Moderate temperatures forecast in USA

15-Feb-05

The US National Weather Service’s forecast for New York City has predicted temperatures to moderate and rise to near 50ºF (10ºC) on Wednesday, with highs above 40ºF (4ºC) into next week. US domestic heating needs will be nearly 18% below normal in the coming week. However, unless winter fuel supplies make up some of their nearly 12% deficit versus last year, the market is likely to remain on edge well into the first quarter, which forecasters expected to be colder than usual. After a fall of almost US$3 on Monday, oil prices have recovered slightly in the face of rising US stockpiles and expected warmer winter weather. US crude futures rose to US$42.20 a barrel. Oil production, shipping and refining operations are unaffected in Asia, even as death toll after Sunday’s earthquake and devastating tsunami climbed to more than 50,000.