Global Oil and Gas: Hormuz tracker: day 152

Research evidence excerpt

Global Oil and Gas: Hormuz tracker: day 152

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Global Oil and Gas Equities

GlobalHormuz tracker: day 152

Oil Companies, Major

Henri Patricot, CFA

Attacks continue in the region Analyst

The US said today that it has completed its strikes against Iran in retaliation for Iran's henri.patricot@ubs.com

attempted attack on US bases (link). We also saw attacks on Egyptian energy assets +33-14-888 3033

yesterday as drones reportedly targeted a US-owned FSRU and another LNG vessel at Nayoung Kim

Damietta in the Mediterranean (link). Saudi Arabia is reportedly considering putting Analyst

together a coalition to ensure safety of navigation in the Red Sea (link). nayoung.kim@ubs.com

+44-20-7568 4010

Jump in Hormuz inbound flows; rebound in Bab el Mandeb Joshua Stone

The latest UBS Evidence Lab data (> Access Dataset) show improvements in flows via Analyst

both straits. For Hormuz, there were 7 crossings, unusually all inbound (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulfOil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). They joshua.stone@ubs.com

+44-20-7901 5588

also included the first LNG carrier in 3 weeks. The July average is steady at 6.5, vs. the

mid-to-high teens recorded in late June and early July, and well below the c.50 level seen Josh Silverstein

in February. The average for volumes out of the Gulf has fallen to 3.7Mboe/d in July, Analyst

compared with 3.7Mboe/d in June and 1.3Mboe/d in May (Figure 4EstimatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/dEstimatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/dmatedoilandgasflowsexitingtheGulf,basedonDWT,inMboe/d). Storage and josh.silverstein@ubs.com

+1-212-713 3513