Mississauga, ON -- (SBWIRE) -- 05/19/2015 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled "Strategic Oil & Gas Reports Q1 Results."
Companies mentioned in this article include Strategic Oil & Gas Ltd. (TSX-Venture:SOG).
After the rout in the second half of 2014, oil prices continued their downward trajectory in the first quarter of 2015. However, prices have bounced back since then as several independent oil & gas producers in the U.S. and Canada have slashed their capital spending.
Independent oil & gas producers in North America, who focus on unconventional fields, have been the hardest hit by the plunge in oil prices. These producers require prices at well above $70 per barrel to sustain although some larger players can remain profitable at a price around $60 per barrel.
At last check on Tuesday, Brent crude prices were trading at $65.47 per barrel, while WTI crude was trading at $58.76 per barrel. The question is where prices will go from here. The supply glut that had caused the plunge in oil prices in the first place remains. With Saudi Arabia continuing to refuse to cut back on its production, it will take some time before the glut is eased and the market becomes fundamentally balanced. On the demand side, the slowdown in China does not augur well for oil prices. However, China's long-term goal of transitioning its economy from export and investment-focused to one driven by consumers augurs well for oil prices.
The full version of this article can be found at:
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