Weekly data from government reports buoyed crude oil futures on Thursday as settlements remained above $50 a barrel, according to Bloomberg MarketWatch.
Prices soared with natural gas futures reaching their highest level since December 2014, resulting in a modified outlook increasing price expectations for the heating fuel.
On the New York Mercantile Exchange, November West Texas Intermediate crude rose 26 cents, or 0.5%, to settle at $50.44 a barrel. It was trading around $50.20 before the supply data and fell back under $50 before rebounding.
On London’s ICE Futures Exchange, December Brent crude tacked on 22 cents, or 0.4%, to end trading at $52.03 a barrel.
Meanwhile, the U.S. Energy Information Administration reported Thursday that domestic crude oil supplies increased by 4.9 million barrels for the week ending October 7. A 250,000-barrel climb was expected by analysts polled by S&P Global Platts. The American Petroleum Institute reported a rise of 2.7 million barrels on Wednesday.
On the New York Mercantile Exchange, November natural gas rose 13.1 cents, or 4.1%, to settle at $3.341 per million British thermal units. The settlement was the highest in 22 months.
In a separate monthly report Thursday, the EIA raised its 2016 forecast on natural gas prices to $2.51 per million British thermal units, up 3.7% from the September forecast. For next year, it raised its forecast by 7.1% from last month to $3.07.
