Natural gas production in the Appalachian Basin, the nation’s largest producing region, fell a record 27% after Winter Storm Elliott froze wells and equipment.
Energy prices reversed course today on surging COVID-19 infections in China. In mid-morning trading, WTI futures were down 2.2% at $77.76/bbl, Brent was down 2.3% at $82.37/bbl, and U.S. natural gas was down 12.0% at $4.65/MMBtu.
The average U.S. price of gasoline is forecast to hit $3.49 per gallon next year, down 50 cents from 2022.
The U.S. became the world’s largest LNG exporter during the first half of 2022 at an average of 11.2 billion cubic feet per day:
U.S. wholesale inventories rose 1% to a total of $933.6 billion in November, the 28th straight monthly rise, and were up 21% year over year:
Annual price growth in the U.S. housing market slid into single digits in October for the first time in about two years, according to two widely tracked surveys. The month-over-month reading for the Case-Shiller 20-city index fell 0.8%, its fourth month of declines
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