For the first time in four years, natural gas prices have climbed above $6. Wednesday’s increase represents a 10 percent jump in natural gas futures.
Forecasts for more cold weather across the U.S. are boosting the demand for heating oil and raising the possibility that supplies will be depleted. It is estimated that roughly half of U.S. households use natural gas as their primary heating fuel.
The frigid forecasts come on the heels of major draws on natural gas due to record cold weather in January.
Natural gas for March delivery got as high as $6.007 a million British thermal units on the New York Mercantile Exchange, a level not seen since Jan. 7, 2010, the Wall Street Journal reports.
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