Reply #20: Oil Falls From 8-Week High on Outlook for Mild Weather in U.S. (Heh-heh!) [View All]

Don't ya just love these oil/weather headlines lately? Nothing like bettin' on the weather now. :eyes:

http://www.bloomberg.com/apps/news?pid=10000086&sid=awiTJNVE5BMQ&refer=latin_america

Jan. 25 (Bloomberg) -- Crude oil fell from an eight-week high in London on forecasts that milder weather will return to the U.S. Northeast, curbing heating demand.

Temperatures in the northern U.S. will be above normal in the three months beginning in February, the forecaster WSI Corp. said. The Organization of Petroleum Exporting Countries was urged today by the Kuwaiti oil minister to keep its output quotas unchanged at its Jan. 30 meeting, Agence France-Presse reported.

``The market has the feeling that the worst is over about weather,'' said Rob Laughlin, a director at GNI Ltd., a London futures brokerage. ``Forecasts are for a mild February, and OPEC isn't likely to give us more barrels or take them away.''

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The National Weather Service forecasts above-average temperatures in most of the U.S. Northeast for Jan. 30 through Feb. 3. The region accounts for about 80 percent of the nation's consumption of heating oil.

OPEC, the source of more than a third of the world's oil, meets in Vienna on Jan. 30 to discuss production quotas and prices. The group reduced its output target to 27 million barrels a day as of this month in a meeting in December.

OPEC Quotas

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