Market Close: Jan 04 Down, Diesel Down Another 11.46 cents
Jan 4th, 2023 by loren
NMEX Crude $ 72.84 DN $4.0900
NYMEX ULSD $2.9719 DN $0.1146
NYMEX Gas $2.2592 DN $0.1020
Shares of energy companies fell as oil futures closed at a three-week low.
Oil futures plunged 5% to $72.84 a barrel in New York, the biggest drop since September, because of fears that 2023 would be characterized by a major global recession.
A wave of Covid 19 hospitalizations in China is generating fears of diminished demand in one of the world’s largest energy consumers.
The Federal Reserve’s meeting minutes reflected the likelihood that the central bank would not change course, even if a recession transpired.
Natural gas futures recouped some of their recent losses, but remain close to levels from a year ago, erasing drastic gains amid forecasts for more unseasonably warm weather in much of the U.S.