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Bearish As of May 6, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — May 06, 2026

Crude oil markets experienced a significant downturn today, with both WTI and Brent plunging on news of potential peace talks in the Middle East and easing supply concerns. This bearish sentiment in crude was somewhat offset by a rally in equity markets, while natural gas saw a modest dip. Shipping rates remained volatile, influenced by ongoing geopolitical developments.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 101.27 -8.60
WTI NYMEX $/bbl 95.08 -7.19

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 304.76 -10.00
Heating Oil NYMEX c/gal 310.00 -8.00

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.73 -0.06

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 414.39 -17.72

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 26.73 +4.40

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 33,000 31,000
Aframax, 80 Med-Med 29,000 28,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 22,000 27,000
LR1, 55 TC5 (AG-Japan) 19,000 22,000
MR, 37 TC2 (Cont-USAC) 25,000 26,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 51,000 129.0 114.0
Aframax, 115 29,000 69.0 59.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 14,000 Flat 31,000
174M3 MEGI (West) 12,500 Soft 29,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 520.0 435.0 600.0
Rotterdam 515.0 430.0 595.0
Fujairah 525.0 440.0 610.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 36,000
VLGC, 44 (USG-Japan) 43,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 75.90 76.10

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,365.12 +108.84
Pair Region Last Δ Day
EUR/$ European Union 1.18 +0.01

Developments

  • International Crude Oil Futures Plunge on May 6 Amid Peace Talk Hopes

    WTI crude oil futures settled at $95.08 per barrel, down $7.19, while Brent crude futures dropped $8.60 to $101.27 per barrel, as markets reacted to news of potential peace talks between the US and Iran.

    SunSirs / FXEmpire · May 6, 2026

  • S&P 500 Rallies to Record High as Oil Prices Sink

    The S&P 500 rose 1.5% to close at 7,365.12, reaching another record high, as hopes for a deal to reopen the Strait of Hormuz spurred optimism in equity markets despite the sharp decline in crude oil prices.

    AP News / Morgan Stanley · May 6, 2026

  • Hormuz Disruption Drives Americas Crude Exports to All-Time High in May

    Dirty tanker shipments from the Americas hit an all-time high of 14.5 million b/d in May, a 40% increase from May 2025, as transits through the Strait of Hormuz plummeted 89% from February to May due to ongoing conflict.

    S&P Global · June 8, 2026

  • LNG Carrier Orders Set to Rebound in 2026 Despite Market Uncertainty

    Analysts at Poten & Partners indicated that LNG carrier orders are poised for a rebound in 2026, though market uncertainty and rising shipbuilding costs, particularly amid the Middle East crisis, may cause some companies to delay placements.

    Poten & Partners · May 5, 2026

  • EU Carbon Allowance Prices Rise to €76/ton on May 6

    European carbon allowance prices (EUAs) increased to €76 per tonne on May 6, up from €73 per tonne at the start of the week, influenced by volatile energy prices and anticipation around revisions to the European emissions trading system.

    IndexBox / GMK Center · May 6, 2026

  • US Crude Inventories Show Unexpected Draw, Refinery Utilization Rises

    The latest EIA report, released on May 6, showed a 2.3 million barrel draw in U.S. commercial crude inventories for the week ending May 1st, with refinery utilization rising to 90.1%, the highest level in four weeks.

    CME Group · May 7, 2026