U.S. crude-oil futures climbed on Tuesday to log another settlement at their highest in about seven years, and natural-gas prices finished higher, reclaiming the $5 level after losing nearly 8% on Monday. Russia indicated that it may not provide additional natural gas to European consumers amid an energy crunch in the region, unless it gets regulatory approval to start shipments through the Nord Stream 2 pipeline, Bloomberg reported Tuesday. Renewed worries about natural-gas supplies likely fed expectations that the energy market would need to boost demand for oil, analysts said. It looks like Russia may not increase natural gas shipments to Europe, said Phil Flynn, senior market analyst at The Price Futures Group. The Russians are "in no hurry whatsoever to comply" with demands from the European Union, he said. West Texas Intermediate crude for November delivery rose 52 cents, or 0.6%, to settle at $82.96 a barrel on the New York Mercantile Exchange, the highest finish for a front-month contract since Oct. 13, 2014, according to FactSet data. November natural gas added 10 cents, or 2%, to settle at $5.088 per million British thermal units after losing 7.8% on Monday.
-Myra P. Saefong
(END) Dow Jones Newswires
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