Global Oil and Gas Hormuz tracker: days 112-114

Research evidence excerpt

Global Oil and Gas Hormuz tracker: days 112-114

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Global Oil and Gas Equities

GlobalHormuz tracker: days 112-114

Oil Companies, Major

Henri Patricot, CFA

Progress in talks and in flows Analyst

The first round of talks between the US and Iran in Switzerland has ended and the two henri.patricot@ubs.com

countries made good progress according to mediators Qatar and Pakistan (link). This is +33-14-888 3033

despite new threats to attack Iran from US President Donald Trump earlier this weekend Nayoung Kim

(link) and the IRGC earlier saying it had closed the Strait again (link). Flows were not Analyst

interrupted though. US Central Command said that as much 17M bbls transited on nayoung.kim@ubs.com

Saturday. While we do not see as large a jump in our data, there is a clear improvement +44-20-7568 4010

since the deal was signed. Joshua Stone

Analyst

Volumes through the Strait pick up joshua.stone@ubs.com

+44-20-7901 5588

The latest UBS Evidence Lab data (> Access Dataset) shows that Gulf tanker traffic held

up over the weekend. The average number of oil and gas vessels transiting the Strait of Josh Silverstein

Hormuz was down to 7 over the past 3 days but volumes were up. 13 vessels exited the Analyst

Gulf (10 crude tankers and 3 product), while 8 vessels entered it (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The June josh.silverstein@ubs.com

+1-212-713 3513

average has risen to 3.5 crossings per day, now above the April-May average of c.3, but

remains materially below February’s c.50 crossings. With more crude tankers involved, Tom Allen

volumes picked up and averaged >7Mb/d in the past couple of days. The June average is Analyst