Brent crude oil prices are forecast to average $41/b in 2016 and $51/b in 2017.

Rising incomes in China, India, and other emerging Asia economies are a key driver of the global energy outlook. Developing Asia accounts for more than half of the projected increase in global energy use through 2040. This increase will have a profound effect on the development of world energy markets. Clean energy technologies play an important role in the outlook, with renewables expected to be the fastest-growing energy source.

After jumping more than 2% as the markets opened with Asian trading Sunday night, both major contracts fell as reports emerged that the threat from the fires was diminishing, at least for the moment.

The June crude oil contract on the New York Mercantile Exchange climbed 34¢ to settle at $44.66/bbl, and the July contract gained 41¢ to $45.32/bbl. The NYMEX natural gas contract for June gained 2.5¢ to $2.10/MMbtu. The Henry Hub price was $1.84/MMbtu, down 20¢.

Light, sweet crude prices for June delivery varied widely on the New York market during Apr. 29 trading, closing at $45.92/bbl after swinging from a daily high of $46.78 and a low of $45.24.

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.

The reality is that the Kremlin is always likely to be heavily involved in the Russian oil industry. That creates the concern that the proposals might be structured to try to achieve higher prices, which is not consistent with efficient price discovery.

BP’s own forecast shows global energy demand rising one-third higher by 2035 than it is today, which would be like adding the total combined energy demand of the US, the European Union, and Japan. And it’s BP’s expectation that more than half of this demand will be met by oil and gas by 2035.

During the period, the unaudited oil and gas sales revenue of the Company reached approximately RMB24.64 billion, representing a decrease of 30.7% YoY, mainly due to the sharp decrease in international oil prices. The Company’s average realized oil price decreased 39.1% YoY to US$32.54 per barrel while the average realized gas price was US$5.69 per thousand cubic feet, down 14.8% YoY.

Operating losses were $500 million ($0.33 per common share), driven by low commodity prices, wider bitumen differentials to Western Canadian Select (WCS), weak benchmark refining margins and a Refining and Marketing first-in, first-out (FIFO) loss of $192 million. Net earnings were $257 million ($0.17 per common share).

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.