BP delivered a stronger-than-expected first-quarter performance, with its oil trading and downstream business driving results. Citi analysts raised their earnings forecast by 20% after the U.K. energy giant reported exceptional oil-trading results, supply optimization gains, and higher refining margins. While the upstream segment faced weaker pricing, flat fourth-quarter volumes still beat expectations.

Southeast Asia and India face critical oil reserve shortages, with only 7-15 days of coverage remaining, according to PGIM. The asset management arm of Prudential Financial warns that Strait of Hormuz disruptions continue squeezing global crude oil and derivative reserves. Japan and South Korea maintain slightly better positions with 4-10 weeks of coverage, while the Philippines has already declared a national energy emergency.

Generali Investments warns that rising energy costs and persistent inflation are eroding U.S. household purchasing power. Senior economist Paolo Zanghieri projects consumption growth of just 1.7% in 2026, down one percentage point from 2025. The labor market deterioration, with private sector job creation stalled and hiring at April 2020 lows, prompted Generali to lower its GDP growth forecast to 2.3%.