EIA forecasts that Brent crude oil prices will average $54/b in 2015 and $56/b in 2016. The 2015 forecast price is unchanged from last month's STEO, and the 2016 forecast price is $2/b lower. Forecast West Texas Intermediate (WTI) crude oil prices average $4/b lower than the Brent price in 2015 and $5/b lower in 2016. The current values of futures and options contracts for February 2016 delivery (Market Prices and Uncertainty Report) suggest the market expects WTI prices to range from $35/b to $66/b (at the 95% confidence interval) in February 2016.

Crude oil production in December from seven major US shale plays is expected to drop 118,000 b/d to 4.95 million b/d.

OPEC’s share of the global oil market will expand from 2020 as prices recover to $80 and supply outside the group stagnates due to spending cuts, according to the International Energy Agency.

Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said

The oil and gas industry has cut $200 billion from investments this year as low prices discourage new projects, leading to cuts in crude supplies equal to half the daily output of Saudi Arabia, according to the kingdom’s Prince Abdul Aziz bin Salman.

- Production averaged approximately 667,000 boe per day, an increase of 3% year over year, adjusted for asset sales - Adjusted net loss of $0.05 per fully diluted share and adjusted ebitda of $560 million - 2015 total production guidance increased to 670 – 680 mboe per day - 2015 production expense and general and administrative expense guidance lowered significantly - 2015 capital guidance reduced to $3.4 – $3.9 billion

Oil today stands at around $50 a barrel, having more than halved since June 2014 after global supplies dramatically rose due in large part to the U.S. shale oil boom but also due to the unlocking of huge offshore reserves in Brazil, Africa and Asia.

The winter natural gas futures strip, the four contracts from December 2015 through March 2016, averaged $2.419 per million British thermal units (MMBtu) over the report week (Wednesday, October 28, through Wednesday, November 4). This is nearly 40% lower than the five-year average, and one-third lower than the five-year minimum in trading on the New York Mercantile Exchange (Nymex).

The Saudi-Russian battle for Europe's crude oil buyers intensified this week as Swedish refiner Preem bought its first cargo of Saudi Arabian crude oil in around two decades, trading sources said.

The regulators gave a negative classification to $372.6 billion out of $3.9 trillion in loans impacted by the review, or 9.5 percent of the loans. Classified loans increased 9.4 percent from a year ago.