Natural Gas Prices Fall But Oil Little Changed
MARKETSCOPE : Natural gas prices fell on Friday but oil held steady, as investors continued eyeing supply and demand dynamics in the market.
January crude oil prices rose 6 cents to $57.21, while brent crude oil rose 19 cents to $55.04 after falling to a five-month low in N.Y.
Oil in New York is down in value by about 21% since reaching a record high of $70.85 on August 30, as imports have replaced production lost when hurricanes hit the Gulf coast. In addition, both the International Energy Agency and U.S. Energy Department cut their oil demand forecasts last week.
December natural gas futures were off 52.8 cents to $11.414, as market players watched weather forecasts in the Northeast for the coming days.