Natural gas jumps 6 percent after winter storm

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Associated Press

Posted on January 22, 2014 at 2:01 PM

Updated Wednesday, Jan 22 at 2:02 PM

NEW YORK (AP) — The winter storm blanketing most of the Midwest and East Coast is pushing natural gas prices to their highest level in nine months.

February natural gas jumped 26 cents, or 6 percent, to $4.689 per thousand cubic feet. The last time natural gas prices were this high was late April 2013.

The winter storm that hit this week stretched 1,000 miles, from Kentucky to Massachusetts, but hit especially hard in the Northeast. New York City got 11 inches 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. March heating oil rose 1 percent to $2.98 a gallon.

In other commodities, corn and soybeans rose while wheat prices fell. Gold and silver also fell.

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