When it comes to the oil and natural gas upstream markets, it appears each commodity and their producers are heading to different places in 2024. Oil – Production Growth WaningCrude oil prices rose yesterday due to a surprise weekly draw due to the cold weather. Natural Gas GAS – Still Plentiful And CheapThe US is expected to have 1.9 trillion cubic feet of natural gas stored by March, which is 15% above its storage levels at the same time in 2023. Overall, it appears that oil is positioning itself as an increasingly valuable commodity in 2024 whereas natural gas remains closer to neutral. Either way, until the delayed LNG markets get ramped up, oil appears to have valuation’s upper hand over natural gas in 2024.

Source: Forbes January 20, 2024 10:43 UTC