U.S. Rig Count is down 11 rigs from last week to 420, with oil rigs down 11 to 332, gas rigs down 1 to 87, and miscellaneous rigs up 1 to 1. Canadian Rig Count is down 3 rigs from last week to 37, with oil rigs down 2 to 10, gas rigs down 1 to 26, and miscellaneous rigs unchanged at 1.

The stronger crude oil demand outlook is likely the main reason for higher crude prices across the entire futures curve, whereas the near-term supply concerns are putting additional upward pressure on prices for near-term delivery.

Brent for June settlement increased as much as $1.23, or 2.7 percent, to $46.97 a barrel on the London-based ICE Futures Europe exchange. The contract gained $1.26 to $45.74 a barrel on the on Tuesday. The global benchmark crude traded at a premium of $1.91 to WTI.

The Company’s Normalized EBITDA, including our respective share in the EBITDA of joint ventures, amounted to RR 62.1 billion, representing a 13.3% increase compared to the EBITDA for the first quarter 2015. Profit attributable to NOVATEK shareholders increased by 3.7 times to RR 115.9 billion, as compared to RR 31.1 billion in the first quarter 2015.

"During the quarter, the industry faced another precipitous decline in activity, exceeding even the most pessimistic predictions, as E&P companies further cut spending in an effort to protect cash flows," said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer. "As a result of this steep decrease in customer spending, our revenue for the first quarter was down 21% sequentially. Compared to the prior year, revenue declined 42%, driven by lower activity as evident by the 41% global rig count drop, reduced pricing across most markets, and the strategic decision to continue limiting our exposure to unprofitable onshore pressure pumping business in North America.

National Oilwell Varco, Inc. (NYSE:NOV) reported a first quarter 2016 net loss of $21 million, or $0.06 per share, excluding other items. Other items included $147 million in pre-tax charges primarily associated with severance and facility closure costs. GAAP net loss for the quarter was $119 million, or $0.32 per share.

Adjusted earnings were USD 857 million in the first quarter compared to USD 2,945 million in the same period in 2015. The reduction was primarily a consequence of significantly lower liquids and gas prices, partially offset by good operational performance and reduced underlying operating costs. Adjusted earnings after tax were USD 122 million in the first quarter, down from USD 902 million in the same period last year.

At an average price of $53 per barrel of oil means the world’s 50 biggest publicly traded companies in the industry can stop bleeding cash, according to oilfield consultant Wood Mackenzie Ltd. Nabors, which owns the world’s largest fleet of onshore drilling rigs, said it has already been talking with several large customers about plans to boost work in the second half of the year if prices rise "comfortably" above $50.

Amid improving market sentiment and a weakening dollar, the World Bank is raising its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel.

Canada's National Energy Board (NEB) projects that both Canada's natural gas production and its domestic natural gas consumption will increase through the next decade. Exports of natural gas by pipeline to the United States are expected to continue to decline. The planned construction of liquefied natural gas (LNG) export terminals on Canada's western coast, which would send LNG exports to Asian markets by 2019, plays a key role in maintaining Canada's overall natural gas exports.

The French oil company said on Wednesday it had made $1.6bn in adjusted net income in the first three months of the year. This marks a turnround from the previous quarter, when it made a loss of $1.8bn, but remains some way below the $2.6bn it made in the first quarter of last year.

A global crude oil deficit will develop before the end of this year, the chairman of Facts Global Energy consultancy Fereidun Fesharaki said Monday.

Russia has been developing new pipeline projects such as South Stream, Turk Stream and Nord Stream 2. If one of them were to be realized then transit risk stemming from Ukraine would be severely minimized and Moscow would have important strategic leverage.

During the first quarter of 2016, the decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis. Budgeted E&P spend fell again and substantially affected our operating results. This environment is expected to continue deteriorating over the coming quarter given the magnitude and erratic nature of the disruptions in activity.

Net income (loss) from continuing operations for the quarter was a loss of $396.6 million, or ($1.41) per diluted share, compared to a loss of $161.1 million, or ($0.57) per diluted share, last quarter.