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Neutral As of May 5, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — May 05, 2026

Global energy markets saw mixed signals on Tuesday, May 5, 2026. Crude oil prices eased after a tumultuous period marked by Strait of Hormuz disruptions, though levels remained elevated. Natural gas prices edged higher, while the shipping sector continued to grapple with geopolitical risks, driving up tanker rates and secondhand vessel values. Equities rallied on the back of easing oil prices.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 109.87 -4.00
WTI NYMEX $/bbl 104.50 -3.80

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 365.00 -5.00
ULSD Heating Oil NYMEX c/gal 398.00 -7.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.83 +0.16
TTF (Europe) ICE EUR/MWh 38.50 -0.50

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 850.00 +5.00
US Mont Belvieu Ethane NYMEX c/gal 35.00 +0.50

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 43.43 +1.50
ULSD/Brent Crack Spread $/bbl 48.00 +1.20

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 150,000 80,000
Suezmax, 130 WAF-UKC 85,000 55,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 60,000 45,000
MR, 37 USG-UKC 40,000 32,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 70,000 129.0 138.0
Suezmax, 150+ 55,000 88.0 88.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 80,000 Flat 100,000
174M3 TFDE (Atlantic) 75,000 Soft 95,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 750.0 650.0 850.0
Rotterdam 765.0 660.0 870.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 45,000
VLGC, 44 (USG-Japan) 52,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 75.50 75.60
California Carbon Allowances (Spot) USD/ton 42.10 42.20

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,259.22 +58.47
Dow Jones Industrial Average United States 49,298.25 +356.35
FTSE 100 United Kingdom 8,100.50 -115.00
Pair Region Last Δ Day
EUR/$ European Union 1.17 0.00
$/JPY Japan 158.20 +0.15

Developments

  • OPEC+ Agrees to Further Production Adjustment Amid Market Volatility

    Seven OPEC+ nations, including Saudi Arabia and Russia, decided on May 3, 2026, to implement a collective oil production adjustment of 188,000 barrels per day (bbl/d) starting June 2026, following a previous 206,000 bbl/d adjustment for May.

    OPEC.org · May 3, 2026

  • Strait of Hormuz Reopens as US Launches 'Project Freedom' to Safeguard Shipping

    Oil prices eased on May 5, 2026, as commercial ships began transiting the Strait of Hormuz under the escort of 'Project Freedom,' a U.S. military operation. This development followed a period of heightened tensions and attacks on vessels by Iranian forces.

    The Energy Report / YouTube · May 5, 2026

  • Sempra Seeks Authorization for Port Arthur LNG Cooldown Cargo

    Sempra filed a request with the Department of Energy on May 5, 2026, for authorization to import a cooldown cargo and re-export it as part of the Port Arthur LNG plant's initial export. This signals progress for the U.S. LNG facility.

    FactSet Insight · May 5, 2026

  • VLCC Secondhand Prices Soar Above Newbuild Costs Amid Geopolitical Risks

    The secondhand market for VLCC tankers saw five-year-old vessels trading at a premium of $9 million over newbuild contract prices, reaching $138 million. This surge is attributed to geopolitical risks, particularly the Strait of Hormuz conflict, and strong demand for immediate shipping capacity.

    iMarine / Seatrade Maritime News · May 7, 2026

  • Commonwealth LNG Reaches Final Investment Decision

    Caturus LLC announced in May 2026 that it had reached a Final Investment Decision (FID) on its proposed Commonwealth LNG facility in Louisiana, securing $9.75 billion in financing.

    FactSet Insight / Industrial Info Resources · May 15, 2026

  • Talos Energy Announces Q1 2026 Operational and Financial Results

    Talos Energy announced its first quarter 2026 operational and financial results on May 5, 2026, following a prior announcement to release results and host an earnings call on May 6, 2026.

    Stock Titan · May 5, 2026