Global Oil and Gas: Hormuz tracker: day 129

Research evidence excerpt

Global Oil and Gas: Hormuz tracker: day 129

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Global Oil and Gas Equities

GlobalHormuz tracker: day 129

Oil Companies, Major

Henri Patricot, CFA

Hormuz risk back at the forefront after vessel attacks Analyst

Two vessels were reportedly hit and damaged overnight in the Strait of Hormuz (link): a henri.patricot@ubs.com

Qatari LNG carrier (link) and a Saudi-owned crude tanker (link). A third vessel was +33-14-888 3033

attacked today (link). The latest incidents could lead to a modest pullback in crossings, Nayoung Kim

although we expect transit activity to continue recovering gradually as long as the MoU Analyst

remains in effect. Meanwhile, US-Iran talks are due to restart on 11 July but Iran’s nayoung.kim@ubs.com

Foreign Minister Abbas Araghchi warned that talks would not resume if US threats +44-20-7568 4010

continue (link). Joshua Stone

Analyst

Stable Gulf crossings joshua.stone@ubs.com

+44-20-7901 5588

The latest UBS Evidence Lab data (> Access Dataset) showed that Gulf flows remained

steady yesterday. There were 12 oil and gas tanker transits on Monday, marginally below Josh Silverstein

the weekend level of 13. Outbound movements picked up to 8 from 5 over the Analyst

weekend, with 7 crude tankers leaving the Gulf (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The count is still roughly twice josh.silverstein@ubs.com

+1-212-713 3513

the June average of 7, although it remains far below February’s c.50 level. Supported by

higher crude tanker crossings, volumes climbed to 14.7Mboe/d, from 4.9Mboe/d over Tom Allen

the weekend, compared with the June average of 3.7Mboe/d and May’s 1.3Mboe/d Analyst

(Figure 4matedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/d).