Saudi Arabia, the world’s largest crude exporter, has raised June oil prices to Asia by the most in 14 months, in a hopeful sign that demand from the region is on the up.

U.S. Rig Count is down 5 rigs from last week to 415, with oil rigs down 4 to 328, gas rigs down 1 to 86, and miscellaneous rigs unchanged at 1. Canadian Rig Count is down 1 rig from last week to 36, with oil rigs up 1 to 11, gas rigs down 2 to 24, and miscellaneous rigs unchanged at 1.

“We still believe sustained front-month WTI at $45 to $50 will be self limiting, as U.S. shale-producer spending and drilling would stabilize and perhaps recover.”

The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after this week's filings for creditor protection by Midstates Petroleum MPOY.PK and Ultra Petroleum UPL.NL.

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 2.8 million bbl for the week ended Apr. 29 compared with the previous week. The US Energy Information Administration estimated a total of 543.4 million bbl, which is historically high for this time of year.

China’s falling oil output and sliding U.S. production may help rebalance a market struggling to recover from the worst price crash in a generation

Adjusted net income was 572 million euros, compared with 928 million in the same quarter of the previous year, which included exceptional earnings of 500 million euros due mostly to the company’s dollar position after receiving funds for the expropriation of YPF, subsequently used for the acquisition of Talisman.

ZUG, SWITZERLAND-May 4, 2016-Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $249 million, $0.68 per diluted share, for the three months ended March 31, 2016. First quarter 2016 results included net unfavorable items of $5 million, $0.01 per diluted share, as follows: $4 million, $0.01 per diluted share, in restructuring costs associated with employee severance; and $2 million related to the loss on impairment of the midwater floater Transocean John Shaw, which the company has identified for recycling.

Petrobras said that it sold a 67% stake in its Petrobras Argentina subsidiary to Pampa Energía, an Argentinean energy firm, for $892 million. Petrobras had previously disclosed that it was in negotiations with Pampa Energia.

David L. Stover, Noble Energy's Chairman, President and CEO, commented, "We are off to a solid start this year and have made substantial progress on our goals for 2016. Our high-quality and diverse portfolio is delivering strong results, giving us the confidence to lower our full year capital and cost outlook while raising volumes substantially. We have aligned our business within cash flows and are continuing to protect our investment-grade balance sheet. Significant capital efficiency gains and outstanding operating performance, combined with robust liquidity, position us well in any price scenario."