Morning Comment Norway-06/05/2026

Research evidence excerpt

Morning Comment Norway-06/05/2026

q Nikkei 225 Hang Seng Shanghai

pressure.

• Oil prices – Brent is up around USD 0.4 since the Oslo close yesterday and S&P sector performance

trades at USD 95.3 per barrel. Oil prices fell in yesterday’s session after

-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

Trump said The US is in the middle of final negotiations to end the Iran war.

Meanwhile, the IRGC rejected that announced ceasefire unless Israel Banks 3.6%

withdraws from Lebanon, which is an Iranian pre-requisite for continuing Pharma 3.0%

negotiations. Limited news flow overnight, but peace-deal negotiations will Aerospace & Defence 3.0%

obviously be what to watch over the weekend.

Media & Entertainment 2.6%

Today’s research focus Insurance 1.6%

• BNOR – BlueNord reports May production of 37.1 kbd (Tyra 20.6, base Oil Services 1.6%

assets 16.5), down from 43.6 kbd in April and below the quarterly Retail 1.1%

guidance of 39-46 kbd. The decline is largely explained by planned Gold 0.9%

maintenance as the annual full field shutdown at Gorm ran 7-21 May, and Utilities 0.6%

the Harald/Tyra planned shutdown was initiated on 30 May with restart Airlines 0.6%

guided to 20 June (surface system scope at Tyra plus improved Harald

potential). On top of this, a 14 May power cut at Gorm briefly hit all DUC Software -0.0%

assets, post-restart lift gas issues at Gorm weighed on output (now Chemicals -0.1%

repaired and normalising in early June), and Dan was held back by an Oil E&P -0.2%

ongoing manifold replacement, while Halfdan was stable. The company Technology & Hardware -0.2%

reiterates its Q2'26 guidance of 18-20 kbd for the base assets and 21-26 Oil Integrated -0.5%

kbd for Tyra, and May naturally undershoots both ranges as it carried the Semiconductors -2.8%