WTI up 8% WOW (last week down 8%)
- Oil prices settled more than a dollar a barrel higher on Friday, recording their biggest weekly gains since October, as Chinese demand is expected to grow at a rapid clip after easing of Covid-19 restrictions, and the U.S. dollar dropped to a seven-month low which tends to lead to higher oil demand as it becomes cheaper for buyers holding other currencies
HH down 2% WOW (last week down 16%)
- Warmer-than-expected start to winter and cooling of exports to Europe as inventories filled has cut U.S. futures prices by more than half since November, causing drillers to reduce number of rigs drilling for gas to their lowest since May
- The 51% price plunge over the past four weeks, the lack of enough pipeline capacity out of West Texas, and a projected decline in U.S. domestic gas consumption in 2023 and 2024 is forcing energy companies to rethink their outlook
Baker Hughes US rig count (ex-GOM) up 3 WOW (last week down 7)
- 775 vs 772: Permian and EFS up 3 and 2 respectively, Haynesville, DJ and Barnett down 1 each
