That Was the Week That Was...in O&G: a 30 second update (w/e Jan 5, 2024)

That Was the Week That Was...in O&G: a 30 second update (w/e Jan 5, 2024)

WTI?up 3%?WoW

  • Oil prices settled higher on Friday as Blinken began his Middle East trip in an attempt to contain regional tensions stoked by the Israel-Hamas conflict
  • Crude rebounded from Thursday losses triggered by hefty increases in US gasoline and distillate stocks, and both benchmarks ended the first week of the year higher

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HH?up 16% WoW

  • Weekly natural gas cash prices opened 2024 riding a wave of winter weather momentum, gaining substantial ground alongside the futures market

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Baker Hughes US rig count (ex-GOM)?down 1 WoW

  • 621 vs 622: Permian (+2), Haynesville (-1)

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