Cold Blast Drives Up Oil

Updated from 12:54 p.m. EST

Energy prices moved up Friday as snow hit the Northeast and forecasts indicated continuing cold weather for the weekend, suggesting demand will be higher for gas heat.

Prices for February-dated crude oil futures closed up $1.51 at $51.99 a barrel on the New York Mercantile Exchange. The February contract terminates Monday and so spot market activity now switches to the March contract, which closed at $53.40, up $1.59.

Other energy products were also up. Natural gas added 57 cents to $6.89 per million British thermal units. Heating oil was up 4 cents at $1.51 a gallon, and gasoline was ahead by 4 cents at $1.40 a gallon. ...