Heating Oil Prices Fall

Heating oil and crude oil prices plummeted on the New York Mercantile Exchange on Tuesday, ending a weather-related rally that had lasted more than a week.

John Hill, a petroleum analyst in New York with Merrill Lynch Commodities, said weather was the key factor in the oil market.

Crude oil settled 21 cents to 45 cents lower with the contract for delivery in February at $25.91 a barrel; heating oil settled 0.60 cent to 1.12 cents lower, with February at 76.80 cents a gallon.

Frozen pork belly prices plunged on the Chicago Mercantile Exchange.

Prices fell Tuesday by the 2-cent limit and the sell-off in the pork belly pit dragged live hogs down as well, analysts said. Cattle prices were higher amid strong demand from meat packers.

Live cattle settled unchanged to 0.37 cent higher, with the contract for delivery in February at 65.32 cents a pound; feeder cattle were 0.08 cent to 0.85 cent higher, with January at 71.60 cents a pound; live hogs were 0.20 cent to 0.75 cent lower, with February at 52.40 cents a pound, and frozen pork bellies were 1.60 cents to 2 cents lower, with February at 73.80 cents a pound.