Energy Prices End Higher

Updated from 11:10 a.m. EST

Energy prices finished the year on a high note despite thin volume and warm weather ahead of New Year's.

February crude hit another two-week high Friday, finishing an abbreviated session up 58 cents at $60.90 a barrel. Natural gas, which often moves in the same direction as crude because many domestic power plants and factories use both oil and gas, gained 3 cents to $11.25 per million British thermal units. Heating oil added 2 cents to $1.72 a gallon.

Unleaded gasoline picked up 5 cents to $1.70 a gallon on expectations that motor fuel supplies will not be enough to meet demand. Gasoline inventories fell 1.2 million barrels last week, according to Energy Department data released Thursday. Storage inventories are 13 million barrels, or nearly 7%, below last year's level, raising concern among traders that refiners will be behind when they start rebuilding their inventories for the peak summer driving season. ...