The Jun’25 Brent futures contract saw a less volatile with prices moving up to $65.10/bbl at 14:17 BST. Around 16:15, prices fell down to $63.90/bbl and despite gaining some support reaching $64.66/bbl it has fallen to $63.80/bbl at 17:40 BST (time of writing). Canadian oil and gas CEOs are urging caution as oil prices hover near four-year lows and recession fears mount. InPlay Oil CEO Doug Bartole said his firm is avoiding rash decisions for now but may scale back spending if prices drop to $50/bbl. Birchcliff Energy CEO Chris Carlsen noted that many Canadian firms can manage at current $60/bbl oil prices. In other news, oil projects in Alaska’s North Slope and Arctic regions drove a 7% jump in local jobs last year, outpacing the state average. ConocoPhillips’ Willow and Santos’ Pikka projects are key, with peak output expected at 180 kb/d and most workers hired locally. The Trump Administration aims to expand exploration in Alaska’s petroleum reserve and Arctic refuge. Lastly, US president Trump is set to sign executive orders aimed at boosting US coal production. The orders will seek to extend the life of coal plants, lift a federal coal leasing moratorium, and possibly label metallurgical coal as a “critical mineral.” Finally, the front month Jun/July and 6-month Jun/Dec spreads are at $0.50/bbl and $1.48/bbl respectively.
