U.S. energy secretary says shale industry will 'survive and thrive' despite plunging crude prices
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U.S. Energy Secretary Chris Wright expressed optimism about the shale industry's ability to survive and thrive, despite current low oil prices. He referenced the industry's past resilience during the 2014-2016 oil price crash, highlighting innovation and cost-cutting strategies. However, commodities analysts suggest that U.S. crude needs to stay above $65 per barrel to keep shale producers viable, with Goldman Sachs lowering its oil price forecast.
April 11, 2025 | 1:00 pm
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The Brent Oil ETF (BNO) may experience volatility due to uncertain oil price projections and lower global demand, as highlighted by the U.S. Energy Secretary's comments.
The ongoing uncertainty in oil prices, with Goldman Sachs lowering forecasts and current prices below the $65 breakeven point for shale producers, suggests potential downward pressure on oil-related ETFs like BNO.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 50