Arctic: Energy Daily - Oil & Gas Markets, BWE, SOFF, NE, RIG

Research evidence excerpt

Arctic: Energy Daily - Oil & Gas Markets, BWE, SOFF, NE, RIG

Energy Daily

02 June 2026 | 09:14

Oil & Gas Markets, BWE, SOFF, NE, RIG Key figures & indices

Oil markets: Prices holding gains on uncertain geopolitical outlook Oil price (USD/bbl) Index development

Crude prices are moderately softer Tuesday morning with Brent recently at $94.20, down -$0.80.

The market remains uncertain about the status of US-Iran talks after mixed messages yesterday.

Prices initially jumped Monday on a story in Iran’s media which claimed that the country had halted

talks with the US in response to Israel’s continued strikes in South Lebanon. Prices came off

their highs, however after President Trump said that Israel and Hezbollah leaders had agreed

to a ceasefire. Brent 1 mth closed up +$3.86 at $94.98, having traded as high as $98. In later

comments, Trump was more circumspect, saying that a deal to reopen Hormuz was likely over the

next week but also adding that he “could not care less”, if talks collapsed. Netanyahu’s comments Natural gas prices (USD/MMBtu) Overview of performance

on the ceasefire, which differed from Trump, also sowed confusion. Market expected to remain

nervous, awaiting more clarity on whether or not talks will resume and move forward. Away from

the Middle East, Russia announced an export ban on jet fuel, following a similar ban on gasoline

exports, which boosted speculation that a diesel ban, which could have major implications for the

global market, would not be far behind. Gasoil prices jumped +8% in response. US inventory data

from the API this evening, as usual.

BW Energy (Buy, NOK 72 (65)): Value creation potential outshines the risks Nord Pool (EUR/MWh) 12m fwd. EV/EBITDA

BW Energy’s capital markets update last month was reassuring, with Maromba progressing