Oil rises, natural gas prices soar
The price of oil rose 1 percent Thursday as stockpiles declined and new indications that demand is rising in the U.S., the world’s largest crude consumer.
The price of natural gas soared nearly 5 percent to close at $4.46 per thousand cubic feet – the highest price since July of 2011 – after the government reported a huge draw in supplies, the result of cold temperatures across the U.S. in recent weeks.
The Energy Department said Thursday that natural gas supplies dropped by 285 billion cubic feet last week and are 261 billion cubic feet below the five-year average.
Benchmark U.S. crude for January delivery rose 97 cents to close at $98.77 a barrel. Brent crude for February delivery, a benchmark used to price international crudes used by many U.S. refiners, rose 66 cents to close at $110.29.