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Industry Top Trends Mid-Year 2020 Update: North American Oil and Gas

Demand and prices fell dramatically because of excess crude oil supplies and the COVID-19 pandemic impact. Indeed, for the first time, we saw a negative price on the May West Texas Intermediate crude contract. While we viewed it as an anomaly, it reflected the steep decline in demand and rising inventory. Subsequently, prices rebounded, supported by OPEC+ production cuts and economies slowly reopening.


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