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US oil and gas output was severely hit by winter storm
U.S. oil production dropped sharply at the start of the year as exceptionally cold weather for ten days in the middle of January caused widespread freeze offs at oil wells. Nationwide crude and condensates output was down by almost 24 million barrels or 0.8 million barrels per day (b/d) in January 2024 compared with December 2023. The monthly decline was the largest since Winter Storm Uri in February 2021 and before that the first wave of the coronavirus epidemic in March and April 2020. The fall was the ninth largest in over a century since records began in 1920 (a total of 1248 observations) according to data from ... (full story)
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- Posted: Apr 3, 2024 3:00pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 255
