Sunday, June 8, 2025
News PouroverAI
Visit PourOver.AI
No Result
View All Result
  • Home
  • AI Tech
  • Business
  • Blockchain
  • Data Science & ML
  • Cloud & Programming
  • Automation
  • Front-Tech
  • Marketing
  • Home
  • AI Tech
  • Business
  • Blockchain
  • Data Science & ML
  • Cloud & Programming
  • Automation
  • Front-Tech
  • Marketing
News PouroverAI
No Result
View All Result

Crude oil slides more than 10% for the year in first drop since 2020 (NYSEARCA:XLE)

December 31, 2023
in Business
Reading Time: 3 mins read
0 0
A A
0
Share on FacebookShare on Twitter


SlavkoSereda/iStock via Getty Images

Crude oil closed 2023 more than 10% lower for its first annual decline in three years, as war and OPEC+ production cuts failed to boost prices enough to overcome rising supply growth outside of the cartel.

Front-month Nymex crude (CL1:COM) for February delivery ended the year -10.7% to $71.65/bbl, and front-month Brent Crude (CO1:COM) for March delivery settled -10.3% to $77.04/bbl, including declines in each of the final three months of the year.

Also, gasoline futures (XB1:COM) fell 14.5% in 2023 to $2.1026/gal, heating oil (HO1:COM) sank 24.1% Y/Y to $2.5531/gal, and natural gas (NG1:COM) plunged 43.8% to $2.514/MMBtu.

ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI)

Many observers predict heightened geopolitical tensions will lift oil prices in 2024, and prices did rise 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 sustain, and investors have started to focus on the potential for excessive supply and insufficient demand in oil markets, XM analyst Marios Hadjikyriacos said Friday, according to Marketwatch.

“Even though OPEC+ has taken repeated steps to rein in production and support prices, it is unlikely to pursue the same strategy for much longer, as it would forfeit more market share to U.S. producers who have dialed up their own production to record levels,” Hadjikyriacos wrote.

Oil production outside OPEC+ is expected to more than cover demand growth in 2024, the International Energy Agency said in its December outlook, seeing global oil demand growth dropping to 1.1M bbl/day next year while output outside the group is expected grow by 1.2M bbl/day.

The energy sector (NYSEARCA:XLE) was the year’s second worst performer among the 11 industry groups on the S&P 500, -4.1%.

This year’s top gainers in energy and natural resources: NGL Energy Partners (NGL) +380.1%, Atlas Lithium (ATLX) +306.7%, Genie Energy (GNE) +158.5%, Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) +147.4%, StealthGas (GASS) +145.6%, Globus Maritime (GLBS) +143.1%, Alpha Metallurgical Resources (AMR) +134.6%, Dorian LPG (LPG) +129.7%.

This year’s top decliners in energy and natural resources: Nine Energy Service (NINE) -80%, BP Prudhoe Bay Royalty Trust (BPT) -79.7%, Verde Clean Fuels (VGAS) -74.4%, Nuscale Power (SMR) -68.6%, Hawaiian Electric (HE) -66.4%, ProFrac Holding (ACDC) -65.6%, Via Renewables (VIA) -64%, Plug Power (PLUG) -63.2%.

Source: Barchart.com



Source link

Tags: crudeDropNYSEARCAXLEOilSlidesYear
Previous Post

Grow a Treemap with Python and Plotly Express | by Lee Vaughan

Next Post

Meet LM Evaluation Harness: An Open-Source Machine Learning Framework that Allows Any Causal Language Model to be Tested on the Same Exact Inputs and Codebase

Related Posts

Can You Guess What Percentage Of Their Wealth The Rich Keep In Cash?
Business

Can You Guess What Percentage Of Their Wealth The Rich Keep In Cash?

June 10, 2024
UGRO Capital: Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath
Business

UGRO Capital: Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath

June 10, 2024
Blinken set to arrive in Egypt for Gaza ceasefire push By Reuters
Business

Blinken set to arrive in Egypt for Gaza ceasefire push By Reuters

June 10, 2024
Volvo is moving EV production from China to Belgium as the EU eyes tariffs on Beijing
Business

Volvo is moving EV production from China to Belgium as the EU eyes tariffs on Beijing

June 9, 2024
France’s Macron calls for snap election after losing big to the far right in EU vote
Business

France’s Macron calls for snap election after losing big to the far right in EU vote

June 9, 2024
Upgrades for Best Buy and Lululemon By Investing.com
Business

Upgrades for Best Buy and Lululemon By Investing.com

June 9, 2024
Next Post
Meet LM Evaluation Harness: An Open-Source Machine Learning Framework that Allows Any Causal Language Model to be Tested on the Same Exact Inputs and Codebase

Meet LM Evaluation Harness: An Open-Source Machine Learning Framework that Allows Any Causal Language Model to be Tested on the Same Exact Inputs and Codebase

Meet ML-SEISMIC: A Physics-Informed Deep Learning Approach for Mapping Australian Tectonic Stresses with Satellite Data

Meet ML-SEISMIC: A Physics-Informed Deep Learning Approach for Mapping Australian Tectonic Stresses with Satellite Data

FTX Sam Bankman-Fried Avoids Second Trial

FTX Sam Bankman-Fried Avoids Second Trial

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
23 Plagiarism Facts and Statistics to Analyze Latest Trends

23 Plagiarism Facts and Statistics to Analyze Latest Trends

June 4, 2024
Accenture creates a regulatory document authoring solution using AWS generative AI services

Accenture creates a regulatory document authoring solution using AWS generative AI services

February 6, 2024
Managing PDFs in Node.js with pdf-lib

Managing PDFs in Node.js with pdf-lib

November 16, 2023
Graph neural networks in TensorFlow – Google Research Blog

Graph neural networks in TensorFlow – Google Research Blog

February 6, 2024
13 Best Books, Courses and Communities for Learning React — SitePoint

13 Best Books, Courses and Communities for Learning React — SitePoint

February 4, 2024
From Low-Level to High-Level Tasks: Scaling Fine-Tuning with the ANDROIDCONTROL Dataset

From Low-Level to High-Level Tasks: Scaling Fine-Tuning with the ANDROIDCONTROL Dataset

June 10, 2024
Can You Guess What Percentage Of Their Wealth The Rich Keep In Cash?

Can You Guess What Percentage Of Their Wealth The Rich Keep In Cash?

June 10, 2024
AI Compared: Which Assistant Is the Best?

AI Compared: Which Assistant Is the Best?

June 10, 2024
How insurance companies can use synthetic data to fight bias

How insurance companies can use synthetic data to fight bias

June 10, 2024
5 SLA metrics you should be monitoring

5 SLA metrics you should be monitoring

June 10, 2024
From Low-Level to High-Level Tasks: Scaling Fine-Tuning with the ANDROIDCONTROL Dataset

From Low-Level to High-Level Tasks: Scaling Fine-Tuning with the ANDROIDCONTROL Dataset

June 10, 2024
UGRO Capital: Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath

UGRO Capital: Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath

June 10, 2024
Facebook Twitter LinkedIn Pinterest RSS
News PouroverAI

The latest news and updates about the AI Technology and Latest Tech Updates around the world... PouroverAI keeps you in the loop.

CATEGORIES

  • AI Technology
  • Automation
  • Blockchain
  • Business
  • Cloud & Programming
  • Data Science & ML
  • Digital Marketing
  • Front-Tech
  • Uncategorized

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 PouroverAI News.
PouroverAI News

No Result
View All Result
  • Home
  • AI Tech
  • Business
  • Blockchain
  • Data Science & ML
  • Cloud & Programming
  • Automation
  • Front-Tech
  • Marketing

Copyright © 2023 PouroverAI News.
PouroverAI News

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In