U.S. Natural Gas Futures Post Third Straight Weekly Loss
1141 ET – Energy prices are still far below levels producers say they need before they substantially increase activity, the Federal Reserve Bank of Kansas City's quarterly survey finds. Energy firms surveyed by the bank, on average, said they need to see oil at $83 a barrel and natural gas at $5.01 per million British thermal units before they significantly ramp up drilling. But the average expected price for West Texas Intermediate crude was $67 a barrel in one year and $79 a barrel in five years, while the average expected Henry Hub natural-gas prices were $3.76 and $4.71 per million Btu, respectively, according to the survey. WTI futures, the U.S. crude benchmark, were recently up 2.8%, to $68.46 a barrel, while natural-gas futures rose 1.7%, to $3.42 per million Btu. (colin.kellaher@wsj.com)
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