While our monthly update is a bit belated this month, forward prices – at least flat prices - haven’t changed much since our October update. Since our last update the one-year forward curves for the primary crude oil markets have declined by an average of 0.54%, highlighting how relatively quiet the oil markets have been in recent weeks. Month-over-month, one-year forward prices for WTI are unchanged while LLS, Brent and Dubai crude oil have declined by 0.31%, 0.40% and 1.49%, respectively. On a year-over-year basis, the one year forward curves for WTI, Brent, LLS and Dubai have declined by 38.93%, 40.82%, 0.40% and 1.49%, respectively. The Brent-WTI one year forward curve has narrowed by $0.175/BBL to $3.550/BBL since our October update.