Global Oil and Gas "Hormuz tracker: day 122" Patricot

Research evidence excerpt

Global Oil and Gas "Hormuz tracker: day 122" Patricot

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Global Oil and Gas Equities

GlobalHormuz tracker: day 122

Oil Companies, Major

Henri Patricot, CFA

Uncertainty around US-Iran talks Analyst

A US delegation has arrived in Qatar but will reportedly not meet the Iranian officials henri.patricot@ubs.com

(link). US President Donald Trump had said yesterday that a meeting would take place +33-14-888 3033

but it has been denied by Iranian officials (link). Nayoung Kim

Analyst

Flows remain more limited after the attacks nayoung.kim@ubs.com

+44-20-7568 4010

The latest UBS Evidence Lab data (> Access Dataset) show that flows via the Strait of

Hormuz remain more limited after last week's attacks. We have only 8 oil and gas Joshua Stone

tankers crossing yesterday, evenly split outbound/inbound (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The June average Analyst

remains at 6.5 crossings per day, vs. the April-May average of c.3, still materially below joshua.stone@ubs.com

+44-20-7901 5588

February’s c.50 crossings. Volumes were stable vs. previous days at 5.1Mb/d,

vs. ~12Mboe/d in the first half of last week. The June average is up to 3.5Mboe/d vs. Josh Silverstein

May’s 1.3Mboe/d (Figure 4EstimatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/d). Analyst

josh.silverstein@ubs.com

+1-212-713 3513

Crude loadings fall back, product loadings tick up

We are not seeing a follow-through of this weekend's increased crude loadings inside Tom Allen

the Gulf. They pulled back to <5Mb/d ex-Iran on Monday from an average of nearly

tom.allen@ubs.com

7Mb/d in previous days. The June average ex-Iran is still at 3.6Mb/d. This is materially +61-3-9242 6237