Natural Gas Jumps to 2-Week High as Winter Storm Hits
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Natural gas futures jumped to a three-week high in New York as storms and cold weather boosted heating demand, cutting stockpiles to the lowest in 10 years.
Gas surged 6.5 percent as the second storm in three days brought snow to the Northeast. Government data Feb. 20 may show that inventories tumbled 249 billion cubic feet in the week ended Feb. 14, according to Donald Murry, an economist at C.H. Guernsey & Co. in Oklahoma City. The five-year average drop is 133 billion for the period. U.S. gas supplies are the lowest for this time of year since 2004.