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Bullish As of May 11, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — May 11, 2026

Global energy markets on May 11, 2026, were dominated by escalating US-Iran tensions and the ongoing closure of the Strait of Hormuz, driving crude oil prices significantly higher. Shipping rates for tankers and LNG carriers remained elevated due to supply disruptions and increased demand for prompt tonnage.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 104.21 +2.94
WTI NYMEX $/bbl 98.07 +2.65

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 314.78 +6.64
ULSD Heating Oil NYMEX c/gal 330.00 +7.50

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.91 +0.15

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 442.52 +9.45

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 28.00 -0.15
ULSD/Brent Crack Spread $/bbl 35.00 +0.20

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 100,000 70,000
Suezmax, 130 WAF-UKC 121,800 90,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 60,000 45,000
MR, 37 TC2 (UKC-USAC) 45,000 35,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 75,000 129.0 138.0
Suezmax, 150 60,000 88.0 88.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 150,000 Strong 80,000
174M3 TFDE (Atlantic) 165,000 Strong 90,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 680.0 580.0 780.0
Rotterdam 650.0 560.0 750.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 80,000
VLGC, 44 (USGC-Japan) 95,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 70.20 70.35

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,412.84 +13.91
Dow Jones Industrial Average United States 49,704.47 +95.31
Pair Region Last Δ Day
EUR/$ European Union 1.18 +0.00
USD/JPY Japan 155.00 -0.20

Developments

  • Oil prices surge as US rejects Iran peace offer, prolonging Strait of Hormuz closure fears.

    Brent crude climbed over 4% to settle at $104.21/bbl after President Trump rejected Iran's latest peace proposal, intensifying concerns over global oil supply disruptions through the critical Strait of Hormuz.

    Reuters/HDFC Sky · May 11, 2026

  • VLCC secondhand prices soar, exceeding newbuild costs, driven by Middle East tensions and demand for prompt tonnage.

    The resale price of a 5-year-old VLCC reached $138 million, $9 million higher than the average new ship cost of $129 million, as geopolitical risks and the Hormuz crisis fueled demand for immediate shipping capacity.

    iMarine/Seatrade Maritime News · May 07, 2026

  • Global oil demand forecast to contract significantly in Q2 2026 due to Hormuz disruption, IEA reports.

    The IEA projected world oil demand to contract by 2.45 mb/d year-on-year in Q2 2026, with total losses since February reaching 12.8 mb/d, primarily due to the effective closure of the Strait of Hormuz.

    IEA · May 13, 2026

  • US stock market inches to new records despite rising oil prices and geopolitical instability.

    The S&P 500 rose 0.2% to 7,412.84, setting a new all-time high, as investors remained optimistic that the Iran conflict would not keep oil prices high for an extended period, despite households feeling discouraged by expensive gasoline.

    Associated Press · May 11, 2026