Oil prices are rising ahead of this week’s OPEC meeting, but another fossil fuel delivered bigger gains. U.S. natural gas futures rose sharply Monday, with contracts for July delivery climbing more than 1.9% on the NYME to end the day at $3.424 per million British thermal units. Spot prices for natural gas took a hit last week when the Energy Information Administration’s weekly data release showed a bigger-than-expected increase in natural gas supplies.
Last week, crude oil and natural gas producer Marathon Oil (MRO) saw its stock price underperform crude oil prices. MRO rose moderately from $14.28 to $14.53.
After hitting a 2017 low of $45.52 on May 4, 2017, US crude oil (USO) July futures prices rose 5.2% in the week ended May 19, 2017.