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Commodities Buzz: Activity In Oil And Gas Sector Relatively Unchanged In First Quarter Of 2024 Says Dallas Fed

28-Mar-24 12:21 Hrs IST

The Federal Reserve Bank of Dallas released the results of its Dallas Fed Energy Survey on Wednesday, revealing activity in the oil and gas sector was relatively unchanged in the first quarter of 2024. The business activity index, the survey's broadest measure of conditions energy firms in the Eleventh District face, came in at 2.0 in the first quarter, suggesting little to no growth during the quarter. The index was essentially unchanged from the fourth quarter. Oil and gas production dropped during the quarter, according to oil and gas executives responding to the survey, with the oil production index falling to a negative 4.1 in the first quarter from a positive 5.3 in the fourth quarter. Dallas Fed said the natural gas production index turned negative, tumbling to a negative 17.0 in the first quarter from a positive 17.9 percent in the fourth quarter.

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