NEW YORK (Dow Jones/AP) – Crude futures topped $55 a barrel Wednesday, as heating oil futures set a new record amid heightened concerns about winter fuel supplies.

The Energy Information Administration reported that distillate stocks, which include heating oil and diesel fuel, declined by 1.9 million barrels to 119 million barrels last week.

It was the fifth consecutive weekly decline in stocks, according to the EIA, the Department of Energy’s statistics arm.

At the New York Mercantile Exchange, heating oil futures set for November delivery surged 5.19 cents for a new settlement high of $1.5604 a gallon.

November crude futures rose as high as $55.20 a barrel before settling at $54.92 a barrel, up $1.63 The contract expired at the end of the session, adding to the session’s volatility.

Natural gas futures on the Nymex soared to their highest settlement price in nearly two years as a spike in physical gas demand, a drop in distillate inventories and forecasts of a cold winter combined to send prices higher.

November natural gas futures settled 50 cents higher at $7.623 per million British thermal units, a price level not seen since the frigid winter of 2002-2003 when underground gas storage was depleted to its lowest ever level.

By contrast, total gas in storage is almost certain to reach its highest level ever for the beginning of this official heating season.

Gold futures on the Nymex secured their highest close in six months Wednesday after the steep drop in the U.S. dollar versus other currencies steered speculators towards dollar-alternatives such as gold.

The most active December contract settled $3.20 higher at $424.80 per ounce.

December silver scaled six-month highs of $7.385. Spot silver hit a high of $7.35.

Arabica coffee futures surged on the New York Board of Trade Wednesday, reversing off 6-week lows.

December closed 1.70 cents higher at 74.65 cents a pound and March rose 1.50 cents to 77.65 cents.

Cocoa futures settled lower Wednesday at the Nybot as producer selling crept into the market.

December settled $5 lower at $1,427 a metric ton.

World raw sugar futures advanced on the Nybot Wednesday. March settled up 0.11 cents at 9.04 cents a pound and May gained 0.9 cents to 9.15 cents.