Arctic: Energy Daily - Oil & Gas Markets, EQNR, ++

Research evidence excerpt

Arctic: Energy Daily - Oil & Gas Markets, EQNR, ++

Energy Daily

23 June 2026 | 09:12

Oil & Gas Markets, EQNR, ++ Key figures & indices

Oil markets: US-Iran progress keeps prices under pressure Oil price (USD/bbl) Index development

Crude prices began the week on a down note Monday, extending last week’s losses, following

signs of progress in the US-Iran talks in Switzerland. Brent 1 mth fell -$2.67 to $77.90 and is

holding near the $77.50 level overnight. VP Vance, leading the US delegation, spoke of “great

progress” having been made on Day #1 of the talks and, importantly, his comments were echoed

by the Iranian side. Prices fell further after US announced it had given Iran a 60-day waiver from oil

sanctions. Reports of more vessels moving through Hormuz helped to cement the impression that

the Middle East supply situation is normalizing. The market will continue to watch headlines from

Switzerland. On the fundamental front, the API will report on US inventories, which will include a Natural gas prices (USD/MMBtu) Overview of performance

+9 mbls transfer from the SPR, the third largest on record.

Equinor (Buy, NOK 380): NCS liquids production ahead of forecast in May

SODIR just released NCS production figures for May. Monthly liquids production (oil + NGL)

amounted to 1,909 kbbl/d, which is down 12% vs. April but 6% above the forecast. Compared

to May 2025, liquids production was down 3%. Monthly gas production amounted to 303 MSm3/

d, which is down 11% vs. April and 0.3% below SODIR’s forecast. Compared to May 2025, gas

production was up 1.4%. Despite the maintenance-heavy month, liquids production proved more Nord Pool (EUR/MWh) 12m fwd. EV/EBITDA

resilient than expected. Notably, liquids output has surpassed SODIR's forecast in each month