Energy Daily-06/19/2026

Research evidence excerpt

Energy Daily-06/19/2026

Energy Daily

19 JUN 2026

Today’s highlights: Oil Service: Permian Basin visit recap; Moreld: Equinor Commodity prices Last 6 days Last price -1 day -1 week -1 month 18-May1M high 16-Jun1M low

sanctions Troll project, OI likely well positioned; SDRL: Extending, upsizing and BrentWTI (bbl)Crude (bbl) $$79.90.0 -100.00.1 %% -100.0-8.5 %% -26.6-26.6 %% 112.1104.4 79.075.9

easing terms of RCF. Also covered: OTL, IRM/Subsea Dutch TTF Gas $/MMBtu 13.6 -4.2 % -18.7 % -20.4 % 17.6 13.6

UK Nat Gas $/MMBtu 13.2 2.8 % -12.2 % -20.2 % 17.0 12.8

Henry Hub Nat Gas $/MMBtu 0.0 -100.0 % -100.0 % -100.0 % 3.3 2.9

Oil Service – Permian Basin visit recap UKCO2electricityprice (1M) £/MWhEUR/t 93.880.0 -0.80.3 %% -11.43.7 %% -8.65.9 %% 106.080.6 74.993.8

• The Permian Basin rig count was unchanged this week, with 256 active rigs BrentUSD/boeand Nat. gas in USD/boe Equivalent** last 3Y CO2EUR/tprice last 3Y

according to Baker Hughes (vs. 271 rigs one year ago). 135120 10090

80 105• Last week, we visited the Permian Basin and a couple of NorAm rigs. With oil 70

prices at USD 80-90/bbl at the time, the overall sentiment and mood was 75 60

60 40 good, described as the best environment since 2022–23. 50

• On activity, larger E&Ps remain highly disciplined, with most expected to stick 4530 3020

to prior budgets despite stronger cash flows over the past 100+ days. Excess 150 100

Jun-25 Jun-26 Jun-24 Jun-25 Jun-26 Jun-23 Jun-24 cash is largely expected to be returned via dividends and/or buybacks. As a Jun-23 CO2 Price Dutch TTF Brent

result, activity is expected to remain relatively stable, with only modest Last Total return Short Cons. NTM

downside risk if oil prices decline (but stay above USD 70/bbl).