Arctic: Energy Daily - Oil & Gas Markets, CVX, ONGC, ++

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Arctic: Energy Daily - Oil & Gas Markets, CVX, ONGC, ++

Energy Daily

04 June 2026 | 08:45

Oil & Gas Markets, CVX, ONGC, ++ Key figures & indices

Oil markets: MEG geopolitics keeps prices volatile as inventories keep falling Oil price (USD/bbl) Index development

Crude prices are moderately lower Thursday morning in response to news that the Israel and

Lebanon have agreed to a ceasefire, albeit a conditional one, contingent on Hezbollah. Al-Jazeera

reports new drone attacks in Lebanon. Brent 1 mth is trading near $97, down -$0.80. Yesterday,

the contract jumped +$1.81 to $97.81, reacting initially to renewed instability in the Middle East.

The US and Iran exchanged fire again, each targeting military installations and claiming they

were responding to attacks. Iran also launched drone strikes against Kuwait and Bahrain. The

diplomatic situation remains unclear. President Trump again talked up the prospects for a deal,

but this was rejected by Iran’s FM Araghchi who said no substantive progress had been made. Natural gas prices (USD/MMBtu) Overview of performance

On the fundamental front, a bullish EIA report featuring another massive draw on crude stocks,

lifted prices.

Chevron submits USD 13.8bn plan for Vaca Muerta shale project

Chevron has announced plans to invest USD 13.8bn to develop the El Trapial block in Argentina’s

Vaca Muerta shale formation, one of the country’s most prolific hydrocarbon resources. The

company, which owns and operates the block with a 100% stake, is transitioning the project

from a pilot phase to full-scale industrial development. Chevron plans to apply drilling techniques Nord Pool (EUR/MWh) 12m fwd. EV/EBITDA

proven in the US Permian Basin, including ultra-long horizontal wells exceeding 3,000 metres, to