Crude for Thought: April OS Production Early Q2 Read-Through

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Crude for Thought: April OS Production Early Q2 Read-Through

June 4, 2026 | 23:13 ET~

Oil & Gas

Crude for Thought: April OS Production Early Q2 Oil & Gas

Read-Through Randy Ollenberger Analyst

randy.ollenberger@bmo.com (403) 515-1502

Tariq Saad, CFA Analyst

Bottom Line: tariq.saad@bmo.com (403) 515-1519

Crude prices regained some ground this week following Israeli strikes against Lebanon. Phillip Jungwirth, CFA* Analyst

Discussion of a potential ceasefire extension continues but lacks confirmation (again). phillip.jungwirth@bmo.com (303) 436-1127

Strength extended further along the curve as the persistence of physical tightness Jeremy McCrea, CFA Analyst

is becoming increasingly evident. For the theme of the week, we highlight recently jeremy.mccrea@bmo.com (403) 355-1444

released April oil sands production data. Key takeaways include continued strength John Gibson, CFA Analyst

from tie-in developments, record volumes at CVE's Foster Creek, and notable turnaround johng.gibson@bmo.com (403) 515-1527

impacts across the complex. David Lee, CFA Senior Associate

David6.lee@bmo.com (403) 355-1451

Key Points Legal Entity: BMO Nesbitt Burns Inc.

BMO Capital Markets Corp.*

Crude Oil. Crude moved higher this week as escalating US–Iran hostilities and continued

disruption in the Strait of Hormuz kept geopolitical risk premia elevated, with prompt What's Inside

WTI briefly pushing above ~$95/bbl and strength extending into the back of the 1) April OS Production Early Q2 Read-Through

curve. While there were repeated headlines around a potential ceasefire extension

or imminent deal, messaging remained inconsistent and no progress was confirmed,

with Iranian officials continuing to deny that talks are occurring. Prices eased late in the