U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.0 million barrels from the previous week. At 526.5 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year.

Producers were operating the fewest oil and natural gas drilling rigs on record in the United States at 339 on May 12, the lowest level in the Baker Hughes Company’s rig count data series that dates back to 1987.

Norway's preliminary production figures for April 2020 show an average daily production of 2 117 000 barrels of oil, NGL and condensate,

Brent were up 10 cents, or 0.3%, at $34.75 per barrel, WTI were down 2 cents at $31.94 a barrel

Brent climbed 25 cents, or 0.7%, to $35.06 a barrel, WTI was up 43 cents, or 1.4%, at $32.25 a barrel

To change the current paradigm, the industry will need to dig deep and tap its proud history of bold structural moves, innovation, and safe and profitable operations in the toughest conditions. The winners will be those that use this crisis to boldly reposition their portfolios and transform their operating models. Companies that don’t will restructure or inevitably atrophy.

Crude oil production from the major US onshore regions is forecast to decrease 197,000 b/d month-over-month in May from 8,019 to 7,822 thousand barrels/day, gas production to decrease 779 million cubic feet/day from 82,249 to 81,470 million cubic feet/day .

Brent was up $1.06, or 3.3%, at $33.56 a barrel, WTI was up $1.29, or 4.4%, at $30.72 a barrel

In 1Q 2020 negative Net income attributable to Rosneft shareholders amounted to RUB 156 bln (USD 2 bln) which was mainly a result of the forex exchange loss (RUB 177 bln) due to RUB depreciation and revaluation of foreign currency financial liabilities as well as a reduction of the operating income (-64.8% QoQ).

ROSNEFT'S AVERAGE DAILY HYDROCARBON PRODUCTION AMOUNTED TO 5.75 MMBOE

U.S. Rig Count is down 35 rigs from last week to 339, Canada Rig Count is down 3 rigs from last week to 23

Brent was up $1.21 cents, or 3.9% at $32.34 a barrel, WTI was up 92 cents, or 3.3%, at $28.48 a barrel after reaching $28.54

Reduced economic activity resulting from shelter-in-place restrictions due to COVID-19 drove significant near-term disruptions to energy markets in the month of April with U.S. petroleum demand falling nearly 27 percent to 14.2 million barrels per day (mb/d),

Brent were up $1.17, or 4%, at $30.36 per barrel, WTI were $1.1, or 4.4%, higher at $26.39 per barrel.

For 2019, world oil demand growth is kept broadly unchanged compared to last month’s assessment, estimated to have grown by 0.83 mb/d, y-o-y, to average 98.72 mb/d. In 2020, world oil demand growth is adjusted lower by 2.23 mb/d and is now forecast to drop by 9.07 mb/d.