Global Oil and Gas "Hormuz tracker: day 117" Patricot

Research evidence excerpt

Global Oil and Gas "Hormuz tracker: day 117" Patricot

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Global Oil and Gas Equities

GlobalHormuz tracker: day 117

Oil Companies, Major

Henri Patricot, CFA

Iran warns against using Omani route, vessel struck in the Strait Analyst

Oil continues to flow out of the Gulf at a high rate but today's events are a reminder that henri.patricot@ubs.com

the return to normal may not be perfectly smooth. Iran's IRGC warned ships not to use +33-14-888 3033

the newly announced Omani corridors through Hormuz earlier today (link). Ships Nayoung Kim

continued to cross the Strait during the day (link) but an attack on a cargo vessel in the Analyst

Omani part of the Strait was reported late in the day (link), the first one since the US-Iran nayoung.kim@ubs.com

deal was signed. This may give pause to some ships. +44-20-7568 4010

Joshua Stone

Steady flows but inbound tankers remain well below normal Analyst

The latest UBS Evidence Lab data (> Access Dataset) show a higher number of oil and joshua.stone@ubs.com

+44-20-7901 5588

gas vessels crossing the Strait on Wednesday but slightly lower volumes exiting. The

number of oil and gas crossings jumped back to 22 from 13, a new high. Traffic remains Josh Silverstein

skewed outbound though: 13 outbound, including 7 crude tankers, 2 product tankers Analyst

and 4 LPG vessel, vs. 9 vessels inbound, including only 1 crude tanker (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The josh.silverstein@ubs.com

+1-212-713 3513

June average has risen to 5.4 crossings per day, vs. the April-May average of c.3, but still

materially below February’s c.50 crossings. Volumes were slightly lower yesterday at Tom Allen