Natural-gas futures settle nearly 6% higher; oil gains

Natural-gas futures rallied on Thursday, with prices for the commodity up nearly 6% for the session -- the largest daily gain since mid-June. "Unrelenting heat" and growing expectations for "unseasonal draws" in natural-gas supply boosted prices for the commodity Thursday, said Phil Flynn, senior market analyst at The Price Futures Group. "If the heat holds up into August, like some predict -- and because we're seeing a consistent drop in the U.S. rig count, this winter could be more expensive than previously thought by the marketplace." Oil prices, meanwhile, finished higher. Global demand and supply will determine if WTI crude can "trade sustainably" above $80 a barrel in the near term, analysts at Sevens Report Research wrote in Thursday's newsletter. August natural gas added 15 cents, or 5.9%, to settle at $2.76 per million British thermal units. West Texas Intermediate crude for August delivery , which expired at the end of the session, rose 28 cents, or 0.4%, to settle at $75.63 a barrel on the New York Mercantile Exchange.

-Myra P. Saefong

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07-20-23 1438ET

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