The slump in oil that started in July 2014 continued this year, with both crude and refined products affected due to supply-demand imbalances. U.S. shale gas production has risen and OPEC has maintained output, while demand from China, a massive consumer of commodities, has waned.
So what did best, comparatively speaking? New York Harbor RBOB gasoline futures for January are down a comparatively meager 15 percent on the year, making them the best-performing of the major oil assets in 2015.
Brent and light crude and natural gas are down between 30 and 35 percent on the year. Diesel prices (specifically New York ultra-light sulphur) have fallen by almost 40 percent since January.
Brent crude futures for February fell as low as $36.04 per barrel this week, the lowest level since July 2004. U.S. West Texas Intermediate (WTI) futures dropped as low as $34.12 per barrel.
Barclays forecasts that Brent will average $54 per barrel in 2015 and $60 next year. Societe Generale sees $60 being reached in the last three months of 2016.