Natural Gas and Heating Oil Prices Soar

The Energy Information agency reported lower supplies than expected, as investors hunted for bargains and continued eyeing the cold weather in the U.S.

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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