Arctic: Credit Daily - Oil markets, IPC, Bonava, Seadrill

Research evidence excerpt

Arctic: Credit Daily - Oil markets, IPC, Bonava, Seadrill

Credit Daily

16 June 2026 | 08:18

Oil markets, IPC, Bonava, Seadrill Key figures & indices Arctic HY Index

Oil markets: Prices remain under pressure, post-deal selloff

Crude prices are moderately lower Tuesday morning with Brent around $82.50, -$0.50. Prices

tumbled yesterday after the US and Iran confirmed that they had reached an agreement to extend

the current ceasefire by 60 days and to reopen Hormuz. Brent fell -$4.28 to $83.17, extending a

slide which began late last week when President Trump called off an “imminent” US strike, citing

rapid “deal progress”. While prices are down to levels last seen when the ceasefire was announced

in early April, the market remains cautious as the specifics of the deal are unconfirmed with each

side presenting it as a major political win. The deal is due to be signed formally on Friday, at

which point Hormuz will be “open”, according to President Trump. Market will be tracking headlines

closely in coming days, with a particular focus on Israel, which has said it will continue its campaign

in south Lebanon, even though the US-Iran deal calls for the war to end “on all fronts”. On the

fundamental front, China macro data for May came in much weaker than expected, including a

sharp drop in refinery output, indicating headwinds for oil demand from the world’s second largest

consumer. US inventory data starting today with the API inventory report after the market’s close,

as usual.

IPC: Blackrod first oil ahead of schedule and on budget

Blackrod Phase 1 achieved first oil on 31 May 2026, more than a full quarter ahead of the schedule

established at project sanction in 2023. Total project capex was delivered essentially on budget,