The Coronavirus Continues to Weigh on Crude Oil Markets: DBRS Morningstar Updates its Oil and Natural Gas Price Forecasts
The resurgence of Coronavirus Disease (COVID-19) around the globe this fall has raised concerns that the nascent recovery in global crude oil pricing is stalling. In recent weeks, the price for West Texas Intermediate (WTI) crude oil has oscillated around USD 40 per barrel (/bbl), higher than USD 30/bbl in mid-May when DBRS Morningstar last updated its price forecasts. However, the current price remains well below prepandemic levels when WTI crude price exceeded USD 50/bbl. The current WTI price is also well below the threshold needed by most producers to economically justify increased spending on new oil developments or brownfield expansions.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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