From Dow Jones & Company:

Oil futures ended 2023 slightly lower, marking the first annual loss since 2020. WTI crude dropped 0.1% to $71.65 a barrel, while Brent fell 0.1% to $77.04 a barrel. Gasoline rose 0.8% to $2.103 a gallon, heating oil fell 0.1% to $2.553, and natural gas declined 1.7% to $2.514 per million British thermal units. WTI suffered a 21.1% slump in Q4 and a yearly fall of 10.7%, while Brent tumbled over 19% in Q4 and posted an annual loss of 10.3%. Gasoline futures dropped 14.5%, heating oil declined 24.1%, and natural gas plunged nearly 44% in 2023.

Increased production by the U.S. and other non-OPEC producers have capped the upside for crude. Oil futures jumped in October on fears of a broader conflict and bounced in December due to ship attacks in the Red Sea. However, investors have begun focusing on potential excessive supply and insufficient demand. Additionally, natural gas prices have slumped due to a warmer-than-normal winter, with HDDs remaining slightly below normal.



Read more: Oil prices end lower as crude suffers first losing year since 2020