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Bearish As of May 8, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — May 08, 2026

Energy markets on May 8, 2026, were heavily influenced by ongoing geopolitical tensions in the Middle East, particularly the effective closure of the Strait of Hormuz, which continued to disrupt oil and LNG flows and drive up tanker rates. Despite these supply concerns, crude oil prices saw some downward pressure amid hopes of a potential US-Iran peace deal, while strong US jobs data propelled equity markets to new highs.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 101.29 +0.50
WTI NYMEX $/bbl 95.42 +0.61

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 305.00 +5.00
ULSD Heating Oil NYMEX c/gal 315.00 +4.50

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.76 -0.01
EU TTF ICE EUR/MWh 44.14 +0.58

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 430.00 +15.12
US Mont Belvieu Ethane NYMEX $/gal 0.35 +0.01

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 26.81 +0.50

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 95,000 78,000
Suezmax, 130 WAF-UKC 60,000 52,000
Aframax, 80 Cross-Med 45,000 38,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 35,000 28,000
MR, 37 TC2 (UKC-USAC) 30,000 25,000

Time Charter & Asset Values

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

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 70,000 Firm 95,000
160M3 Tri-fuel diesel electric (West) 65,000 Firm 88,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 650.0 550.0 750.0
Rotterdam 670.0 570.0 770.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 65,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 84.80 85.20

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,398.93 +61.82
Dow Jones Industrial Average United States 49,609.16 +12.19
Pair Region Last Δ Day
EUR/$ European Union 1.18 0.00

Developments

  • Strait of Hormuz Closure Continues to Disrupt Global Oil and LNG Flows

    The Strait of Hormuz remained effectively closed on May 8, 2026, with US efforts to guide transits facing Iranian resistance and attacks on tankers. This ongoing conflict kept approximately 15% of global crude oil flows off the market, significantly impacting supply chains and energy prices.

    Seatrade Maritime News · May 7, 2026

  • VLCC Secondhand Prices Surge Amid Middle East Tensions and Demand for Prompt Tonnage

    Geopolitical risks and the effective closure of the Strait of Hormuz have led to an unprecedented surge in secondhand VLCC prices, with five-year-old vessels costing more than newbuilds. Buyers are paying significant premiums for immediate vessel availability, reflecting the distorted market dynamics.

    iMarine · May 9, 2026

  • IEA Forecasts Contraction in Global Oil Demand for 2026

    The International Energy Agency (IEA) revised its 2026 global oil demand forecast downward, projecting a contraction of 420 kb/d year-on-year. This significant cut, driven by higher prices, a weaker economic environment, and demand-saving measures, signals a challenging outlook for crude markets.

    IEA · May 13, 2026

  • US Stock Markets Hit Record Highs on Strong Jobs Report

    US stock markets, including the S&P 500 and Nasdaq Composite, climbed to all-time highs on May 8, 2026, following a robust jobs report that showed employers added more jobs than expected. This positive economic data overshadowed concerns about rising fuel costs and geopolitical uncertainty.

    AP News · May 8, 2026

  • Hopes for US-Iran Deal Weigh on Crude Oil Prices

    Despite ongoing tensions, crude oil prices experienced some downward pressure amid reports of a potential 60-day memorandum of understanding between the US and Iran. Hopes for a ceasefire and the eventual reopening of the Strait of Hormuz contributed to a bearish sentiment in the oil market.

    Marex · May 29, 2026