The Long View for Oil/Oil Sands Developments

Study Released December 22, 2014

Commodity Report - Crude Oil - November 2014

From a trend perspective, the past 16 years have seen the West Texas Intermediate (WTI) price of oil grow from $18 per barrel in September 1998, to over $98 per barrel in July 2014. Over that 16-year period, although the price trend has moved upwards, there have been four significant decline/recovery events for oil prices. The first event saw a WTI price of $47 per barrel in November 2000, falling to $26 per barrel by January 2002 and recovering to $47 by March 2003. The second event saw a WTI price of $87 per barrel in July 2006, falling to $64 by January 2007 and recovering to $87 per barrel by September 2007. The third event is by far the largest decline in oil prices which started in May 2008 with a WTI price of $137 per barrel and declining to $43 per barrel by February 2009, a change of $93 per barrel. The price of oil has never recovered to a level above $130 per barrel, but it did recover to the trend line of $92 per barrel by April 2010. In all three cases the recovery took 9-14 months to return back to the trend line..... Download full report.

November 2014