Natural-gas futures settle at highest since October; U.S. oil prices post a rally for the week

Natural-gas futures rallied on Friday, buoyed by warmer weather forecasts that are likely to boost demand for the commodity from power generators. “Demand is variable, with low load demand expected to persist through the weekend amid milder conditions, but then reverse higher next week with the return of hotter conditions,” said Marshall Steeves, energy markets analyst at IHS Markit. July natural gas NGN21, -0.39% rose 15 cents, or 4.7%, to settle at nearly $3.30 per million British thermal units. That was the highest front-month contract settlement since Oct. 30 of last year. Prices rose about 6.4% for the week, FactSet data show. U.S. oil futures, meanwhile, posted gains for the session, ending the week roughly 7% higher after the IEA forecast a return to pre-COVID global oil demand levels by the end of next year. July West Texas Intermediate crude CLN21, -0.18% rose 62 cents, or 0.9%, to settle at $70.91 a barrel, the highest finish since October 2018. For the week, prices gained nearly 1.9%.

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