“Nowadays, people know the price of everything and the value of nothing.”—Oscar Wilde, The Picture of Dorian Gray. All of us in the oil and gas industry, and commodities markets, are very much focused on the price of crude oil. From $105/bbl in February 2014, the price for West Texas Intermediate (WTI) has descended by more than half and now appears to be fluctuating between $45 and $50/bbl in recent weeks. While the rig counts have dropped to suggest a slowdown in industry activity, it will take some time for production declines to narrow the 1.5-MMbopd gap between supply and demand. As the gap narrows, we’re likely to see a corresponding rise in crude oil prices.
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