Global Oil and Gas "Hormuz tracker: day 80" Patricot

Research evidence excerpt

Global Oil and Gas "Hormuz tracker: day 80" Patricot

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Global Oil and Gas Equities

GlobalHormuz tracker: day 80

Oil Companies, Major

Henri Patricot, CFA

Deadline extended Analyst

US President Donald Trump said today that Iran has "2-3 days", "maybe until early next henri.patricot@ubs.com

week" to agree to a deal (link). Separately, the US extended a waiver on imports of +33-14-888 3033

Russian oil for 30 days (link). This is still about oil loaded before 17 April and so the Nayoung Kim

impact is likely to be limited. Analyst

nayoung.kim@ubs.com

Oil & gas flows still extremely low +44-20-7568 4010

The latest UBS Evidence Lab data (> Access Dataset) shows that only 2 oil tankers Joshua Stone

crossed the strait on Monday: 1 LPG carrier going out of the Gulf and 1 product tanker Analyst

going in. The average number of crossings for May is around 3, consistent with April's joshua.stone@ubs.com

+44-20-7901 5588

figures but significantly lower than February's daily average of nearly 50 crossings. Flows

through the Bab-el-Mandeb Strait have remained within the normal range (Figure 11Oil&gastankerspasingthroughtheBab-el-MandebStrait,innumberofshipsenteringandexitingtheRedSea)il&gastankerspasingthroughtheBab-el-MandebStrait,innumberofshipsenteringandexitingtheRedSeail&gastankerspasingthroughtheBab-el-MandebStrait,innumberofshipsenteringandexitingtheRedSeail&gastankerspasingthroughtheBab-el-MandebStrait,innumberofshipsenteringandexitingtheRedSea. Josh Silverstein

Analyst

Interruption in Iranian crude loadings continues; bypass routes lower again josh.silverstein@ubs.com

+1-212-713 3513

There was no new Iranian crude loading yesterday and the interruption in loadings has

now extended to 12 days.