Natural gas jumps 6 percent after winter storm
Jan. 22, 2014
NEW YORK (AP) — The winter storm blanketing most of America's Midwest and East Coast pushed natural gas prices to their highest level in nine months on Wednesday.
February natural gas jumped 26 cents, or 6 percent, to $4.689 per 1,000 cubic feet (28.32 cubic meters). The last time natural gas prices were this high was late April 2013.
The winter storm that hit this week stretched 1,000 miles(1,600 kilometers), from Kentucky to Massachusetts, but hit especially hard in the Northeast. New York City got 11 inches(28.4 centimeters)of snow, according to the National Weather Service, while Philadelphia's airport got 14 inches(35.5 centimeters) of snow.
Natural gas is the most popular form of heating in the U.S., followed by heating oil, which is used primarily in the Northeast.
Other energy commodities also rose. March crude oil increased $1.76, or 2 percent, to $96.73 a gallon.
In agricultural commodities, corn for March delivery rose a penny, or 0.3 percent, to $4.263 a bushel and soybeans rose a penny to $12.79 a bushel. Wheat fell a cent, or 0.2 percent, to $5.61 a bushel.
In metals, gold for February delivery fell $3.20, or 0.3 percent, to $1,238.60 an ounce and March silver fell 3 cents, or 0.2 percent, to $19.84 an ounce. March palladium rose 80 cents, or 0.1 percent, to $748.85 an ounce, platinum for April delivery rose $8.90, or 0.6 percent, to $1,462.40 and high-grade copper fell a cent to $3.34 a pound.