End of Day Summary – 3/13/2026

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US Treasuries

There are about 9,000 oil tankers worldwide, only 178 are trapped in the Persian Gulf.

LNG tankers are a different story.

Wall Street Journal: Half of All LNG Carriers Trapped in Gulf, Brokers Say

At least 20 LNG carriers—about half the global fleet currently available for charter—are trapped in the Persian Gulf, with daily freight costs soaring as demand from Asia surges, according to ship brokers.

“The situation is dire and will have a lasting impact on the market, regardless of how quickly the conflict ends,” Kostas Karathanos, the chief operating officer of Athens-based Gaslog, which operates 34 gas carriers, said. Daily charter rates are rising to more than $200,000 from less than $98,000 before the start of the Iran hostilities.

Some 20% of global liquified-natural gas exports come from Gulf countries. Energy traders expect LNG prices to rise by early next week, adding to this week’s 40% rise in Asia and Europe.”

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The Government is still under a partial shutdown because the Department of Homeland Security has not been funded.

TSA falls under Homeland Security. Today is the first day that TSA agents will not get a paycheck. How much longer will they keep showing up at the airport?

And … there have been as many as four terrorist attacks related to the Iran War, including potentially two yesterday. Not a good time to have this fight over Homeland Security.

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I’ve been saying that the price of crude oil rises $5/day until the Ships start moving through the Strait.

Look who else is saying this:

 

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So they are telling the world they are stepping up their efforts to reopen the Strait.

How impressed is the market? Ask crude oil prices

Up 18+% since Secretary Wright took down his tweet that the Navy escorted a ship through the Strait, and has not given much of this rally back today. In fact, prices are higher now than yesterday’s close.

Meanwhile the national average of gas prices is up 65 cents, or 22%, since the War began 12 days ago.

Today is the 10th trading day since the war began.

The 10-year is now up 35 bps since it began.

The bottom panel shows how this move compares to the last few years.

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