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Industry Updates

2020: The Year of the Black Swan?

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The coronavirus outbreak has reduced China’s demand for oil by as much as 3 million barrels a day, meaning the oil and energy industry is facing a “true black swan” situation, Ned Davis Research (NDR) is warning.

As reported on CNBC and elsewhere, NDR Analyst Warren Pies said “the oil market is looking down the barrel at no demand growth for the calendar year, and outright demand contraction is now on the table.”

In late January, the firm downgraded its outlook on the oil industry from “bullish” to “neutral.”

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