On Tuesday, the March 2014 NYMEX futures contract gained almost 30 cents overnight and opened at $5.193.
Prices rose steadily all day as the latest snowstorm and return of cold weather to the major heat-consuming regions propped up demand.
At 11AM, Natural gas reached $5.25 and hovered around this mark until 12:45PM as buying pressure sent prices just a hair below the $5.40 – at 1:30PM, prices hit $5.397 (the intraday high).
After a round of profit taking took prices to the $5.325 level, a late session of buying saw March close at $5.375.
In Globex, WTI Crude is up 55 cents, Natural Gas is up 8 cents, and Heating Oil and Gasoline are both up a penny .
New England and New York Basis values rose for the winter months.
The snowstorm has caused New England cash prices to average more than $20.
The New York cash price is just shy of $10.
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