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Natural Gas and Heating Oil Prices Soar

MARKETSCOPE : Natural gas and heating oil prices soared on Thursday, after the Energy Information agency reported lower supplies than expected.

January natural gas futures soared $1.38 to $15.08, after the Energy Information Agency reported working natural gas in storage fell 59 billion cubic feet in the week ended Dec. 2 to 3,166 Bcf. Stocks are 58 Bcf less than last year at this time and 205 Bcf above the 5-year average of 2,961 Bcf.

Prices also got a boost today from cold weather that has invaded the Northeast and Midwest.

January heating oil futures rose 4.66 cents to 178.32 cents. January West Texas Intermediate crude oil rose $1.45 to $60.66, amid bargain-hunting following the commodities' recent correction from its $70 high. January gasoline futures rose 5.90 to 162.66 cents.

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