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Sept. 8, 2021, 2:55 p.m. EDT

Natural-gas futures at highest since 2014, oil prices rise on slow Gulf output recovery

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By Myra P. Saefong

Natural-gas futures marked their highest finish since 2014 on Wednesday, while U.S. oil prices posted their first gain in three sessions, with both commodities buoyed by a slow recovery in Gulf of Mexico energy production about 10 days after Hurricane Ida made landfall on the Gulf Coast. The Bureau of Safety and Environmental Enforcement reported Wednesday that an estimated 76.88% of oil production and 77.25% of natural-gas production in the Gulf remains shut in. Weekly U.S. data on oil and natural-gas supplies from the Energy Information Administration will be released on Thursday morning. On the New York Mercantile Exchange, October natural gas tacked on 35 cents, or 7.6%, to $4.914 per million British thermal units, the highest front-month finish since February 2014, according to Dow Jones Market Data. West Texas Intermediate crude for October delivery rose 95 cents, or 1.4%, to settle at $69.30 a barrel.

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