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In this quarter’s edition:

Our team’s views on the recent developments within the Natural Resources sector.

Topic of the quarter: Euphoria to despair. A letter from Tom Nelson, Head of Natural Resources.

So far, 2017 has been a humbling year for those in the market who expected a continuation of the recovery in global crude oil prices. Brent opened the year at US$57/bl before coming under pressure in early March. Volatility increased sharply, speculation mounted over the late May OPEC meeting, and, despite the best diplomatic and rhetorical efforts of the OPEC/non-OPEC producers, the price has fallen back to the mid-US$40s. To understand what has happened, we must go back to the beginning of the year and re-examine what the market was expecting.

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