Oil futures contract climb on friday recorded gains for the week, but natural gas futures fell sharply in the closing session of the week, 20% lower. “The Biden administration introduced a ‘set SPR’ to the oil market this week when it announced buy crude oil to replenish reserves Tyler Richey, co-editor at Sevens Report Research, told MarketWatch as prices fell to $70 per barrel. Tyler said “technical support from the summer in the middle of the $5.40.” The mild weather forecast dampened demand expectations and a rapid inventory build-up were the main bearish influences last week. ”
CLZ22,
rose 54 cents, or 0.6%, to $85.05 a barrel on the New York Mercantile Exchange, with prices up 0.5% for the week, according to Dow Jones Data. November natural gas
NGX22,
lost 40 cents, or nearly 7.5%, to $4,959 per million British thermal units, the lowest finish since March 2022 – down 23% for the week.
