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Arctic Blast Causes Natural Gas, Heating Oil Price Surges

Mike Anderson | Bloomberg

The U.S. will get another blast of freezing arctic air this week, bringing snow and sleet as far south as Texas and helping push natural gas to a four-year high.

“A very strong cold front will be bringing frigid conditions back to the central and eastern U.S.,” the National Weather Service said in a bulletin on its website at 3:01 a.m. eastern time. Subfreezing highs are expected “well into the Deep South,” with snow, sleet, and freezing rain expected by tomorrow near the Central Gulf Coast and becoming heavier over the Carolinas.

“This rare winter storm will make many people who love snow very happy,” according to the report.

January is on track to be the coldest month of the century in the lower 48 states, according to Commodity Weather Group LLC, after waves of freezing air swept across the country.

Natural gas rose for a fifth day in New York and was poised for the highest close in almost four years, while heating oil traded at the highest prices in almost five months. Wheat rose on speculation that the freezing weather will harm crops.

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