Oil futures finished higher on Thursday, supported by signs of tighter U.S. crude supplies, despite persistent concerns that rising cases of COVID-19 will lead to weaker energy demand.
The commodity tallied a third climb in a row, but the gains have been modest and prices still remain lower for the week. “Oil prices need a shot of something,” said Phil Flynn, senior market analyst at The Price Futures Group, in a note.
Natural-gas futures, meanwhile, notched back-to-back gains on Thursday as the U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 66 billion cubic feet for the week ended Sept. 18. That was smaller than the increase of 77 billion cubic feet forecast by analysts polled by S&P Global Platts.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.