Energy Prices Catch Big Bid

Updated from 2:47 p.m. EST

Energy prices surged Monday as frigid weather blanketed the Northeast and talk of a major acquisition swirled in the natural gas sector.

Crude for January delivery gained $1.92 to close at $61.31 a barrel, heating oil added 4 cents to $1.77 a gallon, and unleaded gasoline rose 5 cents to $1.65 a gallon. Natural gas rose 53 cents to $14.84 per million British thermal units.

The rally came as ConocoPhillips reportedly is negotiating to acquire Burlington Resources for more than $30 billion. The deal, which hasn't been discussed publicly by either company, would create the largest natural gas producer in the country. About 80% of the target company's assets are in North American natural gas. ...