US gas up sharply as cold weather spreads: press
US natural gas prices surged nearly 12% on January 12, bringing the year-to-date increase to a record 27%, Bloomberg news agency reported.
The February futures contract on the New York Mercantile Exchange (NYMEX) reached nearly $4.75/mn Btu shortly after noon Eastern Standard Time, extending a price rally this year that has been the strongest since gas futures debuted more than 30 years ago.
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The gains, Bloomberg reported, are being fueled by forecasts for cold weather along the US east coast and concerns about a winter storm expected to hit southern states over the coming weekend.