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New Mexico’s fossil fuel market finished 2020 in recovery from the COVID-19 pandemic and historic losses in the value of oil and gas and production levels throughout the state.
After April’s market crash to as low as -$40 per barrel, the lowest price in history, and a dramatic drop in New Mexico’s rig count by more than 60 percent in the months after the pandemic struck the state in March, the late fall and early winter saw some slight rebound.
But the market was still far off from the record-setting, pre-pandemic growth.
More: New Mexico oil and gas industry condemns Deb Haaland nomination as secretary of interior
Close to close prices hide what was a very noisy day in the markets with bonds, the dollar, and the broadest stock index flat-ish until some last minute malarkey. Headline hockey between The Fed flop - not delivering the QE Twist that so many had hoped for (but promising more will come) - and the constant optimistic headlines from Washington over COVID Relief. As a side note, no one seemed to care that US retail sales were a major miss, homebuilder optimism rolled over, and gasoline demand continues to collapse in the US.
Just be careful what s under the surface.
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