U. S. crude oil futures ended higher on Friday, settling above $68 a barrel after seesawing as optimism about economic recovery, supportive refined products futures and a weaker dollar lifted crude oil. New York Mercantile Exchange natural gas futures ended higher on Friday, as shorts took profits and covered ahead of the weekend despite mostly moderate U. S. weather forecasts, record high storage and sagging industrial demand.

Baker Hughes said on Friday the number of U. S. rigs drilling for natural gas rose 10 this week to 675 but was still down 57 percent from the same week last year. Last week, the natural gas rig count dipped to its lowest level since May 2002.

The giant United States Natural Gas Fund, LP said on Friday its activities did not cause the rapid rise in natural gas prices in 2008 or the steep fall in 2009.

Temperatures in key gas consuming cities New York and Chicago were seen mixed, with New York back above normal next week but still below normal in Chicago, and highs topping out in the high 80s degrees Fahrenheit in New York, according to forecaster DTN Meteorlogix.

The U. S. National Hurricane Center said Thursday it did not expect any tropical development during the next 48 hours.

The rally in crude oil might not be in line with fundamentals. We believe markets are moving up on economic optimism and expectation that demand might pick up. We recommend to book profits on long positions at $70 per barrel. Natural gas is expected to trade sideways to up for the day.