The only constant in the global energy markets in recent months has been volatility. While forward prices increased modestly during August, despite many significant day-to-day, declines, prices reversed course during September.
Since our last update the one-year forward curves for the four primary crude oil markets have declined by an average of 6.69%. Month-over-month, one-year forward prices for WTI, LLS, Brent and Dubai crude oil have declined by 4.63%, 7,41%, 5.30% and 9.43%, respectively. On a year-over-year basis, the one year forward curves for WTI, Brent, LLS and Dubai are lower by 45.57%, 46.35%, 44.72% and 48.25%, respectively.