A cold wave in the US northeast helped keep up the rally in energy prices, pushing crude oil prices pushed higher. New York's main contract, light sweet crude for delivery in January, closed at US$59.91 per barrel. In London, the price of Brent North Sea crude for January delivery spiked to US$57.73 per barrel.
Temperatures seem set to hit -9 degrees C (16 degrees F) this week in New York State, according to forecasters. While the cold snap is nothing unusual, it comes as supplies remained limited by the recovery from hurricanes Katrina and Rita. Almost 3 billion cubic feet of (natural) gas is shut in the Gulf of Mexico, indicating restricted supplies. Demand is likely to move higher because of the seasonal impact, so market will get tighter.
06-Dec-05 
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