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Natural gas prices pared their loss for the week, and oil futures headed lower, but they looked to notch a gain as traders weighed concerns about the global economy and energy demand against support from risks to crude supplies in the Middle East.
-- West Texas Intermediate crude for May delivery fell by 15 cents, or 0.2%, to $67.92 a barrel on the New York Mercantile Exchange, with prices for the contract trading 1.5% higher for the week, FactSet data show.
-- May Brent crude fell by 32 cents, or 0.4%, to $71.68 a barrel on ICE Futures Europe, up 1.6% for the week.
-- April gasoline fell by 0.4% to $2.1832 a gallon, poised for a weekly rise of 1.6%, while April heating oil was down 0.2%, at $2.2488 a gallon - up 3.8% for the week.
-- Natural gas for April delivery rose 1.4% to $4.03 per million British thermal units, paring its weekly loss of 1.8%.
The U.S. stock market closed higher Friday, with the S&P 500 eking out a weekly gain to snap four straight weeks of losses.
According to preliminary FactSet data, the Dow Jones Industrial Average finished up 0.1%, the S&P 500 rose 0.1%, and the technology-heavy Nasdaq Composite rose 0.4%.
It was a choppy trading session, and stocks struggled to build on Wednesday's rally, which was fueled by the Federal Reserve’s policy meeting, which ended with its benchmark interest rate unchanged.
The preliminary data show that the S&P 500 gained 0.4% for the week, the Dow climbed 1.2%, and the Nasdaq advanced 0.2%.
Alaska is poised for its first oil production increase in nine years, with output projected to climb by 16,000 barrels per day to reach 438,000 bpd in 2026, according to the Energy Information Administration. The rise, driven by ConocoPhillips' Nuna project and Santos and Repsol's Pikka development, would be the state's biggest since 2002.
Three years after Russia's invasion of Ukraine, Europe has reduced its reliance on Russian gas by shifting towards renewables and increasing liquefied natural gas imports from the US. However, much of the decrease in gas demand stemmed from high prices and mild winters rather than permanent policy changes, raising questions about the sustainability of the current energy mix.
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