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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 39 cents to $70.99 on the New York Merc, while Brent for February added 22 cents to $74.39 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, up from a discount of $13.50. Natural gas for February shot up 55 cents to $3.93. The TSX energy index added 1.83 points to close at 263.13.

In an otherwise slow time of year in the markets, cold weather forecasts had gas producers enjoying a moment in the sun. U.S. gas futures soared by close to 20 per cent today, setting a fresh 52-week high, on reports that much of the eastern United States will experience colder-than-usual temperatures in January (a bullish sign for heating-related gas demand). "Bone-chilling, polar-vortex weather" was the rather exuberant picture painted by one hedge fund manager -- John Kilduff of New York's Again Capital -- to CNBC. He added that some regions could even see freeze-offs. (These occur when conditions are so frigid that the water and other liquids present in gas wells freeze solid and block the flow of gas, disrupting production and causing volatile price spikes.)

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