Though oil prices have remained steady at $65 per barrel since the last OPEC meeting, there are worries for oil producers if a glut happens. As Chevron’s impairment suggests, the segment of the oil and gas industry that is arguably struggling the most is shale gas drillers in Appalachia. The reason is that gas prices have plunged in 2019, which follows years of chequered performances from gas drillers. Things kind of fell apart this year as investors lost patience and the bottom fell out in the gas market. Looking forward, many analysts have few reasons to think that gas prices will rebound, with the slump expected to last into the early 2020s.

Source: The Guardian December 25, 2019 04:30 UTC