Arctic: Energy Daily - Oil & Gas Markets, BNOR

Research evidence excerpt

Arctic: Energy Daily - Oil & Gas Markets, BNOR

Energy Daily

05 June 2026 | 09:05

Oil & Gas Markets, BNOR Key figures & indices

Oil markets: Prices flat after dropping on ceasefire hopes Oil price (USD/bbl) Index development

Crude prices are little changed Friday morning with Brent 1 mth holding above $95, +$0.30.

Yesterday, the contract slumped -$2.78 to $95.03, reversing some of the week’s gains, following

news that Israel and Lebanon had agreed to a US proposal for a conditional ceasefire, a shift which

potentially would facilitate the long-awaited US-Iran deal to open the Hormuz. Prices came off their

low point after Hezbollah rejected the US proposal as “illusory” and the attacks between Hezbollah

and Israel are continuing. There were no signs of progress in the US-Iran talks, which Iran’s FM

Araghchi said were “stalled”. On the fundamental front, Russia’s Energy minister Novak admitted

that the country’s crude production had fallen since the start of the year, owing to Ukraine’s drone Natural gas prices (USD/MMBtu) Overview of performance

strike campaign, which had taken a number of refineries offline. According to the IEA, Russia’s

output was 8.8 mbd in April, down from 9.3 mbd in January and 0.8 mbd below its Opec+ target.

Crude exports, however, have increased lately, due to the drop in refinery demand.

BlueNord (Buy, NOK 640): May production on the soft side

BlueNord reported May production of 37.1 kboepd (vs. 43.6 kboepd in April), with the Tyra hub

contributing 20.6 kboepd and the base assets 16.5 kboepd. Production at Tyra was affected

by a combination of temporary operational issues and planned maintenance, while base asset Nord Pool (EUR/MWh) 12m fwd. EV/EBITDAproduction reflected the annual planned full-field maintenance shutdown at Gorm between 7–21