When customers trust TCR Inc., they become a part of our family. And our belief that family should always lift each other up is the reason we’ve monitored the oil industry and helped customers prepare for its return.
In June, we posted The Houston Oil Update, and a lot has happened since then. Keep reading to see the 2017 oil outlook and why equipment repairs can’t wait.
The Current State of Oil
As of October 20, 2016:
The Good
- U.S. crude has passed $50/b
- North American shale oil seems to have bottomed out
- Halliburton reports profit for the first time this year
The Bad
- Offshore is still feeling the pressure
- Kinder Morgan reports first quarterly loss of 2016
- OPEC oversupply persists
The worst days have passed, but there’s still suffering. We’d like to send our condolences to the massive number of people who were laid off and offer hope that jobs will return soon.
If we’ve learned anything from our long-standing relationships with oil companies in Houston, it’s how resilient they are.
The 2017 Oil Outlook
Take the following with a grain of salt because OPEC oversupply may continue and the presidential election could cause some fluctuation in the market, but as of October 19, 2016, here’s what we expect the 2017 oil outlook to be.
- Oil executives see 2017 as a year of recovery
- Brent crude oil prices are expected to average $51/b in 2017
- January 2017 Brent Crude is expected to average $60.86/b
How to Capitalize
Don't wait until the oil market rebounds in 2017. Get a competitive edge by having TCR Inc. perform your turbine component repairs and other turbomachinery maintenance right now, so every piece of equipment is ready when you need it.
We understand money is tight, but investing in your equipment during the downturn is cheaper than shutting down during peak times and will help prevent future breakdowns.
Start the year off right. Contact TCR Inc. Today!
