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Crude oil ended 2023 down more than 10%, its first annual drop in three years, as war and OPEC+ production cuts failed to boost prices enough to outpace surging oil growth. offer outside the poster.
First month Nymex crude oil (CL1:COM) for delivery in February ended the year -10.7% at $71.65 a barrel, and Brent crude for the first month (CO1:COM) for delivery in March settled -10.3% to 77.04 dollars/bbl, including falls in each of the last three months of the year.
Additionally, gasoline futures (XB1:COM) fell 14.5% in 2023 to $2.1026/gal, heating oil (HO1:COM) sank 24.1% year-over-year to $2.5531/gal gal and natural gas (NG1:COM) plummeted 43.8% to $2.514/MMBtu.
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Many observers predict that rising geopolitical tensions raise oil prices in 2024and prices rose somewhat in December following attacks by Yemen's Iran-backed Houthi rebels on shipping vessels in the Red Sea.
But gains have proven difficult to maintain and investors have begun to focus on the potential for Excessive supply and insufficient demand in oil markets.XM analyst Marios Hadjikyriacos said Friday, according to market clock.
“Although OPEC+ has taken repeated steps to curb production and support prices, it is unlikely to follow the same strategy for much longer, as it would lose greater market share to US producers who have increased their own production. at record levels.” Hadjikyriacos wrote.
Non-OPEC+ oil production is expected to more than cover demand growth in 2024, the International Energy Agency said in its report. December outlookseeing global oil demand growth fall to 1.1 million barrels/day next year, while production outside the group is expected to grow by 1.2 million barrels/day.
The energy sector (NYSERCA:XLE) was the year's second-worst performer among the 11 S&P 500 industry groups, -4.1%.
This year's top winners in energy and natural resources: NGL Energy Partners (NGL) +380.1%Atlas Lithium (ATLX) +306.7%Genie Energy (GNE) +158.5%Distributor and Marketing Company Norte Public Limited Company (EDN) +147.4%StealthGas (GASS) +145.6%Maritime Balloon (GLBS) +143.1%Alpha Metallurgical Resources (AMR) +134.6%Dorian LPG (LPG) +129.7%.
This year's biggest losers in energy and natural resources: Nine Energy Service (NINE) -80%BP Prudhoe Bay Royalty Trust (BPT) -79.7%Clean Green Fuels (VGAS) -74.4%Nuscale Energy (SMR) -68.6%Hawaiian Electricity (HE) -66.4%Holding ProFrac (ACDC) -65.6%Via Renewables (VIA) -64%Power plug (PLUG) -63.2%.
Source: Barchart.com
