Market Insights

November 26, 2015 • Posted in Market Insights

Week of November 23, 2015

  • WTI dropped to just above $40/bbl last week with Brent about $4.50 higher
  • Goldman Sachs warned last week that the growing surplus of oil combined with a mild winter could send oil prices down to $20 a barrel
  • Goldman also expects that the current glut in commodities like copper, steel etc. may take 12 mo. to clear due to weakness in the Chinese economy
  • Saudi Arabia and its allies continue to keep prices low to protect share
  • The active US rig count has plummeted and more than $200 billion of long-term oil projects have been canceled around the world, especially in the Arctic, Canadian tar sands, and in deep water offshore fields

US Rig Counts 11232015

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.
This field is for validation purposes and should be left unchanged.