That Was the Week That Was...in O&G: a 30 second update (w/e Dec 8, 2023)

WTI?down 4%?WOW

• Prices rose more than 2% on Friday after US data supported expectations of demand growth, but both WTI and Brent fell for a 7th straight week – longest streak of weekly declines in half a decade, on lingering oversupply concerns
• For the week, both benchmarks lost 4-5%, after hitting their lowest levels since late June on Thursday, a sign that many traders believe the market is oversupplied

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HH?down 8% WOW

• Natural gas cash prices fluctuated early in the week amid a mix of weather and pipeline maintenance, then tumbled by week’s end following a crumbling futures contract triggered by a pushed-back timing for Golden Pass LNG exports

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Baker Hughes US rig count (ex-GOM)?up 1 WOW

• 626 vs 625: Haynesville(+3)