Market Update: Oil & Gas - December 2014

Market Update: Oil & Gas - December 2014

Global crude oil benchmarks took another dramatic fall in November as expectations that OPEC would maintain production levels were realised (c. 30/mbpd).

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Over the course of the month ICE Brent traded as low as $69.78/b, a 4½ year low. NYMEX WTI meanwhile broke through a key notional support level at $70/b dipping to $65.69/b immediately after the OPEC announcement. The OPEC reference basket (ORB) price averaged $75.57/b in November – and is set to average out the year below $100/b, the first time in four years.

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