Wednesday, July 28, 2021
93.1 F
Fort Worth

Oil rises to $88; natural gas up 4 percent

🕐 1 min read

NEW YORK (AP) — Oil rose from a four-month low Thursday, while natural gas soared to the highest level in 21 months on signs of robust demand for the fuel.

By early afternoon in New York, U.S. benchmark oil for May delivery was up $1.26, or 1.6 percent, to $87.94 a barrel. Oil dropped $2.04, or 2.3 percent, on Wednesday — the fourth daily drop of at least 2 percent in April.

Concerns over global economic growth have caused the price of oil and other commodities to drop sharply. This week China reported slower-than-expected economic growth while the International Monetary Fund lowered its outlook for world economic growth for this year.

Natural gas futures rose 19 cents, or 4.5 percent, to $4.41 per 1,000 cubic feet. The last time natural gas hit that level was July 2011.

The Energy Department’s Energy Information Administration reported that natural gas in storage grew by 31 billion cubic feet to 1.704 trillion cubic feet for the week ended April 12.

Supplies typically rise in the spring, but last week’s increase was less than analysts expected. Homeowners in some parts of the country still needed to turn the heat on as temperatures dropped below normal.

In London, Brent crude, which is used to price oil used by many U.S. refiners, was up $1.49, or 1.5 percent, to $99.18 on the ICE Futures exchange.

In other energy futures trading on the New York Mercantile Exchange:

— Gasoline was flat at $2.73 per gallon.

— Heating oil rose 3 cents to $2.76 a gallon.

___

Pamela Sampson in Bangkok and Pablo Gorondi contributed to this report  

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

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.

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