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.

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.