The market for crude oil continues to be obsessed by weather patterns in the northeastern states of USA, the world's biggest heating fuel market. Forecasts for snowstorms and concerns about a colder-than-normal winter lifted prices last week, while this week has seen futures retreat on predictions of milder temperatures. As warm weather persists in northeast USA strengthening expectations that oil reserves are sufficient for increased demand this winter, energy prices drifted lower on Tuesday. A barrel of light, sweet crude for January delivery slid to US$56.50 on th eNymex, and in London, January Brent crude stood at US$54.32.
While analysts forecast an increase in supplies of petroleum products used to heat homes and fuel vehicles, estimates for declining natural gas inventories and harsh midwest weather sent natural gas futures climbing. Natural gas output in the Gulf of Mexico coast is estimated to be insufficient to meet a projected usage spike as 29.9% of daily Gulf coast gas production remains offline.Natural gas futures rose 10.2 cents.
However, the current mild weather continues to be short-lived, as a snowstorm currently battering some western and midwest U.S. states is projected to head east and send temperatures plunging by the end of this week
30-Nov-05 
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