05 Jul Energy Price, news and commentary 05/07/26: WTI Crude @ $68.78 | Oil Markets indifferent to U.S.-Iran Ceasefire Yo Yo.
(Oilandgaspress) The decade of cheap Henry Hub gas is coming to an end. Wood Mackenzie forecasts Henry Hub natural gas prices approaching US$5/mmbtu (real) by 2035, up from a nominal range of US$2 to US$4/mmbtu that held for most of the past decade.
That stability underpinned the buildout of US LNG export infrastructure and the expansion of gas-fired power generation now supporting AI-driven data centre growth across the country. Wood Mackenzie’s report, Defying gravity: why US Henry Hub natural gas prices are set to rise, sets out why those conditions are no longer assured.
Two structural shifts are working in the same direction at once. Demand continues to grow at a sustained pace. Supply is becoming harder and more expensive to grow. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $68.78 | Up |
| Crude Oil (Brent) | US$/bbl | $72.12 | Up |
| Bonny Light 01/07/26 CBN | US$/bbl | $71.63 | — |
| Dubai | US$/bbl | $79.52 | — |
| Natural Gas | US$/MMBtu | $3.24 | Up |
| Murban | US$/bbl | $66.48 | Up |
| OPEC basket 02/07/26 OPEC | US$/bbl | $69.33 | Down |
| At press time July 05, 2026 |
SGE, a European Small Modular Reactor (SMR) development and investment platform announced its plans to build fourteen GE Vernova Hitachi BWRX-300 Small Modular Reactors on three sites in the UK. The deployment team includes SGE, GE Vernova Hitachi Nuclear Energy, Samsung C&T, Laing O’Rourke, Aecon Group Inc., Fermi Development, Etara and an experienced nuclear operator.
The company has submitted an application under the UK’s Advanced Nuclear Framework (ANF) to develop a combined 4.2GW fleet which could deliver enough clean power for 11% of UK power demand or equivalent to an estimated almost eight million homes for at least sixty years. To support this ambition, SGE has established SGE SMR UK Limited as its dedicated UK-based project vehicle.
SGE’s proposal reflects a fleet-based development model, centred on repeatable deployment at scale. The project is targeting three multi-unit sites, the first to host six BWRX-300 units, with two further sites to follow in quick succession. In total, the programme represents a significant addition to the UK’s future nuclear capacity and supports the country’s long-term energy security, clean power and industrial growth ambitions.
The UK project builds on significant regulatory groundwork already in place for the BWRX-300, a tenth generation, proven technology that draws on the experience of 67 successful reactor deployments. The technology is under licensed construction in Canada and is on schedule to be the first SMR to operate in the OECD. In December 2025, the BWRX-300 successfully completed Step 2 of the UK’s Generic Design Assessment. Related News
Equinor has extended its agreement with CHC Helikopter Service for personnel transport and search and rescue services in Central Norway until 2030.
Equinor has exercised two options with CHC. The agreement ensures the continued provision of helicopter capacity that is essential for safe personnel transport and emergency preparedness for Equinor’s operations in the region. CHC will continue to provide helicopter services from bases in Kristiansund and Brønnøysund, in addition to search and rescue services at Heidrun. The contract provides predictability for maintaining current helicopter preparedness and capacity throughout the option period. Related News
PETRONAS Suriname E&P B.V. (PSEPBV), has recorded two new discoveries and achieved a successful appraisal in Suriname’s offshore Block 52, bringing its cumulative achievements in the country to a total of eight successful wells and collectively unlocking recoverable resources of more than one billion barrels of oil equivalent.
The Caiman-1 exploration well, drilled in 90 metres of water to a total depth of 5,065 metres, encountered multiple oil-bearing Cretaceous sandstone intervals. The Swartzia Aspasia Complex-1 (SAC-1) exploration well, located 8 kilometres east of Sloanea-1 gas discovery in 610 metres of water depth, and drilled to a total depth of 4,560 metres, intersected gas-bearing sandstone reservoirs. Drill stem testing (DST) demonstrated strong gas deliverability, indicating good reservoir quality.
The Roystonea-2 appraisal well, drilled 7 kilometres north of Roystonea-1, confirmed the lateral extent of oil-bearing reservoirs, with DST results indicating strong oil productivity, further validating the quality and extent of the reservoir system.
PETRONAS operates Block 52 with 80 per cent participating interest, while the remaining 20 per cent is held by Paradise Oil Company N.V. (POC), a wholly-owned subsidiary of Staatsolie Maatschappij Suriname N.V. (Staatsolie). PETRONAS currently holds interests in eight offshore blocks in Suriname – Blocks 9, 10, 48, 52, 53, 63, 64, and 66. . Related News
NG Energy International Corp. provided an operational update on activities at its Maria Conchita and Sinú-9 Blocks in Colombia. The Company’s working interests in the Maria Conchita Block and the Sinú-9 Block are held through Operadora NG Energy Sucursal en Colombia (formerly, MKMS Enerji Sucursal Colombia) (“Operadora Colombia”), the Colombian branch of the Company’s indirect wholly-owned subsidiary, Operadora NG Energy International, S.A. (formerly, MKMS Enerji Anonim Sirketi S.A.) (“Operadora”).
Sinu-9 Block
The Magico-2X well – the second well of the current six-well drilling program at Sinú-9 operated by Maurel & Prom Colombia Sociedad Limitada (“M&P Colombia”) – was spudded on June 26, 2026, with the Pre-CDO–San Cayetano formation as its primary target. The well is designed with three sections (16 inch, 12-1/4 inch and 6-3/4 inch) to a total measured depth of 7,500 feet. Drilling and completion of the well is expected to take approximately 35 days, with the well to be connected to the central processing facility for production thereafter. Related News
BPH Energy Limited refers to its announcement of 19 June 2026 regarding the judgment of the Federal Court of Australia in proceeding WAD36/2025 concerning Petroleum Exploration Permit PEP11, in which the Company holds an indirect interest t hrough its 35.81% investee, Advent Energy Limited (“Advent”).
The Company has been a dvised by Advent that Advent, through its wholly owned subsidiary Asset Energy Pty Ltd (operator of the PEP11 Joint Venture) will appeal the judgment of the Honou rable Justice Jackson delivered on 17 June 2026 to the Full Court of the Federal Court of Australia.
Further information
The appeal will be conducted by Advent / Asset Energy as the relevant party to the proceeding. BPH is an investor in Advent and is not a party to the proceeding. The Company will keep the market informed of material developments in relation to the appeal, and any related steps, in accordance with its continuous disclosure obligations under ASX Listing Rule 3.1. Related News
Baker Hughes Rig Count: International +27 to 1,073, U.S. +7 to 580 Canada -7 to 190
U.S. Rig Count is up 7 from last week to 580 with oil rigs up 5 to 445, gas rigs up 1 to 126 and miscellaneous rigs up 1 to 9.
Canada Rig Count is down 7 from last week to 190 with oil rigs down 7 to 130, gas rigs unchanged at 58 and miscellaneous rigs unchanged at 2.
International Rig Count is up 27 from last month to 1,073 with land rigs up 18 to 833, offshore up 9 to 240.
The Worldwide Rig Count for June was 1,822, up 88 from the 1,734 counted in May 2026, and up 60 from the 1,762 counted in June 2025
| Region | Period | Rig Count | Change |
| U.S.A | 02 July 2026 | 580 | +7 |
| Canada | 02 July 2026 | 190 | -7 |
| International | June 2026 | 1,073 | +27 |
| Baker Hughes |
The Worldwide Rig Count for June was 1,822, up 88 from the 1,734 counted in May 2026, and up 60 from the 1,762 counted in June 2025
The Baker Hughes International rig count is a monthly census of “active” drilling rigs exploring for or developing oil or natural gas outside North America (US & Canada).
The Baker Hughes rig count defines active rigs as rigs that are actively conducting drilling operations on a given well For a rig to be active the below conditions must be met:
• The rig must be drilling (turning to the right)
• Drilling needs to have occurred for a majority of the week (4 days out of 7)
• The active rig must be working on a well which is a significant consumer of oilfield products and services
| Region | Period | Rig Count | Change |
| Africa, Land/Offshore | June 2026 | 120 | +14 |
| Middle East, Land/Offshore | June 2026 | 488 | +4 |
| Asia-Pacific, Land/Offshore | June 2026 | 206 | +7 |
| Latin America, Land/Offshore | June 2026 | 132 | -5 |
| Europe Land/Offshore | June 2026 | 127 | +7 |
| Baker Hughes |
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