We all remember how difficult 2020 was for the oil and gas industry. However, 2021 is underway, and with the new year comes new trends that are much more positive.
At three months into 2021, US West Texas Intermediate (WTI) Prices have averaged $57.79 per barrel. That is a 26.3% increase from the first quarter of 2020, when prices averaged only $45.76. Inventory levels are generally declining as we move deeper into the first half of 2021, and demand drivers are signaling more demand for oil. These trends are pointing to busy, high-demand quarters ahead for oil producers and suppliers.
And let’s not forget about natural gas. US Natural Gas Futures Prices are also posting rising growth rates, with the first quarter coming in 52.5% above the first quarter of 2020.
The above might not be the most welcome news for the standard US consumer, but it is good news for the oil and gas industries that were hit hard during the pandemic.
Now, being the proactive thought leaders that we are, our question becomes "How long can these positive trends last?" and "Are there factors that could alter the trajectory of the industry this year and next?" These will be the central focus of my April 27 webinar. We will discuss:
When we look at the leading indicators for oil and gas, there’s a lot to be excited about for 2021 and into 2022. Are you prepared to take on the growth that’s coming our way? Tune in to my webinar on April 27 to find out.
Analyst and Speaker
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