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Oct. 6, 2021, 2:43 p.m. EDT

Natural-gas futures drop 10%; U.S. oil prices post first loss in 5 sessions

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By Myra P. Saefong

Natural-gas futures fell by just over 10% on Wednesday after Russian President Vladimir Putin said his country would boost supplies of the fuel to Europe. The news pulled prices down just one day after they settled at their highest since late 2008. Meanwhile, oil futures also declined as data from the Energy Information Administration revealed a second straight weekly rise in U.S. crude inventories. Every dip in oil prices will be a "buying opportunity for energy traders as the U.S. will not be increasing production significantly and economic activity is expected to pick up next year," said Edward Moya, senior market analyst at Oanda. "The energy crisis from Europe to China is far from over despite Putin's comments." November natural gas fell 64 cents, or 10.1%, to settle at $5.675 per million British thermal units. It settled Tuesday at $6.312, the highest front-month contract finish since December 2008, according to Dow Jones Market Data. November West Texas Intermediate crude lost $1.50, or 1.9%, to settle at $77.43 a barrel a day after posting the highest close since late October 2014.

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