NEW YORK -- New York crude prices plowed past the $50 per barrel barrier Tuesday as weather forecasts showed a cold snap heading toward the Northeast.
Crude was up more than $1 at midday while heating oil futures climbed more than 3 cents per gallon in anticipation of post-Thanksgiving temperatures dropping into the 40s and 30s in the heart of the Northeast heating oil market.
Heating oil has been driving crude prices in recent weeks as the United States contends with low fuel inventories and a lack of excess supply from Europe that can be brought in.
Traders have been concerned about the consistent weekly declines in heating oil inventories this fall at a time when supplies historically are being built up.
Gasoline futures were also trading about 3 cents higher at midday while natural gas was up about a penny.
