Arctic: Energy Daily - Oil & Gas Markets, GKP, OTL

Research evidence excerpt

Arctic: Energy Daily - Oil & Gas Markets, GKP, OTL

Energy Daily

19 June 2026 | 09:04

Oil & Gas Markets, GKP, OTL Key figures & indices

Oil markets: Prices bounce after deal-relief sell-off Oil price (USD/bbl) Index development

Crude prices are moderately higher this morning with Brent 1 mth back to the $80 level, up some

$0.25. Yesterday, the contract gained +$0.30 to $79.85 as profit taking set in ahead of today’s

US bank holiday. Prices have fallen sharply over the past week with Brent down some -$17 in

response to growing hopes, which were realized over the weekend, that the US and Iran would

strike a deal to reopen Hormuz and extend negotiations. Benchmark crudes have now erased most

of the increase following the war. Product prices remain elevated and forward curves inverted,

however, signaling that not all is yet normal. Brent bounced off its low point of $75 yesterday,

suggesting oversold conditions. Markets will now turn its focus on Hormuz to see how quickly Natural gas prices (USD/MMBtu) Overview of performance

shipping operations get underway as Iran has 30 days to clear the strait for safe passage. Note

US markets closed for Juneteenth holiday.

Gulf Keystone (Buy, GBP 2.1): Operational and corporate update

The Shaikan Field remains offline following the precautionary shut-in on 28 February 2026,

while the prospects of production resumption have improved following the US-Iran agreement.

Management has reduced monthly cash burn by approximately 50% through a near-complete

suspension of capital projects (water handling at PF-2 is the sole active exception), minimal Nord Pool (EUR/MWh) 12m fwd. EV/EBITDAoperating costs, and reductions in staff and G&A. Cash stood at USD 66m as at 18 June 2026

(vs.