U.S. oil futures up nearly 4%; natural-gas prices touch highs above $7
U.S. oil prices settled with a gain of nearly 4% on Wednesday, while natural-gas futures touched highs above $7 per million British thermal units for the first time since late 2008. Data from the Energy Information Administration showed a 9.4 million-barrel weekly climb in U.S. crude supplies, which was "partially explained by a steep and unexpected drop in the refinery utilization rate," said Tyler Richey, co-editor at Sevens Report Research. Natural-gas futures, meanwhile, gained for a third straight session, settling at the highest since November 2008. Analysts have attributed the rise to weather-related demand, tight supplies, and a climb in coal prices. West Texas Intermediate crude for May delivery rose $3.65, or 3.6%, to settle at $104.25 a barrel on the New York Mercantile Exchange. May natural gas added nearly 4.8% to end at $6.887 per million British thermal units after tapping a high at $7.025.
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