Natural Gas Prices Rise Amid Cold Weather Forecasts
MARKETSCOPE : Natural gas and heating oil prices rose on Tuesday, as investors eyed weather forecasts.
January natural gas was up 54 cents to $15.38, while January heating oil futures rose 6.40 cents to 183.65 cents. The National Weather Service forecast below normal readings from the Rockies to inland portions of the East Coast for the next few days.
January West Texas Intermediate crude oil prices rose 7 cents to $61.37 ahead of Wednesday's inventory reports. Goldman Sachs said it believes the market has been in the first of what could be a four-to-five-year 'super-spike' phase."
January Brent crude oil futures eased 2 cents to $59.42 in London as firefighters fight a blaze at a refinery north of London. Authorities believe the explosion Sunday at the Buncefield depot was an accident, but will examine other possible causes including terrorism.