Global Oil and Gas: Hormuz tracker: day 150

Research evidence excerpt

Global Oil and Gas: Hormuz tracker: day 150

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Global Oil and Gas Equities

GlobalHormuz tracker: day 150

Oil Companies, Major

Henri Patricot, CFA

Talks, and attacks continue Analyst

US President Trump confirmed yesterday that "very friendly negotiations" with Iran are henri.patricot@ubs.com

taking place and that there is a "good chance" they could yield results (link), reducing +33-14-888 3033

some of the pressure on oil. Oman reportedly presented a new proposal on Hormuz Nayoung Kim

navigation to Iran over the weekend (link). It includes "voluntary" contributions to a Analyst

fund that would finance shipping services, but it emphasises that Iran would not have nayoung.kim@ubs.com

sole control of the Strait. As was the case over the weekend, the pause in US-Iran talks +44-20-7568 4010

did not extend to the whole region yesterday and new strikes were reported, including in Joshua Stone

Saudi Arabia, which the country blamed on Iran-backed militias in Iraq (link). The Analyst

important Abqaiq crude-processing facility, which usually handles 7Mb/d, was joshua.stone@ubs.com

reportedly hit in the east of the country but the extent of any damage is unknown. +44-20-7901 5588

Aramco's 400kb/d Jizan refinery reportedly shut down yesterday following attacks (link). Josh Silverstein

Analyst

No change in Hormuz; improvement via Bab el Mandeb josh.silverstein@ubs.com

+1-212-713 3513

The latest UBS Evidence Lab data (> Access Dataset) paint a mixed picture for flows. For

Hormuz, there is no improvement with only two crossings captured (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulfOil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf).