Friday, December 3, 2021
61.8 F
Fort Worth

Oil, natural gas extend gains on US winter storm

🕐 1 min read

The Associated Press

SEOUL, South Korea (AP) — The prices of oil and natural gas extended gains Thursday in Asia as a winter storm that slammed the U.S. and slower-than-expected supply growth raised expectations for higher energy demand.

Benchmark U.S. crude for March delivery was up 23 cents to $97.61 a barrel at 0745 GMT in electronic trading on the New York Mercantile Exchange. The contract added 19 cents to close at $97.38 on Wednesday.

More than a million homes and businesses were left in darkness and cold on Wednesday in the U.S. Northeast after snow, sleet and freezing rain hit the region. Some states saw around a foot of snow.

Earlier in New York, natural gas rocketed to a new four-year high before falling back as cold temperatures were expected to increase demand for heating fuels.

A report from the Energy Department showed that supplies of crude oil rose much less than analysts expected last week, adding upward pressure to oil prices.

Brent crude, a benchmark for oil sold internationally, was up 12 cents at $106.37 on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline edged up 0.8 cent to $2.649 a gallon.

— Heating oil fell 0.6 cent to $2.991 a gallon.

— Natural gas rose 18.7 cents to $5.217 per 1,000 cubic feet.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Related Articles

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate