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4.1 Oil and Gas M ar ke
t s
Oil Prices and Market Trends
Oil m ar ke
t s cont inue t o b
e ch ar act
e
r ise d b
y unce
r
t aint
y in glob al sup
p ly and p
r ice v olat ilit
y . D at
e d Br
e nt av
e
r age d
Ψϱ1͘ϲ Ɖer ďarrel ;ďďlͿ oǀer the Ĩirst sidž months oĨ this year, comƉared ǁith Ψϯϵ͘ϴͬďďl oǀer the same Ɖeriod last
year͘ The Ɖrice Ĩell ďacŬ ďeloǁ Ψϰϱͬďďl in :une, reƉresenting a seǀenͲmonth loǁ against the ďacŬdroƉ oĨ rising
gloďal suƉƉly, ďut it has recoǀered slightly since͘
T
h
e se p
r ice fluct uat ions ar
e all t
h
e m or
e m ar ke d w
h
e n conside
r
e d against a p
e
r iod of h igh p
r ice and low v olat ilit
y
at t
h
e st ar
t of t
h is de cade . T
h
e av
e
r age dat
e d Br
e nt p
r ice consist
e nt ly t
r ade d w it
h in t
h
e r
e lat iv
e ly t igh
t r ange of
ΨϵϱͲ12ϱͬďďl oǀer a threeͲyear Ɖeriod ďetǁeen Ƌuarter one 2011 and Ƌuarter three 201ϰ, ďeĨore Ɖrices Ĩell to
Ψϲϯͬďďl ďy the end oĨ 201ϰ͘ There ǁas a slight increase in Ɖrice oǀer the Ĩirst halĨ oĨ 201ϱ ďeĨore another decrease
saǁ the aǀerage Ɖrice droƉ to a trough oĨ Ψϯ0͘7ϱͬďďl in :anuary 201ϲ, the loǁest since 200ϯ͘ The Ɖrogressiǀe
r
e cov
e
r
y t
h
e
r
e aft
e
r h as b
e
e n w
e lcom
e b ut q ue st ion m ar ks r
e
m ain ov
e
r long-
t
e
r
m p
r ice e
x
p
e ct at ions and inv
e st or s
ar
e incr
e asingly of t
h
e v ie
w t
h at oil p
r ice s w ill b
e st
r uct ur ally low
e
r ov
e
r t
h
e long t
e
r
m w it
h m uch gr
e at
e
r v olat ilit
y
t
h an se
e n in t
h
e r
e ce nt p ast .
Figure 10: Dated Brent Price
0
2 0
4 0
6 0
8 0
100
12 0
14 0
2 010
2 011
2 012
2 013
2 014
2 015
2 016
2 017
)lbb/
$
( ecirP lanimo N tner B deta D
Source: Argus Media
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