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Vol. 235 No. 12
INDUSTRY AT A GLANCE
Following OPEC’s decision to keep the taps open, in an effort to preserve market share, crude oil prices worldwide accelerated their downward spiral. Brent Blend dropped below $80/bbl in November, while WTI fell into the mid-$70s range. Interestingly, the price spread on the major world crude markets has narrowed to single digits. Global liquids consumption remained weak, due partly to seasonal refinery demand, although it rose slightly in October to 93.6 MMbopd. Natural gas prices slipped modestly ahead of expected winter demand, holding steady at just under $4/MMBtu on the Henry Hub. The U.S. rotary rig count remained flat at 1,925 units running, while the international count rose slightly to 1,736.
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