Market Update: Oil & Gas - January 2015

Market Update: Oil & Gas - January 2015

Falling oil prices continued to dominate news headlines in December and early January. Both the WTI and Brent contracts slumped to 5½ year lows as bearish demand data triggered further selling pressure.

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During December, both OPEC and the International Energy Agency revised down oil demand growth estimates for FY2015. The OPEC demand revisions came just a few weeks after its decision to maintain production at 30 mb/d – which caught some market participants by surprise. The bearish tone continued into the early part of 2015 with both the ICE Brent and NYMEX WTI contracts falling below $50/b.

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