It was a mixed bag for commodity prices during the final week of 2024. An unexpectedly large drawdown of 4.2 million barrels — according to the Energy Information Administration — from U.S. crude inventories boosted oil prices. But natural gas prices sank on smaller-than-expected draws and some profit-taking.

West Texas Intermediate rose two of four trading days in a Christmas-shortened week on the New York Mercantile Exchange. WTI ended the week back above $70 per barrel, rising 98 cents to close at $70.60 per barrel, up from $69.46 at last Friday’s close and a 1.4% weekly gain. The posted price closed at $67.08, according to Plains All American.

After nearing $4 per Mcf with a 29-cent surge on Christmas Eve on cold weather, natural gas futures gave back 43 cents or 10.95% in the last two sessions of the week. Natural gas futures sank 20 cents Friday to close at $3.514 per Mcf, down from $3.748 at last Friday’s close and down 5.4% for the week. This snapped a two-week winning streak and included the largest two-day percentage decline in seven months.

Dean Foreman, chief economist at the Texas Oil and Gas Association, commented to the Reporter-Telegram: “While U.S. natural gas prices have risen in response to winter seasonality, surpassing expectations from futures markets just weeks ago, oil markets remain in a holding pattern, shaped by competing narratives about the near-term economic outlook.

“Markets are anxiously awaiting January policy announcements, which could signal structural changes and provide direction for oil and other commodity prices.”