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YGRN - Updated E&P Activity And Efficiency Indices
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
This is why the "rig count" data matters less every day.
The updated E&P (Oil and Gas Exploration & Production) Indices lag conditions in the industry by 2 months. As expected, both reflect the downturn due to the imposition of a nationwide shutdown in response to COVID-19. The level of activity follows WTI prices, which is the basis of cash flows but dependent on consumption. Both consumption and WTI pricing have recovered significantly in May/June. WTI, sensitive to market psychology, has recovered to levels still 1/3rd below December 2019 levels near $60/BBL. Consumption levels for