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Bullish As of May 26, 2026 17:00 ET Download PDF

Daily Energy & Shipping Briefing — May 26, 2026

Global crude oil prices rebounded sharply on Tuesday, driven by renewed geopolitical tensions in the Middle East following reports of fresh US military action near the Strait of Hormuz. Despite the energy market volatility, major US equity indices like the S&P 500 and Nasdaq reached new record highs, fueled by strong tech sector performance. Shipping markets continued to grapple with the impact of the Hormuz crisis, leading to elevated tanker rates and unusual asset pricing d...

Energy Prices

Crude

Instrument Unit Last Δ Day
Brent ICE $/bbl 98.00 +1.92

Products

Instrument Unit Last Δ Day
RBOB Gasoline NYMEX c/gal 285.00 +2.50

Natural Gas

Instrument Unit Last Δ Day
US Henry Hub NYMEX $/MMBtu 3.28 +0.09

Natural Gas Liquids

Instrument Unit Last Δ Day
US Mont Belvieu Propane NYMEX $/mt 416.20 -32.54

Price Spreads

Instrument Unit Last Δ Day
RBOB Gasoline/Brent Crack Spread $/bbl 21.70 -0.87

Shipping Rates & Bunkers

Dirty Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
VLCC, 270 AG-FE 397,753 350,000

Clean Tanker (Spot TCE, $/day)

Vessel Route Spot TCE Avg YTD
LR2, 75 AG-FE 20,500 26,400

Time Charter & Asset Values

Vessel 1yr ($/day) Newbuild ($M) 5yr ($M)
VLCC, 200+ 115,000 129.0 138.0

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

LPG (Spot TCE, $/day)

VLGC, 44 (AG-Japan) 34,643

Carbon Markets

Instrument Unit Bid Offer
European Union Allowances (Spot) EUR/ton 77.45 77.47

Equities & Currencies

Index Region Last Δ Day
S&P 500 United States 7,519.12 +44.16
Pair Region Last Δ Day
EUR/$ European Union 1.17 -0.01

Developments

  • Oil Prices Rise on Reports of Fresh US Strikes Near Strait of Hormuz

    Brent crude rose towards $98 a barrel and WTI traded near $91 after reports of new US military action in Iran, complicating hopes for a US-Iran agreement and recovering from Monday's sharp decline.

    NDTV Profit · May 26, 2026

  • S&P 500 and Nasdaq Hit New Records Driven by Tech Stocks

    The S&P 500 rose 0.61% to 7,519.12, and the Nasdaq Composite climbed 1.19%, both notching fresh records, with Micron Technology's surge leading the advance.

    Yahoo Finance · May 26, 2026

  • VLCC Secondhand Prices Surge, Exceeding Newbuild Costs 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, as geopolitical risks continued to drive up values for prompt tonnage.

    iMarine · May 09, 2026

  • European Carbon Prices Reach Highs Amid ETS Reform Discussions

    European carbon prices hit a high of €78/t on May 26, with EU Carbon Permits increasing to 77.46 EUR, as discussions on reforming the EU ETS and updated benchmark values continued.

    GMK Center · May 26, 2026

  • Tanker Market Dynamics Invert: Delivery Timing Overtakes Vessel Age as Key Pricing Factor

    Ongoing Strait of Hormuz restrictions for over two months have inverted tanker market dynamics, with resale premiums for vessels under construction hitting up to 35% above newbuilding prices due to demand for immediate delivery.

    IndexBox · May 25, 2026