That Was the Week That Was...in O&G: a 30 second update (w/e Sep 22, 2023)

WTI?down 1%?WOW

• Prices fell after a 3-week winning streak, due to profit-taking and markets participants having to weigh supply concerns against potential impact on demand as Fed signaled further interest rate hikes

_______________________________________

HH?flat WOW

• Weekly natural gas cash prices were flat amid increasingly benign temperatures and weak cooling demand across much of the Lower 48
• Storage levels were 6% above the 5-yr avg (3,086Bcf) and utilization was 77%, vs the 5yr avg 73% (of demonstrated peak capacity).

________________________________________

Baker Hughes US rig count (ex-GOM)?down 11 WOW

• 630 vs 641: Permian (-5), Haynesville (-2)