...Lowering Our Deck: Fitch Ratings has lowered its corporate forecast assumptions for oil and gas, reflecting recent weakening in market sentiment and the risk that absent a more aggressive contraction in supply the market may not balance until later in 2016 or early 2017. USD45 This Year: Our 2016 base case WTI oil price has been lowered to $45/bbl for 2016, while the long-term oil price has been lowered to $65. The 2016 stress case price has been lowered to $35/bbl. 2016 base case Henry Hub natural gas has been lowered to $2.50/mcf, while the long- term gas price has been lowered to $3.25/mcf. Price deck assumptions are based on Fitch's outlook for near-term market conditions and mid-cycle price expectations for energy prices. U.S. Production Resilient: U.S. oil production has proved more resilient than expected, declining only 400,000 barrels per day (bpd) to 9.2 thousand bpd (mmbpd) despite a full year of lower prices. This reflects a U.S. producer focus on sweet spots and low-cost brownfield...
