Global Oil and Gas: Hormuz tracker: day 118

Research evidence excerpt

Global Oil and Gas: Hormuz tracker: day 118

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Global Oil and Gas Equities

GlobalHormuz tracker: day 118

Oil Companies, Major

Henri Patricot, CFA

IMO pauses Hormuz evacuation; Aramco restarts loadings Analyst

The IMO has paused its Hormuz evacuation plan after yesterday's attack in the Strait henri.patricot@ubs.com

(link). Traffic appears to have slowed after yesterday's attack in the Strait but some ships +33-14-888 3033

continue to cross via the Omani route. In the Gulf, Aramco is restarting crude loadings at Nayoung Kim

the Ras Tanura terminal for the first time since the start of the conflict (link). Analyst

nayoung.kim@ubs.com

Steady outbound flows but inbound tankers even lower +44-20-7568 4010

The latest UBS Evidence Lab data (> Access Dataset) show a similar picture on Thursday: Joshua Stone

still a high number of oil and gas vessels crossing the Strait but mostly outbound. The Analyst

number of oil and gas crossings fell back to 15 from 22: still 13 outbound, including 5 joshua.stone@ubs.com

+44-20-7901 5588

crude tankers, 3 product tankers, 3 LPG carriers and 2 LNG carriers, vs. only 2 vessels

inbound, 1 product tanker and 1 LNG carrier (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The June average has risen to Josh Silverstein

5.8 crossings per day, vs. the April-May average of c.3, but still materially below Analyst

February’s c.50 crossings. Volumes were higher yesterday at 12.5Mboe/d, as lower josh.silverstein@ubs.com

+1-212-713 3513

crude volumes were offset by the LNG volumes. This well above the June average of

3.3Mboe/d and May’s 1.3Mboe/d (Figure 4EstimatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/d). Tom Allen

Analyst