Summary

• For the first quarter as a whole, oil prices rose approximately 75 percent.
• The SPDR S&P Oil & Gas Exploration & Production ETF, which tracks the S&P Oil & Gas Exploration & Production Select Industry Index, surged 45 percent during the quarter.
• The Energy Select Sector SPDR Fund, composed primarily of the large integrated oil companies, advanced nearly 38 percent during the quarter.
• Goehring & Rozencwajg estimate that roughly 17 million barrels per day of oil supply have been disrupted by the closure, amounting in aggregate to nearly 600 million barrels.
• As U.S. shale production now begins to falter, the balance of power in global oil markets may be shifting back toward the traditional producers of the Middle East.

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