Global Oil and Gas: Hormuz tracker: day 144

Research evidence excerpt

Global Oil and Gas: Hormuz tracker: day 144

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Global Oil and Gas Equities

GlobalHormuz tracker: day 144

Oil Companies, Major

Henri Patricot, CFA

More tankers change course in the Red Sea Analyst

The market is getting more concerned around flows out of the Middle East as more henri.patricot@ubs.com

tankers change course in the Red Sea. A total of 3 tankers were reported as having made +33-14-888 3033

U-turns yesterday towards Suez (link) and another 4 were reported today (link). Nayoung Kim

Comments from US Secretary of State Marco Rubio that Iran is not serious about talks to Analyst

end the conflict are also weighing on sentiment (link). nayoung.kim@ubs.com

+44-20-7568 4010

Hormuz tanker crossings even lower; Bab el Mandeb lower Joshua Stone

Meanwhile flows via Hormuz are falling further. The latest UBS Evidence Lab data (> Analyst

Access Dataset) show only one LPG carrier exiting the Gulf yesterday (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulfOil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The July joshua.stone@ubs.com

+44-20-7901 5588

average is down to 7.8, from the mid-to-high teens recorded in late June and early July,

and well below the c.50 level seen in February. Volumes through the Strait were down to Josh Silverstein

~0.2Mb/d yesterday, taking the July average down to 4.5Mboe/d, compared with Analyst

3.7Mboe/d in June and 1.3Mboe/d in May (Figure 4EstimatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/dEstimatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/dmatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/d). Capacity entering the Gulf josh.silverstein@ubs.com

+1-212-713 3513