Oil prices fell on Monday, continuing to slide after taking major losses last week. The EIA projects that Brent will average $43 per barrel in 2020, down from $64 per barrel in 2019. That figure, from today’s standpoint, looks wildly optimistic. – That translates to inventory builds of 1 mb/d on average this year. Again, that number belies the massive build and gargantuan supply surplus that other forecasters see. – The agency expects Brent to average $55 per barrel in 2021. Market Movers – ExxonMobil (NYSE: XOM) saw its credit rating downgraded by S&P from AA+ to AA. The outlook remains Negative. RBC cut Exxon to Sell. – Pioneer Natural Resources (NYSE: PXD) said it would cut 2020 capex by 45 percent and cut its rig count in half from 22 to 11 within the next […]