Energy - Weekly Refrac: Peace Framework; OPEC/EIA Outlooks; US SPR; APA; DVN Pro-Forma Guide; FERC Call; KNICKS!

Research evidence excerpt

Energy - Weekly Refrac: Peace Framework; OPEC/EIA Outlooks; US SPR; APA; DVN Pro-Forma Guide; FERC Call; KNICKS!

Truist Securities

Equity Research Report June 15, 2026

ENERGY

Energy - Weekly Refrac: Peace

Framework; OPEC/EIA Outlooks; US SPR; Gabe Daoud

212-303-4193 APA; DVN Pro-Forma Guide; FERC Call;

Gabe.Daoud@truist.com KNICKS!

Frankie DiGiovanna Crude starts the week under pressure with front-month and cal27 off ~$4/bbl / ~$1.50/

212-326-3158 bbl owing to the Iran-US deal to reopen the Strait of Hormuz. Demand destruction /

Francis.DiGiovanna@truist.com substitution in focus and is now expected in the EIA short-term energy outlook though

the agency recognized time to normalize could extend into '27. Within our coverage,

Eric Look DVN provided an in-line pro forma guide and APA expanded its footprint in Alaska via

212-303-4174 its acquisition of Savant. US oil rigs increased for an 8th consecutive week, while the

Eric.Look@truist.com reported natgas storage build of +108 Bcf screens bearish.

63 Page Document

After 53 years the New York Knicks are NBA Champions! A surreal moment for

long-time (suffering) fans. Rejoice.

Reasons for this report US and Iran reach agreement that reopens the Strait of Hormuz. After plenty of

head fakes, the US and Iran agreed to a framework that will reopen the Strait of ✓ Sector Update

Hormuz - toll-free per President Trump - and lift the US blockade on Iranian ports to

"let the oil flow!". The two countries will meet in Switzerland on Friday June 19th to

formally sign the agreement which critically will open the Strait and start the 60-day

clock of negotiations over Iran's nuclear program, sanctions relief and reconstruction

with Iran's Deputy Foreign Minister noting this "does not mean trust in the enemy".