Crude oil fell on expectations that milder temperatures in the U.S. will help preserve stockpiles of winter heating fuels that are above average levels.
Warmer weather is forecast for most of the U.S., with temperatures in the Northeast averaging 8 degrees above normal through Jan. 3, Missouri-based forecaster Weather Derivatives said today. Temperatures in Boston will average almost 40 degrees Fahrenheit (4 Celsius), about 9 degrees above typical levels this time of year
The U.S. weather is becoming warmer than expected for the next week,'' said Staale Berg, an energy trader with Norsk Hydro ASA in Oslo. Hedge funds and other speculators are unlikely to buy before the start of the new year
Oil may trade near $54-$58 a barrel this week in New York.The production shortfall is currently 35,000 barrels a day, down from a loss of 180,000 barrels a day, the newswire said. The company will maintain a state of force majeure, which allows it to breach supply contracts because of circumstances beyond its control.
Kaushal Shah
Warmer weather is forecast for most of the U.S., with temperatures in the Northeast averaging 8 degrees above normal through Jan. 3, Missouri-based forecaster Weather Derivatives said today. Temperatures in Boston will average almost 40 degrees Fahrenheit (4 Celsius), about 9 degrees above typical levels this time of year
The U.S. weather is becoming warmer than expected for the next week,'' said Staale Berg, an energy trader with Norsk Hydro ASA in Oslo. Hedge funds and other speculators are unlikely to buy before the start of the new year
Oil may trade near $54-$58 a barrel this week in New York.The production shortfall is currently 35,000 barrels a day, down from a loss of 180,000 barrels a day, the newswire said. The company will maintain a state of force majeure, which allows it to breach supply contracts because of circumstances beyond its control.
Kaushal Shah