Energy Snapshot: upstream industry themes - December 2017

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04 December 2017

Energy Snapshot: upstream industry themes - December 2017

Report summary

As opposed to previous decades, global oil and gas commodity prices continue to diverge in the current environment. Fundamentals will drive the Brent oil price to US$75 (real) in 2023, whereas Henry Hub will struggle to rise above US$3 over the same period, according to our latest forecasts. In the oil market, we are currently forecasting US Permian production will peak in 2025; and with slowly rising oil demand, higher cost sources of supply will ultimately be required to fulfill the expected medium-term supply gap. By 2035, we predict Brent oil price will reach US$95 (real). However, the rise in US onshore production will drive a long-term discount to Brent for WTI of US$6, which is a significant increase since our h1 2017 forecast. Additionally this month, we review global gas markets, LNG, US L48 shale operators, electric vehicles, upstream corporate valuations, refining and more.

Table of contents

  • Strengthening oil price, but weak Henry Hub in the medium term

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    WM_Energy Snapshot upstream industry themes_December 2017.pdf

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