Global Oil and Gas "Hormuz tracker: day 96" Patricot

Research evidence excerpt

Global Oil and Gas "Hormuz tracker: day 96" Patricot

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Global Oil and Gas Equities

GlobalHormuz tracker: day 96

Oil Companies, Major

Henri Patricot, CFA

Holding pattern Analyst

Oil prices have pulled back amid more limited newsflow over the past 24 hours and no henri.patricot@ubs.com

indication of progress towards a deal. Hezbollah rejected a new ceasefire in Lebanon +33-14-888 3033

today (link). In the US, President Donald Trump criticised yesterday's vote in the House Nayoung Kim

that is looking to stop him from restarting military action in Iran but according to media Analyst

reports is seen as largely symbolic (link). nayoung.kim@ubs.com

+44-20-7568 4010

Uptick in oil tankers via Hormuz, not in volumes Joshua Stone

The latest UBS Evidence Lab data (> Access Dataset) shows that 5 oil & gas tankers Analyst

crossed the Strait of Hormuz on Wednesday. Unusually, more tankers entered the Gulf (4 joshua.stone@ubs.com

+44-20-7901 5588

products tankers) then left it (1 product tanker). This is above the Mar-Apr average of 3

but still significantly lower than February's daily average of nearly 50 crossings. On a Josh Silverstein

volume basis, exports were down sharply to 0.3Mboe/d but are still at 1.5Mboe/d so far Analyst

in June vs. 1.3Mboe/d in May (Figure 4EstimatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/d). Flows through the Bab-el-Mandeb Strait were josh.silverstein@ubs.com

+1-212-713 3513

lower again yesterday but close to average (Figure 11Oil&gastankerspasingthroughtheBab-el-MandebStrait,innumberofshipsenteringandexitingtheRedSea).

Tom Allen

Bypass volumes up sharply Analyst

tom.allen@ubs.com

Iranian crude loading dropped back to 0 yesterday and are at <0.3Mb/d so far in June, in +61-3-9242 6237