Global Oil and Gas "Hormuz tracker: day 111" Patricot

Research evidence excerpt

Global Oil and Gas "Hormuz tracker: day 111" Patricot

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Global Oil and Gas Equities

GlobalHormuz tracker: day 111

Oil Companies, Major

Henri Patricot, CFA

Uncertainty remains around Hormuz Analyst

Despite the MoU being signed, uncertainty persists regarding guidance and timelines for henri.patricot@ubs.com

Hormuz. Following renewed conflict in southern Lebanon, Iran postponed peace +33-14-888 3033

negotiations with the US (link) while asserting control over the Strait, requiring vessel Nayoung Kim

permissions and suggesting potential insurance fees (link). Meanwhile Abu Dhabi Analyst

National Oil Co. has reportedly informed its clients to resume loading crude oil from nayoung.kim@ubs.com

ports in the Gulf (link). +44-20-7568 4010

Joshua Stone

But flows through the Strait improve more materially Analyst

The latest UBS Evidence Lab data (> Access Dataset) shows that Gulf traffic improved joshua.stone@ubs.com

+44-20-7901 5588

markedly on Thursday with 11 oil and gas tankers crossing, the second highest daily

total since the start of the conflict. 7 oil and gas vessels exited the Gulf (3 product, 3 LPG Josh Silverstein

and 1 LNG) and 4 entered (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The June average crossing rose to 2.9, still below Analyst

the April-May average of ~3, and significantly lower than February's daily average of josh.silverstein@ubs.com

+1-212-713 3513

~50 crossings. June exports average 1.0Mboe/d, down from May’s 1.3Mboe/d (Figure 4Estimated

oilandgasflowsexitingtheGulf,basedonDWT,inMboe/d). Oil and gas flows through Bab-el-Mandeb Strait decreased to 11 ships on Thursday, Tom Allen