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Bullish As of May 12, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — May 12, 2026

Global energy markets were bullish for crude oil on May 12, 2026, driven by escalating US-Iran tensions and continued disruptions in the Strait of Hormuz, pushing Brent prices above $107/bbl. Meanwhile, US equities retreated as inflation fears mounted and a sell-off in technology stocks cooled Wall Street's record rally.

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 107.99 +3.75
WTI NYMEX $/bbl 99.07 +1.00

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 369.77 +9.79

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 2.84 -0.07

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 453.52 +11.02

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 47.31 +0.35

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 95,000 70,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 30,000 28,000

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 47,763 129.0 138.0

LNG Vessels ($/day)

Type Spot Sentiment 52wk Avg
160M3 Tri-fuel diesel electric (East) 25,000 Strong 35,000

Bunkers ($/mt)

Port VLSFO HSFO MGO
Singapore 680.0 580.0 980.0

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 40,000

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 70.50 70.60

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,400.96 -14.77
Pair Region Last Δ Day
EUR/$ European Union 1.17 0.00

Developments

  • Oil Jumps as US-Iran Talks Stall; Brent Trades Above $105

    Oil prices extended gains on May 12, 2026, as fragile US-Iran negotiations and renewed supply concerns kept traders on edge, heightening fears of prolonged disruptions in crude shipments. Brent crude rose to around $105.1 per barrel.

    HDFC Sky · May 12, 2026

  • US stock market today: Oil price surge, inflation fears drag Wall Street, S&P 500 down 0.6%, Nasdaq 0.9% lower

    US stocks retreated on Tuesday as rising oil prices, sticky inflation, and a selloff in technology shares cooled Wall Street's record-setting rally. The S&P 500 fell 0.6 percent.

    The Times of India · May 12, 2026

  • VLCC Secondhand Prices Surge Up to 35% Premium Amid Middle East Tensions

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

    iMarine · May 09, 2026

  • Mont Belvieu Propane Price Soars over Conway

    The Iran war significantly increased the value of Gulf Coast propane relative to inland markets, pushing international buyers toward U.S. cargoes and strengthening export demand.

    RBN Energy · May 12, 2026

  • NextEra Energy and Dominion Energy to combine in $420 billion deal

    NextEra Energy and Dominion Energy agreed to combine, creating a $420 billion energy group, reflecting growing demand for power driven by AI data centers and broader electrification trends.

    Marex · May 12, 2026

  • Global oil inventories depleting at record pace due to Hormuz disruption

    More than ten weeks after the Middle East war began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace, with benchmark oil prices seeing wild swings.

    IEA · May 13, 2026