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Energy Prices Rise as US Temperatures Fall

Mario Tama/Getty Images

Energy futures are broadly higher as wide areas of the Midwest, eastern and southern United States are hit with record cold weather.

February crude rose 24 cents to $93.67 a barrel in New York Tuesday. Heating oil was up 2.05 cents to $2.959 a gallon.

The cold weather broke decades-old records. Many cities came to a virtual standstill, with flights cancelled and schools and businesses shuttered.

Gold for February delivery fell $8.40, or 0.7 percent, to $1,229.60 an ounce.

In agricultural contracts, corn fell 1.75 cents, or 0.4 percent, to $4.26 a bushel. Soybeans fell 0.75 cent, or 0.1 percent, to $12.76 a bushel and wheat fell 3.25 cents, or 0.5 percent, to $6.025 a bushel.

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