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WTI January crude oil futures rose by $0.41 to $60.08 per barrel, with a cumulative increase of 2.61% this week. Middle East Abu Dhabi Murban crude oil futures rose by 2.02% to $65.58 per barrel. NYMEX January natural gas futures rose by 9.05% to $5.2890 per million British thermal units. NYMEX January gasoline futures and heating oil futures settled at $1.8341 per gallon and $2.3629 per gallon, respectively
Natural gas prices surged nearly 60% from October 16 to November 13, driven by cold weather and increased LNG exports. Edward Lee from WFII highlights the long-term growth potential due to rising power demands, especially from data centers. The broader market saw the Dow up ~1%, S&P 500 up ~0.5%, and Nasdaq turning positive, with healthcare leading gains and tech lagging.
U.S. crude oil prices fell by about 1.4%, hitting a closing low not seen since early May. WTI November crude futures closed down $0.81 at $57.46 per barrel, close to the closing price of $56.94 on May 7 and $56.28 on May 5. NYMEX November natural gas futures settled at $2.9380 per million British thermal units, gasoline futures settled at $1.8117 per gallon, and heating oil futures settled at $2.1535 per gallon