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Cold boosts crude price above $59/bbl

02/12/2007
By NINA RACH
The March contract for benchmark US crude closed above $59/bbl on the New York market for the first time in 2007 on Feb. 2 on the strength of forecasts that a severe cold front would hike heating demand 36% above normal in the Northeastern US, the largest heating oil market.Energy markets ended January with a bang as the same crude contract closed at $58.14/bbl Jan. 31. However, it retreated to $57.30/bbl Feb. 1, ending a 2-day rally, because of a smaller-than-expected withdrawal of natural gas from US underground storage. The Energy Information Administration reported the withdrawal of 186 bcf of gas in the week ended Jan. 26. That was below the consensus of Wall Street analysts and comp...
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