0.00
USD/JPY Japan 155.00 +0.10

Developments

  • Oil prices jump following escalations in the Middle East, undermining ceasefire in war with Iran.

    Crude oil prices rose on May 4, 2026, as renewed tensions in the Middle East, including an attack on a UAE oil tanker, threatened the fragile ceasefire between the US and Iran and disrupted shipping in the Strait of Hormuz.

    AP News, BNN Bloomberg · May 4, 2026

  • US stocks fall from record heights as Middle East escalations weigh on market sentiment.

    Major US stock indexes, including the S&P 500 and Dow Jones, declined on Monday, May 4, 2026, as geopolitical risks in the Middle East prompted investors to pull back from recent record highs.

    AP News · May 4, 2026

  • OPEC+ to slightly increase crude production next month, UAE officially leaves group.

    OPEC+ announced plans to modestly increase crude production by 200,000 barrels a day for the following month, marking its first meeting since the United Arab Emirates officially exited the cartel on May 1st.

    BNN Bloomberg · May 4, 2026

  • Natural gas futures push higher for third consecutive session amid broader energy complex gains.

    Henry Hub natural gas futures continued their upward trend on May 4, 2026, rising for the third straight session and recovering from recent 20-month lows, contributing to overall higher prices in the energy complex.

    YouTube (WTI Crude Oil futures pushed higher amid Middle East tensions. 5/4/26) · May 4, 2026

  • European carbon prices show volatility, starting week around €73/t before rising.

    European Union Allowances (EUAs) were trading around €73 per tonne at the start of the week of May 4, 2026, with prices expected to rise to €76/t by May 6, reflecting market reactions to policy news and energy prices.

    GMK Center · May 4, 2026