Arctic: Energy Daily - Oil & Gas Markets, BWE, CADLR, ++

Research evidence excerpt

Arctic: Energy Daily - Oil & Gas Markets, BWE, CADLR, ++

Energy Daily

20 May 2026 | 09:13

Oil & Gas Markets, BWE, CADLR, ++ Key figures & indices

Oil markets: Prices ease off as diplomacy hopes still alive Oil price (USD/bbl) Index development

Crude prices are moderately lower Wednesday morning, extending yesterday’s drop with Brent

down -$0.63 to $110.65. Yesterday, the contract dropped -$0.82 to $111.28. President Trump

again expressed optimism that the US and Iran were close to making a deal, citing ongoing talks

in Pakistan. However, he also said the US may find it necessary to give Iran another “big hit” in

coming days if it deemed that progress was insufficient. Iran, on its side, continues to insist that it

will not give up its right to uranium enrichment for peaceful purposes, while requiring the US to end

sanctions and the blockade and release Iranian assets. Meanwhile, inventories continue to tumble,

reflecting the near two-month long closure of Hormuz. The API reported that US commercial crude Natural gas prices (USD/MMBtu) Overview of performance

stocks fell -9.1 mbls, nearly four times more than analysts had expected. The number includes a

-9.9 mbls draw from the SPR. Without it the decline would have been -19 mbls. Gasoline stocks

also fell sharply, down -5.8 mbls, ahead of the upcoming Memorial Day weekend which typically

marks the start of the driving season. The official EIA report at 16.30 this afternoon, as usual.

BW Energy (Buy, NOK 65): Reduced 2026 guidance more than offset by solid outlook

Q1 EBIT came in at USD 62m, around 15% below consensus (mainly due to lagging estimates),

while net debt was roughly USD 110m above expectations due to a USD 125m working capital Nord Pool (EUR/MWh) 12m fwd. EV/EBITDA

build tied to a lifting late in quarter.