Unconfirmed Floor Price (ICP forecast as of 8 Oct 2015)

October 8, 2015 • Tell FriendsPrinter Friendly

The summary of market info as of 8 Oct 2015 is as follows:

  • EIA reported U.S. crude oil production will continue to  decline through August 2016 attributable to unattractive economic returns in some areas and as anticipated hurricane-related production disruptions in the Gulf of Mexico. 
  • Meanwhile, Saudi Arabia cuts pricing for November oil sales to Asia and the U.S. to keep its barrels competitive with rival suppliers amid sluggish demand.
  • The oil market faces many uncertainties heading into 2016, including the pace and volume at which Iranian oil reenters the market, the strength of oil consumption growth, and the responsiveness of non-OPEC production to low oil prices.
  • EIA forecasts WTI at $49.54 for 2015 and $53.50/bbl for 2016, while Brent at $53.97/bbl and $58.50/bbl for 2016.

Based on the graph, we estimate SLC will stable to $43.42/bbl in October 2015 and will average $ 50.71/bbl for full year 2015.

Oct 2015

Disclaimer: The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only and would be updated every month.

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