Daily Energy & Shipping Briefing — May 20, 2026
US stock markets rallied on Wednesday as easing bond market pressures and falling oil prices boosted investor sentiment. Crude oil experienced a significant decline amid renewed hopes for a US-Iran agreement, while tanker freight rates saw minor falls due to slower activity. Secondhand VLCC prices, however, remained elevated.
Energy Prices
Crude
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| Brent ICE | $/bbl | 105.02 | -6.26 |
| WTI NYMEX | $/bbl | 98.26 | -5.89 |
Products
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| RBOB Gasoline NYMEX | c/gal | 213.67 | +2.83 |
| Heating Oil NYMEX | c/gal | 200.50 | +1.50 |
Natural Gas
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| US Henry Hub NYMEX | $/MMBtu | 3.18 | -0.05 |
Natural Gas Liquids
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| US Mont Belvieu Propane NYMEX | $/mt | 239.38 | -18.13 |
Price Spreads
| Instrument | Unit | Last | Δ Day |
|---|---|---|---|
| RBOB Gasoline/Brent Crack Spread | $/bbl | 23.19 | -0.15 |
Shipping Rates & Bunkers
Dirty Tanker (Spot TCE, $/day)
| Vessel | Route | Spot TCE | Avg YTD |
|---|---|---|---|
| VLCC, 270 | AG-FE | 38,000 | 40,000 |
| Suezmax, 130 | WAF-UKC | 28,000 | 30,000 |
Clean Tanker (Spot TCE, $/day)
| Vessel | Route | Spot TCE | Avg YTD |
|---|---|---|---|
| LR2, 75 | AG-FE | 19,500 | 25,000 |
| MR, 37 | TC2 (ARA-USAC) | 9,000 | 12,000 |
Time Charter & Asset Values
| Vessel | 1yr ($/day) | Newbuild ($M) | 5yr ($M) |
|---|---|---|---|
| VLCC, 200+ | 76,900 | 130.5 | 138.0 |
LNG Vessels ($/day)
| Type | Spot | Sentiment | 52wk Avg |
|---|---|---|---|
| 160M3 Tri-fuel diesel electric (East) | 13,000 | Flat | 30,231 |
Bunkers ($/mt)
| Port | VLSFO | HSFO | MGO |
|---|---|---|---|
| Singapore | 508.0 | 425.0 | 585.0 |
| Rotterdam | 520.0 | 435.0 | 595.0 |
LPG (Spot TCE, $/day)
| VLGC, 44 (AG-Japan) | 34,643 |
Carbon Markets
| Instrument | Unit | Bid | Offer |
|---|---|---|---|
| European Union Allowances (Spot) | EUR/ton | 69.34 | 69.36 |
Equities & Currencies
| Index | Region | Last | Δ Day |
|---|---|---|---|
| S&P 500 | United States | 7,432.97 | +79.36 |
| Pair | Region | Last | Δ Day |
|---|---|---|---|
| EUR/$ | European Union | 1.16 | 0.00 |
Developments
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US stocks rally as bond market pressure eases and oil prices fall
The S&P 500 climbed 1.1% for its first rise in four days, as easing yields in the bond market and falling oil prices offered relief to investors. Technology stocks led the gains, with Nvidia reporting strong earnings after market close.
Associated Press · May 20, 2026
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Brent crude falls sharply on hopes of US-Iran agreement
Brent crude prices fell 5.6% to settle at $105.02 per barrel, with WTI also declining, as President Trump indicated US-Iran negotiations were in their 'final stages,' renewing hopes for eased inflationary pressures and increased oil supplies.
Associated Press · May 20, 2026
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Tanker market activity slows, crude and product rates see minor falls
The tanker market experienced a slight slowdown in activity, leading to minor falling rates for both crude oil and product tankers across most areas and directions.
Shipping Telegraph · May 20, 2026
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Secondhand VLCC prices surge, exceeding newbuild costs amid Middle East tensions
Five-year-old VLCCs are trading at a premium of up to 35% over newbuild prices, with values reaching $138 million, driven by geopolitical risks, the effective closure of the Strait of Hormuz, and strong demand for prompt tonnage.
iMarine · May 09, 2026
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Natural gas futures remain subdued despite rising demand
Henry Hub natural gas prices stayed modest, with the prompt month rising to $3.11 per MMBtu on May 19, but overall prices remain subdued due to sustained production and healthy storage inventories.
EIA · May 28, 2026
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Navios Maritime Partners orders new VLCCs with long-term charters
Navios Maritime Partners announced an order for up to eight 319,000 DWT VLCCs, with the first batch of four costing $120.5 million per vessel and secured under five-year charter contracts at a net daily rate of $47,763.
iMarine · May 25, 2026
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Container freight rates rally on major trade lanes due to capacity management and Red Sea disruptions
Global container freight rates rallied on major trade lanes, particularly the Pacific loop, as carriers aggressively managed capacity and the ongoing closure of the Strait of Hormuz continued to absorb capacity.
SeaVantage · May 12, 2026
