Arctic: Energy Daily - Oil & Gas Markets, BWO, SCATC, ++

Research evidence excerpt

Arctic: Energy Daily - Oil & Gas Markets, BWO, SCATC, ++

Energy Daily

18 May 2026 | 09:14

Oil & Gas Markets, BWO, SCATC, ++ Key figures & indices

Oil markets: Prices rise as diplomacy stays deadlocked Oil price (USD/bbl) Index development

Crude prices are firmer Monday morning following a weekend which produced no diplomatic

breakthroughs between the US and Iran. Brent 1 mth is trading near $111, +$2 from Friday.

President Trump yesterday renewed his threat against Iran, saying “time was running out” to make

a deal. There has been no official Iranian response but according to state media, the regime still

considers US demands for conditions to be in place before the start of any formal negotiations

to be “maximalistic”. Meanwhile, both Saudi Arabia and the UAE reported drone attacks over the

weekend, underscoring the fragility of the situation. Away from the Middle East, Ukraine carried out

its largest drone attack against Russia to date in the war, hitting targets near Moscow, including Natural gas prices (USD/MMBtu) Overview of performance

another refinery. On Friday, it hit the Ryazan refinery, Russia’s largest. On the fundamental front,

China’s refinery demand in April slumped -11% m-m and its macro data was soft and well below

analysts’ estimates. Last week, Brent gained +$7.97 to $109.26, lifted by market reports from the

IEA and EIA showing crude production falling more than expected and inventories drawing faster.

Also, the presidential summit between Trump and Xi delivered nothing concrete vs the war.

BW Offshore (Buy, NOK 39): Q1 in line, 2026e EBITDA guidance down by ~9%

BWO reported revenue of USD 130m (+9% vs ARCe and +14% vs. Consensus) and EBITDA of Nord Pool (EUR/MWh) 12m fwd. EV/EBITDA

USD 48m (+4% vs. ARCe and +2% vs. Consensus).