Market Insights

November 4, 2015 • Posted in Market Insights

Week of November 2, 2015

  • A gain of over 3.3 million barrels in US crude inventories put downward pressure on prices for the week, but oil rallied at week’s end on a fall in the number of active rigs
  • Shell, Chevron and other major oil companies have started taking steps to weather what they see a lengthy period of low prices
  • Shell reported a 70% drop in earnings vs. 3rd quarter last year and took $7.9B in write-offs on operations, calling a halt to Alaskan Arctic explorations and cancelling an Alberta oil sands project
  • Chevron is slashing 10% of its workforce and paring back its exploration budget by 25%
  • ExxonMobil reported an earnings drop but beat analyst expectations and avoided major layoffs based on performance from its strong portfolio of refining and marketing operations
  • Weakening natural gas prices lowered production costs for both ethylene and propylene last week as spot prices for both monomers rose slightly

 

WTI Crude Oil & Brent Crude Oil 11022015

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